E*TRADE Review: Checking, Savings and CDs
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at Morgan Stanley Private Bank, National Association, Member FDIC
- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.4
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Editor's Note: Some product information on this page has been updated as of October 2024.
E*TRADE, a financial services firm most known for their brokerage accounts, also offers checking and savings accounts, and some CDs, through Morgan Stanley Private Bank. Its savings account has strong rates. Its Max-Rate Checking Account earns interest and offers ATM refunds, though there's a monthly fee if you don’t meet minimum requirements. If you have investment accounts with E*TRADE, you can view all your accounts in one place. If you aren't ready to open a brokerage account, however, the emphasis on investment tools may seem distracting.
Best for: Customers who are looking for a savings account with strong rates, a checking account with ATM refunds (and who can meet the requirements to avoid monthly checking fees) and those who would like to see their bank and brokerage accounts in one view.
Pros
- No overdraft fees for checking accounts.
- No monthly fees on savings accounts.
- Competitive rates on savings accounts and CDs.
- No minimum opening deposits.
- ATM fee rebates.
Cons
- Monthly fees on checking (though they are avoidable).
- High minimum balance requirements to avoid fees.
- No branch access.
Full review
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingat Morgan Stanley Private Bank, National Association
The Premium Savings Account earns a strong rate regardless of your balance. There's no monthly fee and no minimum opening deposit amount.
Checking
Checking
Member FDIC
4.0
/5 NerdWallet ratingat Morgan Stanley Private Bank, National Association
This checking account has a decent interest rate and has no deposit minimum, but there's a steep $15 monthly fee if you don’t meet one of the following requirements:
Receive qualifying monthly direct deposit of at least $200.
Have an average monthly balance of at least $5,000.
Have an average monthly balance of at least $50,000 in an eligible linked premium or stock plan account.
Have qualifying trading activity in the previous quarter.
This account offers unlimited ATM refunds worldwide. That means fees you’re charged for withdrawing cash, for example, will be credited back to your account.
E*TRADE also offers a basic checking account with no minimum deposit or monthly fee. However, it doesn’t earn nearly as much interest. That account wasn't considered for the purpose of rating this financial institution.
Certificates of deposit
CD
Member FDIC
4.6
/5 NerdWallet ratingE*TRADE has a standard range of CD terms issued by its parent bank Morgan Stanley Bank. These are bank CDs, as opposed to brokered CDs, which the firm also provides. There’s no minimum to open the bank CDs and rates are solid.
» COMPARE: See our list of the best CD rates
Customer experience
4.6
NerdWallet ratingYou can access your checking and savings accounts from E*TRADE’s mobile apps, which also provide access to brokerage services. The apps receive good ratings from users and allow you to access standard banking services, such as mobile check deposit and electronic transfers to and from the account. Customer service is available by phone.
Overdraft fees
4.8
NerdWallet ratingE*TRADE doesn't charge insufficient funds fees on its Max-Rate Checking account. If you opt in to its Coverdraft Protection service and have a transaction that causes an overdraft, you can use a backup account to transfer funds to cover the transaction. There's no charge for the transfer, but transfers might be made in $100 increments, regardless of how much you overdraft by. There's no overdraft line of credit option.
How does Morgan Stanley Private Bank, National Association compare?
Current Product
Member FDIC |  Member FDIC |  Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.10% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus N/A | Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at Morgan Stanley Private Bank, National Association | Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
