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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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Morgan Stanley

Morgan Stanley Deposit Rates – See how they compare

editorial staff
January 22, 2023

image credit: Unsplash

Morgan Stanley’s Bank Deposit Program is an investment vehicle used to hold cash balances while awaiting reinvestment.

Idle funds held in account(s) at Morgan Stanley are automatically deposited by MSSB (Morgan Stanley Smith barney LLC) into FDIC-insured accounts complete with interest.

The accounts these funds funnel into are held by either Morgan Stanley Bank and/or Morgan Stanley Private Bank. Both are member FDIC and funds are insured up to the applicable limits for individual and joint accounts.

The APYs paid on these accounts are tiered based on balance amount.

The tiers are as follows:

  • $0 – $99,999.99
  • $100k – $249,999.99
  • $250k – $499,999.99
  • $500k – $999,999.99
  • $1m – $1,999,999.99
  • $2m and above

Currently, all tiers earn the same APY, however as interest rates rise you can expect this to change with higher balances earning more attractive yields.

The Bank Deposit Program is the default sweep option unless the account is ineligible to participate in the Bank Deposit Program. Morgan Stanley provides a couple alternate funds in which free credit balances can be swept into, if you’re ineligible for the Bank Deposit Program.

To view Morgan Stanley’s current APYs for their Bank Deposit Program and alternate funds, continue reading our review below.

Morgan Stanley Bank Deposit Program APYs

The yields below are accurate as of the time of this publishing. To give these yields some context, the current national average for a money market account and an interest checking account sit at 0.33% APY and 0.06% APY, respectively, according to recent FDIC data.

Deposit RangeAPY
$0 – $99,999.990.01%
$100k – $249,999.990.01%
$250k – $499,999.990.01%
$500k – $999,999.990.05%
$1m – $1,999,999.990.15%
$2m – $4,999,999.990.30%
$5m – $9,999,999.990.50%
$10m +0.50%
APY = Annual Percentage Yield

If the account is ineligible for Morgan Stanley’s Bank Deposit Program outlined above, then balances in the account will be swept into one of Morgan Stanley’s alternate funds.

Also note that balances above $20 million will be swept to the MGPXX fund. More info on that fund below.

Morgan Stanley Domestic Money Market Sweep Fund and Yield

If your account is ineligible for the Bank Deposit Program, Morgan Stanley’s Domestic Money Market Sweep Fund may still be available to you. The yields shown below are not traditional annual percentage yields, but rather 7 day yields.

We should also note that funds held in these accounts are not insured by the FDIC.

Fund NameFund Symbol7-Day Yield
MSILF GOVT SEC PARTMGPXX3.98%
MS U.S. GOV’T MONEY MARKET TRDWGXX4.04%

Unlike traditional money market accounts held at banks or credit unions, it is possible to lose money with the funds above.

Per Morgan Stanley’s fine print (found here):

“Depending upon the type of money market fund in which you invest, a fee may be imposed upon sale of your shares or the Fund may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.“

Morgan Stanley Offshore Money Market Sweep Fund + Yield

Similar to the Domestic Money Market Sweep Fund Morgan Stanley offers, the Offshore Money Market Fund Sweep Fund also quotes their yields in 7 day terms. This product is not available in the US or to US citizens.

Fund NameInternal Fund Symbol7-Day Yield
CAYMAN SWEEP FUNDAAGS3.93%

Unlike the fund symbols associated with Morgan Stanley’s domestic money market options, the Cayman Sweep Fund is an internal product that can not be looked up publicly.

FAQ

Still have questions about Morgan Stanley’s deposit accounts? See what other consumers are asking as well as our responses below.

Does Morgan Stanley Offer CDs (certificates of deposit)?

No. As of January 2023 Morgan Stanley does not offer CDs for consumers.

What are Morgan Stanley’s CD Rates?

Morgan Stanley does not offer CDs at this time.

Is Morgan Stanley FDIC insured?

Not themselves, but their partner banks are. Cash balances are swept into deposit accounts offered by participating banks in Morgan Stanley’s Bank Deposit Program. All participating banks are FDIC-insured.

Filed Under: Money Market Tagged With: Morgan Stanley

E-Trade Premium Savings Account – Now 3.50% APY!

editorial staff
January 17, 2023

E-Trade has teamed up with Morgan Stanley to offer banking products along with their well-renowned brokerage services.

This account is ideal for those who use E-Trade on the brokerage side and would like to earn a competitive APY (annual percentage yield) on uninvested funds.

Money can be moved seamlessly from brokerage account to premium savings account with easy access to your funds and quick deposits.

E-Trade’s Premium Savings account currently pays an APY of 3.50% on all balances and has no minimum deposit requirements or balance requirements to maintain.

To see if this account is right for you, continue reading our review below.

E-Trade Premium Savings Rate + Account Details

image credit: etrade.com

As mentioned the E-Trade Premium Savings Account has no minimum deposit requirement to open it nor any balance requirement to maintain it. That said, if you open the account and fail to fund it within 30 days, they will close the account.

Premium Savings Account Rate

Min. DepositAPY
$03.50%
APY = Annual Percentage Yield

To put this yield into context, the national average for a savings account and a money market account sit at just 0.44% APY and 0.33% APY, respectively, according to FDIC data.

There are, however, a few online banks and nationally available credit unions now paying 4.00% APY or more on variable rate savings accounts.

All funds are federally insured by the FDIC up to $500,000. This is double the normal coverage of $250,000 for deposits held at most banks and credit unions.

Compounding and Crediting Interest

The E-Trade Premium Savings account features daily compounding interest. Interest begins compounding on the date of your initial deposit and continues until the last full day prior to the withdrawal.

Interest is credited to your account monthly.

Opening the Account

The account is available to consumers nationwide and can be opened online in minutes. E-Trade also has branches in 17 states where you can stop by to open the account in-person if you’d prefer. Below are the following states in which E-Trade has branches. You can locate a specific branch here.

  • Arizona
  • California
  • Colorado
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • North Carolina
  • Oregon
  • Pennsylvania
  • Texas
  • Washington

Managing the Account

Once your account is open, you can transfer money between your brokerage account and the Premium Savings account easily and you’ll have instantaneous access to your transferred funds.

If you’re depositing funds via the mobile app, only a portion of your funds will be immediately available. You must wait until the 4th business day to access the full deposit. This is similar to Robinhood and other brokerage accounts with savings features.

E-Trade’s apps receive relatively high ratings. Their IOS app has a 4.6 out of 5 star rating with nearly 140k ratings and their Android app has a 4.0 out of 5 star rating with over 40k reviews.

How E-Trade Premium Savings Compares

E-Trade offers one of the highest yields on the market for brokerage accounts with FDIC-insured savings account options.

For comparison see the chart below:

BrokerageAPY on idle cash
E-Trade3.50%
Robinhood1.50% – or – 4.00% with Gold
SoFi3.25%
Fidelity2.21%
APY = annual percentage yield

Final Thoughts

If you are already an active trader on E-Trade and are in the market for a savings account to park uninvested cash, then opening up the Premium Savings Account by E-Trade via Morgan Stanley is a no-brainer.

That said, if you’re just in the market for a high yield, FDIC-insured savings account or money market account without any brokerage account tied to it, then slightly higher yields can be found through a handful of online banks and credit unions with nationwide acceptance.

Filed Under: Investing, Online Savings Accounts Tagged With: E-Trade, Morgan Stanley

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