Update 2/11/25: Bonus is back, now $300. Valid until March 31, 2025. Still contains targeted language.
Offer at a glance
- Maximum bonus amount:
- Availability:Â Targeted, terms state ‘To take advantage of this offer, you must be the original recipient of the offer email from Morgan Stanley Private Bank.’
- Direct deposit required:Â Yes, two direct deposits of $1,000+
- Additional requirements:Â See below
- Hard/soft pull:Â UnknownÂ
- ChexSystems: Â Yes, but approves if frozen
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None
- Expiration date:Â December 15, 2024
Contents
The Offer
- E*Trade is offering a $250 bonus when you open a new Checking or Max-Rate Checking account and complete the following requirements:
- Make at least 2 qualifying direct deposits, each of $1,000 or more, within 90 days of opening your new account
The Fine Print
- To take advantage of this offer, you must be the original recipient of the offer email from Morgan Stanley Private Bank.
- Offer is valid only for individual and jointly owned Max-Rate Checking or Checking accounts opened online. You are not eligible for this offer if you have or had owned or co-owned (joint) a Max-Rate Checking or Checking Account within the last 12 months from when you enroll in this offer. In the case of a joint account, only the primary account holder (the account holder who signed up first) is eligible for a bonus. Offer excludes non-U.S. residents, at time of account opening or post account opening address changes.
- This offer is only eligible to one newly opened Bank Max-Rate Checking OR Checking account funded within 30 days of account opening. You cannot open and enroll both account types at the same time. If you open both account types, your Max-Rate Checking Account will be auto-enrolled in the offer.
- Customers may only be enrolled in one checking offer at a time. Cannot be combined with any other checking offers
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Checking has no monthly fees to worry about.
Early Account Termination Fee
Our Verdict
Shame that this is a targeted offer, think it’s definitely worth doing if you were targeted though. We would add this to our best bank bonuses if it wasn’t targeted.
Hat tip to readers bosox & zerosum
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
DP:
P1 targeted, P2 not targeted. Both opened 12/6.
Both used P1 Chase biz payroll for 2 DD (lands in account as “P1 name” Payroll).
All deposits withdrawn within 2 days for both…balances each under $5 after.
No other account activity.
Both accounts received “Unfortunately, account did not meet….” messages.
P1 contacted CSR and initiated review before 120 days was up.
P1 received confirmation of denial – escalated case and received another denial 4/21.
P1 submits CFPB/FTC complaints…still pending.
P2 (with zero contact or communication) receives $250 payout on day 117, lol!
So, conclusions drawn:
I received another email after 15 days of filing CFPB complaint and the same bullshit. Not sure whether to wait or pull the plug on this one.
“We`re reaching out in response to your recent inquiry regarding the disqualification of your checking account from the limited-time promotional cash offer. Upon further review, you are not eligible for cash bonus as your account failed to meet the necessary requirements for qualification. Please see the offer requirement details below.”
filed an ethics complaint through their ethicspoint portal after my CFPB complaint, they sent me a secure message with the same bullshit
we reviewed…
already came to the conclusion…
we regret…
fuck off
pull the plug on this one, some people are randomly getting paid and some aren’t for no real discernable reason
CPFB won’t do sh1t. Morgan Stanley simply gives canned response and close the complaint.
“Although you fulfilled the deposit requirements for the promotional offer, it was determined that the account was not eligible to receive credit for this promotion. Based on the transaction activity in the account, the deposits do not appear to have been made in good faith with the intention of maintaining an account. As specified in the terms and conditions of the offer, we reserve the right, in accordance with applicable laws, to rescind or decline award payment for reasons that we, in our discretion, deem to be abusive, excessive, or suspicious. “
Does anyone know how long does it take for any action from Morgan Scamley from time we file the CFPB complaint? My complaint is in Open status and I did receive a letter in the mail that they forwarded the issue to the right department that handle banks with assets above many billion dollars.
Submitted 4/16, no response yet.
CFPB filed against MORGAN STANLEY PRIVATE BANK, NA.
Wasn’t sure if to file one against them or E*Trade, but that’s the one I chose. How about everyone else?
Same.
Will file a CFPB this weekend. Got targeted twice, two real DDs. No bonus.
Adding P2’s DP for Treasury Direct working as DD:
11/12/24: Receive targeted promo email
12/15/24: Open account
03/04/25: $1k DD1 with Treasury Direct (t-bills)
03/11/25: $1k DD2 with Treasury Direct (t-bills)
04/14/25: $250 bonus posted (exactly 120 days)
No funds were withdrawn.
Similar to others:
Opened 12-10 for the $250 with an initial deposit of $50, 3 legit DDs of 1001.23, each transferred out after roughly a week (only $1k, leaving the extra $1.23), bonus posted at exactly 120d mark with no additional activity on the account.
Were you targeted?
Just got my $250 bonus without issue — was targeted for the checking offer but didn’t open the account until mid Dec (existing customer w/ Roth IRA)
12/13 Opened free checking account (transferred $10 from Ally for funding)
12/24-12/28 Did 3x separate $1000+ pushes (two from Fidelity checking and one from Schwab brokerage)
12/31 Pulled the funds using Ally (left $25 in there)
March/April did a couple of small pushes from Ally/Fidelity to add usage to account (since people were getting denials on the bonus)
4/12 $250 bonus posted without a problem
Got a $250 bonus posted 4/11. I made two legit payroll DDs in January but withdrew them shortly after posting. I had given up on receiving the bonus.