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Please read all the important disclosures below.

Investing:

Check the background of Morgan Stanley Smith Barney LLC on FINRA's BrokerCheck and see the Morgan Stanley Smith Barney LLC Relationship Summary.

Banking:

Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.

Important Note: Futures and options transactions are intended for sophisticated investors and are complex, carry a high degree of risk, and are not suitable for all investors. For more information, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure Statement for Futures and Options prior to applying for an account. You can also view the E*TRADE Futures LLC Financial Information and Disclosure Documents.

Investing in securities involves risk, including possible loss of principal. Past performance is not an indication of future results. Supporting documentation for any claims will be provided upon request.

E*TRADE from Morgan Stanley charges $0 commission for online US-listed stock, ETF, mutual fund, and options trades. Exclusions may apply and E*TRADE from Morgan Stanley reserves the right to charge variable commission rates. The standard options contract fee is $0.65 per contract (or $0.50 per contract for clients who execute at least 30 stock, ETF, and options trades per quarter). The retail online $0 commission does not apply to Over-the-Counter (OTC) securities transactions, foreign stock transactions, large block transactions requiring special handling, futures, or fixed income investments. Service charges apply for trades placed through a broker ($25). Stock plan account transactions are subject to a separate commission schedule. All fees and expenses as described in a fund's prospectus still apply. Additional regulatory and exchange fees may apply. For more information about pricing, visit etrade.com/pricing.

Offer valid for new E*TRADE clients opening one new eligible brokerage (non-retirement) account and funded within 60 days of account opening with $1000 or more. Promo code ‘OFFER25’.

New clients opening only one account

This offer applies to clients who (i) are opening one new E*TRADE from Morgan Stanley self-directed brokerage (non-retirement) account (“E*TRADE account”); (ii) do not have an existing E*TRADE account; and (iii) do not open any other new E*TRADE accounts for 60 days after enrollment in this offer. If you are an existing client or plan to open more than one E*TRADE account, then please refer to the “Existing Clients or New Clients Opening More than One New Account” terms below.

Cash credits will be granted based on deposits of new funds or securities from external accounts made within 60 calendar days of account opening.

Reward tiers under $200,000 ($1,000-$4,999; $5,000-$19,999; $20,000-$99,999; $100,000-$199,999) will be paid within seven business days following the expiration of the 60-day period. However, if you deposit $200,000 or more in the new E*TRADE account, then you will receive your cash credit within seven business days after the date of your deposit, followed by any additional reward owed based on your fulfillment tier at the expiration of the 60-day period. If you have deposited at least $200,000 in the new E*TRADE account and you make subsequent deposits in that new E*TRADE account to reach a higher tier, then you will receive a second cash credit following the close of the 60-day window. For example, if you deposit $250,000 into your new E*TRADE account, then you will receive a cash credit of $800 within seven business days after the date of your deposit. Then if you deposit an additional $300,000 into your new E*TRADE account, then you will receive an additional cash credit of $200 at the end of the 60-day window for a total reward of $1,000. If you deposit $5,000,000 in your new E*TRADE account, then you will receive two cash credits that will total $10,000 within seven business days after the date of your deposit. Cash credits will be paid to the new E*TRADE account where the deposit is made.

Existing clients or new clients opening more than one account are subject to different offer terms. Please click here to view offer terms.

OFFER RULES FOR ALL PARTICIPANTS

This offer applies only to E*TRADE from Morgan Stanley self-directed (non-retirement) brokerage accounts.

New funds or securities must (i) be deposited or transferred to the new E*TRADE account within 60 days of enrollment in this offer; (ii) be from accounts outside of E*TRADE; and (iii) remain in the new E*TRADE account (minus any trading losses) for a minimum of twelve months after the 60-day funding period otherwise your cash credit(s) may be surrendered. For purposes of the value of a deposit, any securities transferred will be valued as of the closing price of that security on the business day the deposit is received as reflected in the transaction history. Removing any deposit or cash from the new E*TRADE account or eligible-linked account(s) during the promotion period (60 days) may result in a lower reward amount or loss of reward. 

Any assets transferred to the new E*TRADE account from an existing Morgan Stanley AAA brokerage account(s) will be excluded from the reward amount calculations, at E*TRADE’s sole discretion. 

If you are attempting to enroll in this offer with a Joint Account, then the primary account holder may have to fulfill at the tiers noted before the secondary account holder can enroll in this offer. If you experience any issues when attempting to enroll with a Joint Account, then please contact us at 800-387-2331 and we will be able to assist you with your enrollment. 

OFFER LIMITATIONS

This offer is valid for one new E*TRADE self-directed brokerage (non-retirement) account and funded within 60 days with a qualifying deposit.

The following account types may be excluded from this offer: any business (incorporated or unincorporated) accounts, retirement accounts, advisory accounts, E*TRADE Futures accounts, Morgan Stanley AAA brokerage accounts, Morgan Stanley at Work Stock Plan account(s), Morgan Stanley Private Bank, National Association accounts (“Excluded Accounts”). This offer excludes non-U.S. residents, and residents of any jurisdiction where this offer is not valid. You must be the original recipient of this offer to enroll. Clients may only be enrolled in one offer at a time. This offer cannot be combined with any other offers. Each client is limited to a maximum of two new account offers.

E*TRADE reserves the right to terminate this offer at any time.

E*TRADE credits and offers may be subject to US withholding taxes and reporting at retail value. Taxes related to these credits and offer are the customer’s responsibility. Cash credits for Individual Retirement Accounts are treated as earnings for tax purposes. E*TRADE does not provide tax advice.

Morgan Stanley Smith Barney LLC does not provide tax advice, and you should always consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.

This offer neither is, nor should be construed as a recommendation or solicitation to buy, sell, or hold any security, financial product or instrument or to open a particular account or engage in any specific investment strategy.

Securities products offered by Morgan Stanley Smith Barney LLC, Member SIPC.  E*TRADE is a business of Morgan Stanley.

As of , the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is . Your interest rate and APY may change at any time and fees may reduce earnings. Please visit for information regarding this account's current interest rate and corresponding APY.

Based on comparison to the National Deposits Savings Average Annual Percentage Yield (APY) as published on the FDIC Weekly National Rates and Rate Caps Weekly Update, as of May 19, 2025.

The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation (“FDIC”) member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. Learn more

As of , the Annual Percentage Yield (APY) of the Max-Rate Checking Account is . Your interest rate and APY may change at any time and fees may reduce earnings. Please visit for information regarding this account's current interest rate and corresponding APY.

With Max-Rate Checking, Morgan Stanley Private Bank, National Association ("Morgan Stanley Private Bank") will not charge you a fee for withdrawing funds from any institution's ATM but the owner/operator of the ATM may charge a fee. In those cases, we will refund ATM fees charged worldwide. For additional information and important details about how the ATM fee refund will be applied, please visit the etrade.com/rateandfee for more details.

Morgan Stanley Private Bank may impose a charge equal to 1% of the transaction amount (including credits and reversals) for non-U.S. currency transactions charged depending on your account type. Refer to the etrade.com/rateandfee for more details.

The $15 monthly account fee can be waived when you maintain an average monthly balance of at least $5,000 in the Max-Rate Checking account on or after the end of the second calendar month from opening the account.

Securities products and investment advisory services offered by Morgan Stanley Smith Barney LLC, Member SIPC and a Registered Investment Adviser. Commodity futures and options on futures products and services offered by E*TRADE Futures LLC, Member NFA. Stock plan administration solutions and services offered by E*TRADE Financial Corporate Services, Inc., and are a part of Morgan Stanley at Work. Banking products and services provided by Morgan Stanley Private Bank, National Association, Member FDIC. All entities are separate but affiliated subsidiaries of Morgan Stanley. E*TRADE from Morgan Stanley and Morgan Stanley at Work are registered trademarks of Morgan Stanley.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.

For information on the E*TRADE Customer Protection Guarantee visit the Security Center.

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