Starting this week, the Wall Street bank is offering fixed-term deposits at interest rates as high as 5.1%, with a minimum deposit of £1,000 (US$1,334), the company said in a statement Monday. Over time, Morgan Stanley will look at other potential partners and products, according to people familiar with the matter.

The move is part of the bank’s deposit-gathering strategy and doesn’t reflect a wider push into UK consumer or retail banking, said the people, who asked not to be named as the details aren’t public.

“The UK is one of the world’s largest and most established savings markets,” Christopher Beatty, Morgan Stanley’s chief operating officer for Europe, the Middle East and Africa, said in a statement. 

In the US, Morgan Stanley offers savings accounts to clients with brokerage accounts. In September, the bank entered the Netherlands via Raisin, following a similar partnership in Germany in 2025.

The UK savings market has been dominated by high street lenders including Lloyds Banking Group Plc and Nationwide Building Society, though Wall Street firms have entered the market in recent years. 

JPMorgan Chase & Co opened Chase in the UK in 2021 before expanding into savings products, then moving into Germany earlier this year. Goldman Sachs Group Inc’s retail bank Marcus started UK operations in 2018. Goldman has also begun hiring staff to assess the viability of launching Marcus in Ireland.

Morgan Stanley’s new offering compares to similar accounts at rivals such as Marcus, which offers a one-year fixed term account at 4.75%.

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