Morgan Stanley Wealth Management clients now have a new way to manage their cash, with the launch of the asset manager’s CashPlus account.
The new account aims to compete as an alternative to traditional banking. It is directed at the firm’s existing wealth management clients, who can open an account with their advisor or online.
The new accounts help clients with their cash management needs, according to a Morgan Stanley executive, and also enable financial advisors to give more comprehensive advice based on their clients’ financial situation.
The CashPlus accounts come in two varieties: Premier CashPlus and Platinum CashPlus.
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To avoid a monthly fee, Premier CashPlus requires either $2,500 in total monthly deposits or $25,000 in average daily balances.
Platinum CashPlus requires both $5,000 in total monthly deposits and $25,000 in average daily balances.
Both accounts waive the total monthly deposit thresholds in exchange for Social Security deposits of any amount. That’s a nod to the firm’s existing clients who rely on Social Security for their sole source of income and also have their other assets invested with the firm, Morgan Stanley said.
Both accounts offer clients benefits aimed at distinguishing them from traditional banking offerings.
That includes unlimited ATM fee rebates, unlimited check writing, and no foreign transaction fees or cash advance fees. Additionally, clients will be able to access cash from banks or tellers that accept MasterCard.
With the Morgan Stanley Debit Card, clients also get certain perks, including extended warranty and price protection. Account holders also have access to Morgan Stanley Cards from American Express.
Both CashPlus accounts include access to credit and identity protection monitoring service through Experian. Other protections that come with the accounts include SIPC and FDIC protection, which insures deposits up to certain limits.
Account holders will be able to monitor their accounts online, where they can lock and unlock debit cards, set alerts for account activity pay bills online, authorize wire transfers, use mobile check deposit or transfer money through digital payments network Zelle.
Morgan Stanley’s CashPlus accountsbegan earlier this month. The accounts replace the firm’s Premier Cash Management program.