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Morgan Stanley CashPlus account review

Offers ATM rebates, but earns virtually no interest and has high requirements to avoid fees.

finder.com’s rating: 3.5 / 5.0

★★★★★

Morgan Stanley CashPlus is a cash management account that lets customers keep all of their wealth with one institution. Accounts come in two flavors — Premier and Platinum — each of which provides several benefits, such as unlimited ATM fee rebates. However, these accounts earn almost no interest, and you must maintain a high balance and deposit thousands of dollars each billing cycle to avoid monthly fees.

From $15 per month

Fee

N/A

APY

Details

APYN/A
Fee$15 per month
To waive the feeDeposit at least $2,500 monthly or maintain an average daily balance of $25,000 or more
Intro or bonus offerPlatinum CashPlus accounts include a $550 yearly engagement bonus if you also have a Morgan Stanley Platinum card from American Express
ATMsmore than 2 million ATMs worldwide
ATM fee rebatesUnlimited ATM fee rebates worldwide
Foreign transaction fee0%
Nonsufficient funds fee$0
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Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

Morgan Stanley’s CashPlus account lets you keep all of your wealth with one institution. Both CashPlus accounts offer benefits like ATM fee rebates and no foreign transaction or cash advance fees.

But these accounts hardly earn any interest, and they require monthly fees if you don’t meet high deposit or balance requirements. To avoid the Premier account fee, you’ll need to deposit at least $2,500 a month or maintain a balance of $25,000. As for the Platinum account, you’ll need to deposit at least $5,000 a month or keep a balance of $25,000 as well.

If you want an account that offers a high interest rate, you’ll want to look at a high-yield savings account or high-interest checking account.

How much does Morgan Stanley’s cash management account cost?

Morgan Stanley CashPlus has two account plans — each with their own fees and features. Here’s how the Premier and Platinum CashPlus accounts compare:
PlansMonthly feeHow to avoid the feeFeatures
Premier CashPlus$15Deposit $2,500 monthly or maintain an average daily balance of $25,000 or more
  • Unlimited ATM fee rebates worldwide
  • Cash access from banks or tellers that accept Mastercard
  • Waived fees for cash-advances and foreign transactions
  • Extended warranty on purchases made with the Morgan Stanley debit card
  • Insufficient funds coverage
  • Identity and card protection
  • SPIC and FDIC coverage
Platinum CashPlus$45Deposit $5,000 monthly and maintain an average daily balance of $25,000 or moreEverything in the Premier plan, plus:
  • A $550 annual engagement bonus

How do I open a Morgan Stanley cash management account?

If you already have a brokerage account with Morgan Stanley, you can ask your team at the firm to open a Morgan Stanley CashPlus account for you. Alternatively, you can follow these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Visit the Provider website and select Open Account.
  3. Log in with your Morgan Stanley credentials or select Create a username if you don’t have one.
  4. Enter your Morgan Stanley account number and the last four digits of your Social Security number.
  5. Complete the application process to open your CashPlus account.
Eligibility

To qualify for a Morgan Stanley CashPlus account, you must satisfy these criteria:

  • At least 18 years of age
  • Legal resident of the United States
  • Morgan Stanley investment account holder
Required information

Only existing Morgan Stanley customers are eligible for CashPlus, so the firm should already have all of the information it needs to open an account in your name. However, if you’re new to Morgan Stanley, be prepared to provide the following when signing up for an investment account:

  • Valid Social Security number, alien identification number or passport number
  • Driver’s license or government-issued ID

What are the benefits of Morgan Stanley cash management account?

You can enjoy several benefits when you open a Morgan Stanley CashPlus account:

  • No cash management fees. You’ll get unlimited ATM fee rebates worldwide and you won’t pay for cash advances, foreign transactions or purchases made with insufficient funds.
  • Identity protection. Get identity and credit protection provided by Experian, including real-time credit alerts and monthly credit reports from all three bureaus.
  • Purchase protection. You’ll receive price protection, extended warranties and satisfaction guarantees on purchases made with your Morgan Stanley debit card.
  • Annual bonus. Platinum CashPlus accounts include a $550 yearly engagement bonus if you also have a Morgan Stanley Platinum card from American Express.

What should I look out for?

There are two notable drawbacks to being a CashPlus account holder:

  • Low APY. Unlike other cash management accounts, Morgan Stanley CashPlus accounts earn virtually no interest. There’s no APY mentioned on Morgan Stanley’s website, and the representative we spoke with said the current APY was less than 0.02%.
  • Monthly fee requirements. To avoid the $15 monthly fee for CashPlus Premium accounts, you’ll need to deposit $2,500 every billing cycle while maintaining an average daily balance of $25,000. To avoid the $45 monthly fee for CashPlus Platinum accounts, you’ll need to deposit $5,000 per month while maintaining a minimum daily balance of $25,000.

Is Morgan Stanley CashPlus safe?

Yes. Any securities in your CashPlus account receive Securities Investor Protection Corporation (SIPC) coverage up to $500,000, while any cash or free credit balances receive Federal Deposit Insurance Corporation (FDIC) coverage up to $250,000.

Morgan Stanley CashPlus reviews and complaints

As of March 2021, there are few if any customer reviews online that are specifically about Morgan Stanley CashPlus accounts. There are, however, several reviews about Morgan Stanley’s brokerage business. On the Better Business Bureau (BBB) website, Morgan Stanley has a B- rating based on 32 customer complaints. And on Trustpilot, the company has a rating of 2.2 out of 5, but that average is based on only nine reviews.

Morgan Stanley cash management account ATM network and fees

Morgan Stanley CashPlus accounts come with a Mastercard debit card that you can use to access cash at more than 2 million ATMs worldwide, including any ATMs that have the Mastercard, Maestro or STAR network logos. As a CashPlus account holder, you’re eligible to receive unlimited rebates on any ATM fees.

Compare Morgan Stanley cash management with other accounts

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How do I deposit or withdraw my money?

You can deposit or withdraw funds from your Morgan Stanley CashPlus account in several ways:

Deposit

  • Direct deposits
  • Mobile deposits
  • Branch deposits
  • Social Security deposits
  • Incoming wires
  • Incoming transfers via Zelle
  • Automated clearing house (ACH) transfers
  • Distributions from a Morgan Stanley retirement account

Withdraw

  • ACH transfers
  • Outgoing wires
  • ATM withdrawals
  • Branch withdrawal
  • Cash withdrawals from banks or tellers that accept Mastercard

Frequently asked questions

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