I opened a CashPlus and AAA in late 2022. Kept nothing in the AAA. Eventually I want to say in 2024 they closed the AAA, but I still had the CashPlus. I kept $660 in it to cover the $55/month fee and was getting the engagement bonus each year, rinse and repeat. I liked having the free AU the card offered and having an account I could cashout at 1cpp uncapped was nice. Schwab added their 1M redemption cap so I ended up closing that card.

I did get a call in September 2025 from MS, they said I had to keep $1k minimum in the CashPlus or they'd close it. I called their bluff, and low and behold they did close it. I called back within 30 days and they reopened it pretty easily. I kept $1k in there for a few months, but my AF came up on my MS Plat card and I decided to part ways. I waited until day 30 of my AF posting and on day 29, I was given the engagement bonus in my CashPlus. I was able to close the MS Plat card, get the AF refunded, and pocket the engagement bonus. I'm now in the process of closing the CashPlus so I don't get dinged with anymore monthly fees. I will say, it was nice to get an $895 engagement bonus, despite the monthly fee still only being $55/month. I suppose there is some room for arbitrage there, if you just pay $660/year in account fees but they give you $895 as an engagement bonus, but personally I was tired of keeping track of all of that.

All in all, if you're cashing out more than 1M/year in MR, it's worth to jump through the hoops over Schwab, but doing all the junk to get the account fee-free is NOT worth it. It wasn't even really worth it back in 2021 when savings rates were near 0%, but people will get hung up on having a "free Platinum".