Jan 9, 2022, 1:50 pm
Last edit by: mia
BE AWARE: Access Investing is closing to new sign-ups in 2022, and the future of what will happen to existing accounts has not been communicated directly to current clients.
Morgan Stanley announcement: https://www.morganstanley.com/press-...fering-updates
Interview with the head of E*Trade indicating that accounts will move to E*Trade: https://www.fa-mag.com/news/firms-co...ors-70179.html
Importantly, as of November 2022 E*Trade accounts do NOT qualify as an eligible brokerage account for the CashPlus account fee waiver and E*Trade accounts are NOT eligible Morgan Stanley accounts for applying for and/or retaining an American Express Platinum card from Morgan Stanley.
If you're willing to risk incurring a few hundred dollars in fees chasing this deal, continue reading.
To open a Morgan Stanley co-branded American Express card you MUST be a Morgan Stanley client. You can satisfy this requirement by opening an Access Investing account with a $5,000 investment. Access Investing is a Robo (automated) product: https://www.morganstanley.com/what-w...sting/my-goals
The primary benefit of a Morgan Stanley Platinum Card is one free Additional Card. Optionally, if you also open a CashPlus Platinum account, deposit $25,000 and meet activity requirements, you become eligible for an Engagement Bonus which offsets the Platinum Card's annual fee. Note: If you don't have a qualifying investment account, or if your only investment account is an Access Investing account, there is no longer an Engagement Bonus paid in the first year of having the CashPlus Platinum account.
Recommended step-by-step guide if goal is MS AmEx Platinum card with bonus and effectively no annual fee as of 8/1/21:
- Open MS Access Investing account (to establish the MS relationship) using online application with $5,000.
- Wait a few days.
- Open Platinum CashPlus account (requires existing MS relationship), must be opened by phone or through an advisor, cannot be done online.
- Fund Platinum CashPlus account with $25K.
- Wait a few days.
- Confirm CashPlus account's Account Fee Status page shows “Morgan Stanley Investment Relationship = Yes”.
- Apply for MS AmEx Platinum Card via the link that shows up in the CashPlus account once it's open.
- $5,000 monthly deposit or Social Security deposit in any amount and $25,000 Average Daily Cash Balance in the Bank Deposit Program to avoid Platinum CashPlus Monthly Account Fee.
- Meet minimum spending requirement on the AmEx Platinum card, as of 8/1/21: $6,000 within 6 months to receive sign-up bonus.
- Confirm $695 Annual Engagement Bonus posts to Platinum CashPlus account approximately 6 weeks after credit card approval. (As of 8/1/21, considerable discussion as to whether the FIRST Annual Engagement Bonus is paid within first few months of credit card account opening or at about 1 year after credit card account opening.)
- $1,000+ yearly spending requirement on the AmEx Platinum card needed to avoid having to pay taxes on the Engagement Bonus. (This language was removed from the disclosure statement after the Engagement Bonus was increased to $695.)
- Enjoy the sign-up bonus and all other AmEx Plat perks, don’t eat or drink too much
.
Notes:
All accounts can be opened the same day, best to wait a few days between account openings/applications to ensure each successive account is fully integrated into MS systems to avoid problems.
Few or no reports of MS AmEx Platinum credit card applications being declined for people with Access Investing and Platinum CashPlus accounts, seems once that MS relationship has been established, credit card approval is almost automatic.
The credit card will count toward Chase’s 5/24.
Premier CashPlus not eligible for $695 Annual Engagement Bonus for the MS AmEx Platinum Card.
MS launched Access Investing in December 2017, launched CashPlus in January 2020.
Morgan Stanley announcement: https://www.morganstanley.com/press-...fering-updates
Interview with the head of E*Trade indicating that accounts will move to E*Trade: https://www.fa-mag.com/news/firms-co...ors-70179.html
Importantly, as of November 2022 E*Trade accounts do NOT qualify as an eligible brokerage account for the CashPlus account fee waiver and E*Trade accounts are NOT eligible Morgan Stanley accounts for applying for and/or retaining an American Express Platinum card from Morgan Stanley.
If you're willing to risk incurring a few hundred dollars in fees chasing this deal, continue reading.
To open a Morgan Stanley co-branded American Express card you MUST be a Morgan Stanley client. You can satisfy this requirement by opening an Access Investing account with a $5,000 investment. Access Investing is a Robo (automated) product: https://www.morganstanley.com/what-w...sting/my-goals
The primary benefit of a Morgan Stanley Platinum Card is one free Additional Card. Optionally, if you also open a CashPlus Platinum account, deposit $25,000 and meet activity requirements, you become eligible for an Engagement Bonus which offsets the Platinum Card's annual fee. Note: If you don't have a qualifying investment account, or if your only investment account is an Access Investing account, there is no longer an Engagement Bonus paid in the first year of having the CashPlus Platinum account.
Recommended step-by-step guide if goal is MS AmEx Platinum card with bonus and effectively no annual fee as of 8/1/21:
- Open MS Access Investing account (to establish the MS relationship) using online application with $5,000.
- Wait a few days.
- Open Platinum CashPlus account (requires existing MS relationship), must be opened by phone or through an advisor, cannot be done online.
- Fund Platinum CashPlus account with $25K.
- Wait a few days.
- Confirm CashPlus account's Account Fee Status page shows “Morgan Stanley Investment Relationship = Yes”.
- Apply for MS AmEx Platinum Card via the link that shows up in the CashPlus account once it's open.
- $5,000 monthly deposit or Social Security deposit in any amount and $25,000 Average Daily Cash Balance in the Bank Deposit Program to avoid Platinum CashPlus Monthly Account Fee.
- Meet minimum spending requirement on the AmEx Platinum card, as of 8/1/21: $6,000 within 6 months to receive sign-up bonus.
- Confirm $695 Annual Engagement Bonus posts to Platinum CashPlus account approximately 6 weeks after credit card approval. (As of 8/1/21, considerable discussion as to whether the FIRST Annual Engagement Bonus is paid within first few months of credit card account opening or at about 1 year after credit card account opening.)
- Enjoy the sign-up bonus and all other AmEx Plat perks, don’t eat or drink too much
. Notes:
All accounts can be opened the same day, best to wait a few days between account openings/applications to ensure each successive account is fully integrated into MS systems to avoid problems.
Few or no reports of MS AmEx Platinum credit card applications being declined for people with Access Investing and Platinum CashPlus accounts, seems once that MS relationship has been established, credit card approval is almost automatic.
The credit card will count toward Chase’s 5/24.
Premier CashPlus not eligible for $695 Annual Engagement Bonus for the MS AmEx Platinum Card.
MS launched Access Investing in December 2017, launched CashPlus in January 2020.
Morgan Stanley American Express Platinum Card
Jan 31, 2023, 11:03 am
#361
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Why? The terms permit American Express to close the account if one does not qualify, and there is a closure mechanism in place:
Eligibility Terms
The Platinum Card® from American Express exclusively for Morgan Stanley is only available to you if you have an Eligible Morgan Stanley Smith Barney LLC brokerage Account ("Eligible Account"). An "Eligible Account" is a brokerage account (i) held in your name, (ii) held by a trust where you are both the grantor and trustee of such trust, or (iii) held as a beneficial owner of a personal holding company, a non-operating limited liability company, a non-operating limited partnership, or a similar legal entity. American Express will only issue The Platinum Card® from American Express exclusively for Morgan Stanley to (1) an eligible Morgan Stanley client who is an individual; and (2) an individual associated with a eligible Morgan Stanley client (if the eligible Morgan Stanley client itself is not an individual). Eligibility is subject to change. American Express may cancel your Card Account and participation in this program, if you do not maintain an Eligible Morgan Stanley brokerage Account.
The Platinum Card® from American Express exclusively for Morgan Stanley is only available to you if you have an Eligible Morgan Stanley Smith Barney LLC brokerage Account ("Eligible Account"). An "Eligible Account" is a brokerage account (i) held in your name, (ii) held by a trust where you are both the grantor and trustee of such trust, or (iii) held as a beneficial owner of a personal holding company, a non-operating limited liability company, a non-operating limited partnership, or a similar legal entity. American Express will only issue The Platinum Card® from American Express exclusively for Morgan Stanley to (1) an eligible Morgan Stanley client who is an individual; and (2) an individual associated with a eligible Morgan Stanley client (if the eligible Morgan Stanley client itself is not an individual). Eligibility is subject to change. American Express may cancel your Card Account and participation in this program, if you do not maintain an Eligible Morgan Stanley brokerage Account.
I've had the MS Plat for several years There's a monthly report that is sent over to Amex from MS, and in my experience it is not just tied to your ssn. I've not had the CashPlus account. But after I closed my managed client brokerage account, I've since had more than once whereas Amex sends a letter informing me they are closing the card in 30days because I do not have an qualifying open account with MS. I have a separate open Access account (same ssn), I've gotten it fixed each time, but dealing with MS is a nightmare.
Feb 1, 2023, 10:26 am
#362
Join Date: Feb 2023
Posts: 24
So since Access Investing is no longer an option, are there now basically no (low cost of entry) options for someone with no MS relationship to get a CashPlus account in order to get an engagment bonus for the MS Amex platinum? I have an old ETrade brokerage from years ago that is still open, but that doesn't seem to help in this case. I usually keep about $20,000 in cash in a bank account for bill payments, so I am OK with the interest lost on the money by putting in $25,000 to get the engagement bonus. I've read about a PPP account as a possibility, but the details were hazy.
So, does anyone know any way of getting the CashPlus account to put the $25k in to get the engagement bonus?
Thanks!
So, does anyone know any way of getting the CashPlus account to put the $25k in to get the engagement bonus?
Thanks!
Feb 1, 2023, 10:45 am
#363
Join Date: Sep 2007
Posts: 234
Do we have even a single example of Amex closing an account due to these circumstances?
Feb 1, 2023, 10:50 am
#364
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
There's a scanned copy of the letter and everything. This is from the first go around with this setup where people were qualifying by opening up just an Access Investing account, getting one of the Morgan Stanley co-branded Amex cards, and then closing the Access Investing account themselves or not funding the account resulting in it being closed by Morgan Stanley.
Feb 1, 2023, 11:34 am
#365
Join Date: Jun 2019
Programs: UA, AS, Marriott
Posts: 139
So since Access Investing is no longer an option, are there now basically no (low cost of entry) options for someone with no MS relationship to get a CashPlus account in order to get an engagment bonus for the MS Amex platinum? I have an old ETrade brokerage from years ago that is still open, but that doesn't seem to help in this case. I usually keep about $20,000 in cash in a bank account for bill payments, so I am OK with the interest lost on the money by putting in $25,000 to get the engagement bonus. I've read about a PPP account as a possibility, but the details were hazy.
So, does anyone know any way of getting the CashPlus account to put the $25k in to get the engagement bonus?
Thanks!
So, does anyone know any way of getting the CashPlus account to put the $25k in to get the engagement bonus?
Thanks!
2) Open Access Direct account
Alternatively, don’t bother. You could make 4-4.5% on your cash pile by putting it into an ETF that invests in 1-3 month T Bills.
Feb 1, 2023, 9:16 pm
#368
Join Date: Jan 2017
Location: NGS
Programs: UA Silver, ANA MC, HH Diamond, Hyatt Discoverist, Bonvoy Plat, IHG Plat, Shangri-La GC, Hertz PC
Posts: 1,235
Feb 1, 2023, 11:25 pm
#369
Join Date: Jun 2019
Programs: UA, AS, Marriott
Posts: 139
If your employer uses MS for its equity program, and you receive equity grants, then you can open an Access Direct account. IYKYK. It's entirely possible this account type will get transitioned to E-Trade, which also services employer equity grants. Who knows.
Feb 1, 2023, 11:51 pm
#370
Join Date: Jun 2019
Programs: UA, AS, Marriott
Posts: 139
While I cannot give specific investment advice here, I think I can say that an ETF is not guaranteed in any way. In my view, if one was looking at high-grade paper, rather than buying a non-guaranteed ETF, one could buy individual Treasuries or Certificates of Deposit or perhaps even something like preferred savings.
Why go with something uninsured when you can get about the same yield with a guarantee of some form, such as FDIC on CDs, where applicable, or full faith and credit of the U.S. Government in the case of Treasuries?
Disclaimer: The preceding is presented generically for educational purposes only. It is not a recommendation for or against any specific security, nor is an offer to buy or sell securities or a solicitation.
Why go with something uninsured when you can get about the same yield with a guarantee of some form, such as FDIC on CDs, where applicable, or full faith and credit of the U.S. Government in the case of Treasuries?
Disclaimer: The preceding is presented generically for educational purposes only. It is not a recommendation for or against any specific security, nor is an offer to buy or sell securities or a solicitation.
As to why bother with an ETF, some funds receive nearly all interest income from federal Treasuries, making this income exempt from state income tax. Currently, these tax-adjusted rates are better than any CD (full taxes) or muni fund (tax-exempt but poor yield) for those in high-tax states. This is a tricky area because many funds earn some/most of their distributions from repos on Treasuries, which disqualifies them from state income tax exemption. Also, some states are more strict than others. You have to look at the tax info provided by the fund sponsor to verify for yourself. It's true that buying bonds at primary auction is theoretically the most efficient, but there's a learning curve and most investors don't have a large enough position to justify the time. I don't mind paying 15 basis points in exchange for handling Treasury laddering.
Feb 4, 2023, 12:26 pm
#371
Join Date: Sep 2007
Posts: 234
While there's a theoretical counterparty risk for any ETF, it's basically zero for an un-leveraged ETF that only holds long securities. Literally no one believes that any of the top fund sponsors would be allowed to fail after the 2008 bailouts. Morgan Stanley was loaned $107B in 2008 even though they let a single trader lose $8B and then paid him $10M to go away. Also, proprietary trading is separated from banking following the Volcker rule.
As to why bother with an ETF, some funds receive nearly all interest income from federal Treasuries, making this income exempt from state income tax. Currently, these tax-adjusted rates are better than any CD (full taxes) or muni fund (tax-exempt but poor yield) for those in high-tax states. This is a tricky area because many funds earn some/most of their distributions from repos on Treasuries, which disqualifies them from state income tax exemption. Also, some states are more strict than others. You have to look at the tax info provided by the fund sponsor to verify for yourself. It's true that buying bonds at primary auction is theoretically the most efficient, but there's a learning curve and most investors don't have a large enough position to justify the time. I don't mind paying 15 basis points in exchange for handling Treasury laddering.
As to why bother with an ETF, some funds receive nearly all interest income from federal Treasuries, making this income exempt from state income tax. Currently, these tax-adjusted rates are better than any CD (full taxes) or muni fund (tax-exempt but poor yield) for those in high-tax states. This is a tricky area because many funds earn some/most of their distributions from repos on Treasuries, which disqualifies them from state income tax exemption. Also, some states are more strict than others. You have to look at the tax info provided by the fund sponsor to verify for yourself. It's true that buying bonds at primary auction is theoretically the most efficient, but there's a learning curve and most investors don't have a large enough position to justify the time. I don't mind paying 15 basis points in exchange for handling Treasury laddering.
Feb 8, 2023, 1:11 am
#372
Join Date: Jan 2016
Posts: 43
Trying to cashout MR to morgan stanley and keep getting a "We're Sorry. A system error occurred. Your request cannot be processed at this time. Please try your request again at a later date." Anyone seeing the same? Trying to figure out if the system is just temporarily down or if there is some issue with my account...
Feb 21, 2023, 9:46 pm
#375
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958