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 3, 2022, 9:58 am
#1
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
Morgan Stanley American Express Platinum Card
According to the Q1 FYI insert, looks like they're changing the CashPlus disclosure statement to add some fun new language in the "Abuse" section.
(bolding for emphasis is mine)
Morgan Stanley reserves the right to revoke any account features (e.g., Annual Engagement Bonus) and/or close your CashPlus Account(s) for usage that we, in our discretion, deem to be abusive or excessive. Examples of such behavior include, but are not limited to:
- Excessive ATM fees as a result of multiple, small withdrawals in a 24-hour period;
- Excessive foreign exchange conversions; or
- Frequent in & out cash movement of similar amounts;
- Using the CashPlus Account in a manner other than its intended use.
Last edited by SpaethCo; Jan 3, 2022 at 9:59 am Reason: Clarification
Jan 3, 2022, 10:06 am
#2
Join Date: May 2021
Posts: 68
I jumped through all their hoops and kept the account open for 3 months, but ultimately saw too many opportunities pass me by that my $25k would be better suited for. This includes bank bonuses, i-bond funding, etc.
This is probably intentional on MS's part. They truly only want to pay the engagement bonus to their super-rich clientele who don't blink at keeping $25k in a checking account earning next to nothing--not to people like us. And that's fine with me. I still have the AI with them strictly so I was eligible for the MS Plat and MS Blue Cash Preferred. Once those CC's hit one year, I'll think long and hard about whether keeping $5k locked up is worth what those two CC's offer me.
At this point, I'm not sure a free AU and a net profit of $265 from the Blue Cash Preferred ($360 grocery cashback minus $95 AF) is worth keeping the $5k locked up in a robo investment account.
Jan 3, 2022, 11:17 am
#3
Join Date: Feb 2006
Posts: 1,065
I am tempted to wait till February or March, when my 2nd engagement bonus should post and then close the Cash Plus account, or just pay $55.00 monthly fee x 12
However, even though $660 in monthly fees is cheaper than the $695.00 MS Platinum Annual fee, it may not be worth it, if the $695.00 engagement bonus is taxed.
However, if they treat it as a rebate against the monthly fees, so that it is untaxed, that would potentially be a game changer. If it's taxed as regular interest/income, it would be better to close the Cash Plus account completely.
Jan 3, 2022, 3:03 pm
#4
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,864
I am still on the fence about this card. I just cannot see any logic in a possible wash. But I keep reading and looking for a reason to jump in.
Jan 3, 2022, 3:35 pm
#5
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
If I had to bet, I’d say they’d just quietly not pay the bonus instead of flat out closing the account. I’m trying not to read too much into it, but it seems suggestive to me that they specifically call out the Engagement Bonus as a feature they can revoke from the account at their discretion.
Jan 3, 2022, 5:31 pm
#6
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,864
If I had to bet, I’d say they’d just quietly not pay the bonus instead of flat out closing the account. I’m trying not to read too much into it, but it seems suggestive to me that they specifically call out the Engagement Bonus as a feature they can revoke from the account at their discretion.
Jan 3, 2022, 6:18 pm
#7
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
E*Trade Bank has now been fully integrated into Morgan Stanley Private Bank, so it's going to be interesting to see how things shake out now that MS shouldn't be in a position to need to fight for deposits anymore.
Jan 3, 2022, 10:55 pm
#8
Join Date: Jun 2019
Programs: UA, AS, Marriott
Posts: 139
Frequent in & out cash movement of similar amounts
Does a single, monthly $5k amount count as frequent? Probably not.
I’ve been using CashPlus as my primary checking account because zero chance of overdraft and no ATM fees. Check deposit works well enough, and I can split excess between Access Direct and linked Schwab taxable.
If I didn’t use it for primary checking, I’d probably skip the hassle of CashPlus setup…
Jan 4, 2022, 11:26 am
#9
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,864
What are you insinuating, a ceasing of the amex AF benefit?
Jan 4, 2022, 11:39 am
#10
Join Date: Feb 2006
Posts: 1,065
SpaethCo can definitely clarify if needed, but I think he was speaking specifically about the annual engagement bonus for having a Cash Plus account.
Right now, MS is effectively giving me $695.00 to offset the cost of the MS Platinum in exchange for having a Cash Plus account with a balance of $25,000+
If MS no longer wants or needs to go after deposits, it may eliminate this perk.
I would still keep the MS Platinum for the free authorized user and other perks.
Right now, MS is effectively giving me $695.00 to offset the cost of the MS Platinum in exchange for having a Cash Plus account with a balance of $25,000+
If MS no longer wants or needs to go after deposits, it may eliminate this perk.
I would still keep the MS Platinum for the free authorized user and other perks.
Jan 4, 2022, 11:49 am
#11
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
In late 2018, Morgan Stanley publicly stated they needed to increase their deposits because loan capacity constraints were impacting profitability. https://www.advisorhub.com/morgan-st...loan-capacity/
In January 2020 they launched CashPlus, which required $25k in cash holdings plus regular deposits to get the bonus. The previous program (Premier Cash Management) paid out the bonus to Reserved clients with $1m+ AUM paying 5 figures in fees, and all of those clients were told they had to switch to CashPlus and qualify under the new rules. This is why I wouldn't bank on Morgan Stanley paying bonuses into the future - they've already shown they're willing to tell clients paying 5 figures in fees to meet the new program rules or go pound sand, so I don't think they'll have any hesitation dispatching with the unprofitable folks like us who jumped in on this deal.
In October 2020 Morgan Stanley closed on the acquisition of E*Trade.
Now as of January 1st 2022, E*Trade Bank and E*Trade Savings bank have merged into Morgan Stanley Private Bank, and with it their massive pools of settlement funds have been added to the bank's balance sheet that they can lend against. Why keep paying CashPlus account holders for deposits when E*Trade customers are giving them all the cash they need for free?
In January 2020 they launched CashPlus, which required $25k in cash holdings plus regular deposits to get the bonus. The previous program (Premier Cash Management) paid out the bonus to Reserved clients with $1m+ AUM paying 5 figures in fees, and all of those clients were told they had to switch to CashPlus and qualify under the new rules. This is why I wouldn't bank on Morgan Stanley paying bonuses into the future - they've already shown they're willing to tell clients paying 5 figures in fees to meet the new program rules or go pound sand, so I don't think they'll have any hesitation dispatching with the unprofitable folks like us who jumped in on this deal.
In October 2020 Morgan Stanley closed on the acquisition of E*Trade.
Now as of January 1st 2022, E*Trade Bank and E*Trade Savings bank have merged into Morgan Stanley Private Bank, and with it their massive pools of settlement funds have been added to the bank's balance sheet that they can lend against. Why keep paying CashPlus account holders for deposits when E*Trade customers are giving them all the cash they need for free?
Jan 4, 2022, 12:52 pm
#13
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
Once you get the engagement bonus, can you close the CashPlus account, keeping only the Access Investing account open to keep the Platinum account open? I received my 2nd engagement bonus back in November. I think I would rather buy $20k of iBonds rather than have $25k sitting in the CashPlus account open and fee free, and I'm thinking I'm just going to dump he card when I get hit with my fee again in October 2022.
Jan 4, 2022, 1:20 pm
#14
Join Date: Apr 2002
Posts: 587
SpaethCo can definitely clarify if needed, but I think he was speaking specifically about the annual engagement bonus for having a Cash Plus account.
Right now, MS is effectively giving me $695.00 to offset the cost of the MS Platinum in exchange for having a Cash Plus account with a balance of $25,000+
If MS no longer wants or needs to go after deposits, it may eliminate this perk.
I would still keep the MS Platinum for the free authorized user and other perks.
Right now, MS is effectively giving me $695.00 to offset the cost of the MS Platinum in exchange for having a Cash Plus account with a balance of $25,000+
If MS no longer wants or needs to go after deposits, it may eliminate this perk.
I would still keep the MS Platinum for the free authorized user and other perks.
Jan 4, 2022, 1:40 pm
#15
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
The Amex / Morgan Stanley validation is supposed to be done by matching SSNs, so as long as they close your CashPlus account without screwing up the rest of your profile I would think you should be fine.