The clients of the wealth management giants Morgan Stanley are now going to have one more way of managing their cash that is through the launch of the CashPlus account of the asset manager.
This new account is aiming to become a competitor and becoming an alternative to the traditional ways of banking. It has been directed at the existing wealth management clients that the firm has and those who may open their accounts with an advisor or online.
These new accounts help the clients with the needs of cash management as per the executive of Morgan Stanley and also enable the advisors for giving advice which is based on the financial situation of their clients.
The accounts which are CashPlus are coming in two varieties where one is Platinum CashPlus and Premier CashPlus.
For avoiding a monthly fee, the Premier CashPlus needs further $2,500 in the monthly deposits of $25,000 in the daily balance on an average.
The platinum one needs both $5,000 in the total deposits in a month and $25,000 as their average bank balance every day.
Both of these accounts waive the threshold of the total deposits monthly in their exchange for any amount’s security deposits. This is a nod to the existing clients of the firm who are reliant on the Social Security for the source of income and have the other assets invested in them.
Both the accounts offer the benefits of clients aimed at differentiating them from the traditional banking offers.
This includes ATM fees rebates which are unlimited, unlimited writing of check and no fees of transaction and the cash advance of fees. They will also have access to Mastercard