Morgan Stanley has unveiled a new brokerage account, called CashPlus, for its wealth management customers.
The new account aims to compete as an alternative to traditional banking. It is directed at the firm's existing wealth management clients, who can open an account with their adviser or online.
The new accounts help clients with their cash management needs, according to a Morgan Stanley executive, and also enable financial advisers to give more comprehensive advice based on their clients' financial situation.
With a Morgan Stanley CashPlus Account, clients have an alternative to a bank experience designed around their needs"
Morgan Stanley private banking group head of deposits and banking services Paul Halpern said: "With a Morgan Stanley CashPlus Account, clients have an alternative to a bank experience designed around their needs. They receive personalised service and advice, exceptional value, enhanced protection and a digital-first experience."
It features reduced transaction fees through unlimited ATM fee rebates, unlimited check writing, and no foreign transaction fees or cash advance fees and enhanced personal financial protection such as extended warranty and price protection, among other features.
Clients will also be able to access cash from banks or tellers that accept MasterCard.
The CashPlus accounts come in two variants: Premier CashPlus and Platinum CashPlus.
To avoid a monthly fee, Premier CashPlus requires either $2,500 in total monthly deposits or $25,000 in average daily balances.
Platinum CashPlus requires both $5,000 in total monthly deposits and $25,000 in average daily balances.
The accounts replace the firm's Premier Cash Management program.