How to Open a Morgan Stanley Platinum CashPlus Account (for the AMEX Platinum)

[@TheCreditFrog]

Are you going to open the MS Platinum CashPlus Account for the $695 engagement bonus? Let me know in the comments 👇

[@drewtrades265]

Did you end up getting your engagement bonus for year 1? Been reading on Reddit that some people got lucky and received it. Just curious haha

[@TheCreditFrog]

@@drewtrades265 Hey Drew! No, not for me. Probably going to get it in month 13 like everyone else 😕

[@Tanman902000]

If I have the AMEX Platinum and decide to go to the AMEX Platinum Morgan Stanley. Can I have both or is it one or the other

[@TheCreditFrog]

@@Tanman902000 You can have both because they’re separate products!

[@Tanman902000]

@@TheCreditFrog is there a bonus or a referral for the Morgan Stanley

[@RemGb10]

Thanks for making the step by step prices video including ones for access investing and platinum cash plus account. Good for folks purely looking for Amex platinum engagement bonus.

[@TheCreditFrog]

No problem Ganesh! I'm glad that you found it to be helpful!

[@ItsMeCJ]

Gotta love that the IRS wants their cut too. Darn Uncle Sam! Excellent walkthrough. This is definitely a game changer for the Amex Platinum. I’ve never heard of a metal debit card before.

[@TheCreditFrog]

I know, right? Yeah, it’s a complicated path for the AMEX Platinum, but can definitely be worth it. Thanks CJ!

[@davemartinez4143]

I deal with three different banks but oddly enough this is the only debit card I have. And I love it you can go anywhere and you don't have to worry about ATM fees. Great explanation you broke it down beautifully

[@TheCreditFrog]

Thanks Dave! Yeah, I think that this account could definitely be a good primary account because it does have some nice features. That’s great that you can use this account as your main! Appreciate your kind words!

[@MasonsTurtle]

Morgan Stanley certainly makes this process complicated. Thanks for walking through it all.

[@TheCreditFrog]

No prob Mason! I agree It's very unnecessary, but once you get through it all, everything should be good, and you won't have to go through all the nonsense again.

[@MattWelterOfficial]

Love the super straightforward video here Stan. This definitely seems like a good avenue to get that $695 engagement bonus!

[@TheCreditFrog]

For sure Matt! This is definitely the way to go if you plan on keeping the Platinum long-term!

[@EricTangOfficial]

Woo! That engagement bonus looks delicious!

[@TheCreditFrog]

That’s right Eric! You know it 👊!

[@jvillasante]

I'm going to watch the video this afternoon but I have a question beforehand, in order to avoid the fees we need $5000 in monthly deposits AND $25000 daily average. Can I invest that money or it will just sit there as in every other checking account not making any interest?

[@TheCreditFrog]

It will sit there and make a minimal amount of interest. As we're in a higher interest rate environment currently, it's hard to recommend this path right now, but if you're in a higher tax bracket in a HCOL area, it may still make sense if you run the numbers for your specific situation!

[@auyeungsamify]

Hello Stan, I stumbled upon your video as I was looking for more info about the MS Platinum card. Your channel is very informative. Thanks so much for all the great content. A few questions for you please. 1) Do you recall what the latest interest rate/APY on the MS Cashplus account is? 2) Is the rate the same for all account balances or is it tiered? 3) Is the $695 bonus automatically credited to our account after 12 months of opening the Amex card OR must we manually request that after 12 months? Thanks again

[@TheCreditFrog]

Hi Sam! Thanks so much and I'm glad you've been enjoying my content! Appreciate you stopping by! For #1, the interest rate on the Platinum Cash Plus is pretty bad. I'm not sure what's the exact number, but from the amount of interest I'm getting in my account, it's along the same lines as big banks such as Chase and BofA - so basically negligible interest. For #2, the interest rate is the same for all account balances. For #3, the $695 engagement bonus should be paid out automatically in month 13 if you have an MSAI account. It can be credited within 3 months if you have another MS investment account, but of course, these accounts have much higher minimums. Hope that answers all your questions!

[@gojinny4238]

Thank you for great video. Do you know if they allow same amount Zelle’d between this and another bank account to count as deposit requirement?

[@TheCreditFrog]

You’re welcome! I’m not entirely sure, but as ACH transfers work, Zelle might be an option!

[@klodsetsnowboard4084]

Hey Stan, great video! Just a quick question here: it seems that in order to get the plat cashplus card, one needs to first get an access investing account. Is that still possible now? It seems that MS has stopped taking new applications for the brokerage account, so does that mean it's no longer possible to get the plat cashplus card? Thanks again!

[@TheCreditFrog]

So yeah, the MS Platinum needs at the very least, an investment relationship. I’m not sure if there’s a low-cost one out there at this time. I’ve heard IRAs count, but it doesn’t look like there’s an easy way to open one up online and so you’ll have to call in to see what the requirements are.

[@klodsetsnowboard4084]

Thanks for your quick response! Have a great one!@@TheCreditFrog

[@alexb9154]

Hello Stanley, very informative video. Thank you. I did have 2 questions. 1) Regarding the $5000 deposit can I deposit the money from another bank and then withdraw it back to the original bank? 2) For the amex platinum card would we have to pay the 695 for the first year and then after that we would get the money back every year? Thank you.

[@TheCreditFrog]

Hey Alex! No problem, glad you found it helpful! So for #1, yes you can use ACH transfer to shuttle $5,000 back and forth every month from another bank and this will count. And for #2, yes, if you use the Access Investing account as your investment relationship, the terms state that you would get your first $695 engagement bonus in month 13 so you would have to pay the first $695 annual fee.

[@alexb9154]

@@TheCreditFrog Thanks for the info!

[@potatouser12345]

Super video! Thank you! I have none of the accounts. If I open the CashPlus account, then the Access Investing account, are there any fees for the Access Investing account? 2) Would I need to purchase any stock to appear "as if I am investing"?

[@TheCreditFrog]

Hi Nouri! Unfortunately, the Access Investing account has been discontinued since 12/1/23. At this point, you still need to have the Platinum CashPlus account, but the other account you'll need to have is the AAA account, which you'll have to open with a Morgan Stanley virtual advisor. The minimums on that account vary, I've heard as little as $1,000, but as high as $25,000 so I think the best is to ask to see what your options are! For the CashPlus account, this money sits in cash so no need to invest it, but clearly in the AAA account you'll need to invest - and I think it's a managed account.

[@dbluewh]

Great Video! I have a question about the engagement bonus payout time. At 3:45 you mention that if the only account is MS Access investing, then the bonus is paid after 12 months. I found your reference from the cashplus account disclosures: "if your only qualified non-CashPlus Account is a Morgan Stanley Access Investing Account (“MSAI”), you will receive your first Annual Engagement Bonus during the Card Anniversary Month that is 12 months after you first open your American Express Platinum Card" So if I follow all your steps, which are: (1) Open Morgan Stanley Active Investing Account (2) Open Morgan Stanley Platinum CashPlus Account (3) Apply (and hopefully be approved) for Morgan Stanley Amex Platinum I would only receive the $695 engagement bonus after 12 months? Do you have any tips on getting the bonus sooner (month following getting the Amex)? Should I open a second non-cashplus account other than MSAI, like for example a Self-Directed Brokerage Account? Thanks!

[@TheCreditFrog]

Thanks Wayne! So yes, if you follow the steps, and your investing account is the MSAI account, you will get your fist $695 engagement bonus after 12 months. If you wanted to get the bonus sooner, you have to have open another Morgan Stanley investing account. Unfortunately, the eTrade account doesn't count so you're only left with opening an account directly with a Morgan Stanley broker, or if you have a Morgan Stanley Investment Account through your employer, that would work too. I don't have any personal experience with this, but I've heard that the minimum investment directly with a broker can be as high as $100k. So, unfortunately, the cheapest way to get access to the engagement bonus is through the MSAI account, but you have to wait 12 months to get it.

[@chenk95]

Thank you for your video. Its very useful! Quick question, on other forums, I've seen recommendation to wait a month after opening Access Investing so system establishes the investment relationship, before opening Plat CashPlus. Do we really need to wait a month in between or I can open the Plat CashPlus the next day and hope the system will figure it out.

[@TheCreditFrog]

No problem Kaile! In my opinion, you should wait at least a few days so that the account is considered open and fully funded. The issue now is that the Access Investing account will be closing applications by 12/1/2022 so if you want to get this account, you should do so sooner rather than later. Here is the link to apply for the account since it's no longer directly accessible on the MS website: login.morganstanleyclientserv.com/access/ux/

[@chenk95]

@@TheCreditFrog Yes, thanks to your link form your other video I applied last night (server upgrade, so stuck halfway) and got through uploading docs this morning. Now Im waiting for them to review/approve. I am thinking about giving their customer service a call tomorrow morning to see if I can speed things up.

[@TheCreditFrog]

Great! Hope you can get through and get the account!

[@lautrufend]

I‘ve had the Amex Platinum Morgan Stanley card for about 5 years now. Does this program require me to open a new Amex Platinum card or can it provide the engagement bonus for an existing card? Some of the wording in Amex materials seemed to be geared toward new cardmbmers and vague for existing ones.

[@TheCreditFrog]

The program language is specific for new cardmembers. I think the best course of action would be to call the virtual advisors at Morgan Stanley and see if they could qualify you for the card you already have. You may have to open a new card since I think the product offering was different 5 years ago.

[@NG-fl1cj]

Great step by step guideline, Thanks!

[@TheCreditFrog]

No problem! Glad you found it helpful!

[@henriquersales]

Does the money (25k) needs to be parked there or I can invest it with Morgan Stanley and still qualify for the engagement?

[@TheCreditFrog]

The $25k needs to be parked in the CashPlus account. There is a HYSA option that goes with the account too, but I think that at baseline you need at least $25k in cash assets to avoid the monthly fee

[@miklem49]

Hey Stanley, I just opened up my platinum cashplus account. Do you know if I still need to keep my access investing open? will they close my cashplus account if I don't have the access investing anymore? (assuming I'll be ok with paying the $55 monthly fee) thanks for your great videos!

[@TheCreditFrog]

Hey Mike! Yeah, so assuming you have no issues paying the $55 monthly fee, you can close the Access Investing account, and the CashPlus account shouldn't be affected. The Access Investing account is only important if you want to use it as a qualified investment account to avoid the monthly fee 👍. Glad you are enjoying my videos!

[@chenderlow5226]

Thank you for the video. Great share. May I know, if I have received the Amex welcome bonus in the past, would I still get the 100k welcome bonus with the AMEX MS platinum? TIA.

[@TheCreditFrog]

No problem! And Yes! You'll get the 100k MS Platinum welcome bonus if you had previously received the regular AMEX Platinum welcome bonus since both of these are different products 👍

[@judyevangelista8965]

thank you for this video.but just to be clear, in order to not pay the $55 monthly fee on morgan stanley and to qualify for the $695 engagement bonus is for me to have $25,000 average daily cash balance???

[@TheCreditFrog]

Hi Judy! Yes, you'd need to have a $25k average daily balance in this account to meet one of the requirements to avoid the $55 monthly fee.

[@TheGogetassj]

Do we need to keep $25k in the cash plus account as cash or can that money be invested? $25k sitting idle and not earning at least 4% interest kinda sucks

[@TheCreditFrog]

Unfortunately, it has to sit in the account as cash 😕. Extra money on top of that though can be placed in their preferred savings account which yields about 4-5% APY for what that's worth.

[@TheGogetassj]

​@@TheCreditFrog Thanks for answering Stan

[@NG-fl1cj]

How long do I have to wait after opening a MS access investment account to open a cashplus platinum account? I was told that I have to wait for at least 5 days before I can open a cashplus platinum account. Let me know your experience or if you've any better tips.

[@TheCreditFrog]

I don't think there's a set time, but from a general sense, I would wait until you've funded the MSAI account and all the funds have cleared before you open the Platinum CashPlus account.

[@NG-fl1cj]

@@TheCreditFroggot it, thanks for the prompt response. 😀

[@raiden3013]

im confused about the bonus. it will basically pay for thier platinum card every year or just one time?

[@TheCreditFrog]

Yeah, so the engagement bonus will reimburse you the annual fee of $695 every year, pre-tax. If you use the Access Investing account as the investing relationship, your first bonus should show up in your account in month 13.

[@raiden3013]

@@TheCreditFrog alright thanks for the information!

[@jacecole]

Is it possible to get Cash Plus now without having to open another brokerage account? I'd be OK moving my brokerage investments but doesn't seem to be very easy to do all online

[@TheCreditFrog]

You can open a Cash Plus whenever you'd like, but in order to avoid the monthly maintenance fee, you need another investing account with Morgan Stanley. And you're right, MS does not make this easy to do online. If you want to transfer, you'll probably have to call in to customer service. Right now, I don't think the CashPlus is worth it given the high interest rates currently. That $25k can sit somewhere else and get a better return.

[@jacecole]

@@TheCreditFrog I’d be interested in your perspective on best place to have joint checking in assets all together (that has Zelle) and can go into my ever changing perspective of moving from Amex to more cash back models. I’m sitting on 1.9M of MR points. I need to change my 7 Amex card game and focus on building cash/wealth and looking at MS as a nice high tech gold UC platform to do it.

[@michaelcassidy9426]

Where do you see in the terms that if you have an access investing account that it won’t pay till the following year?

[@TheCreditFrog]

www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf Page 7, top paragraph on the right column

[@stevegarcia1374]

Can you transfer money to your MS CP account and then transfer directly back to the original bank to help meet the $5,000 monthly deposit requirement?

[@TheCreditFrog]

Yup! You can do a simple ACH transfer to the account and then take it back. This is what I do and it works great 👍!

[@stevegarcia1374]

@@TheCreditFrog WOW!!! Especially with automatic transfers this makes it even more exciting! Thanks!

[@DL-du6lm]

Thank you so much for the great, detailed and straight forward video. This would be a perfect quinidine to open an account. My question is as follows: I already have Amex Platinum. Would I be able to "switch" to Amex Platinum for MS (keep all my accumulated points) and start receiving annual bonus (if i follow all the steps for MS account as per your video) OR there is a catch that would prevent me from receiving the bonus? Thanks for all your help in advance! 🙂

[@TheCreditFrog]

You're welcome! I'm glad you found the video helpful. The regular Amex Platinum and AMEX MS Platinum are two separate products so you can't "switch" them, but rather you apply for the MS Platinum separately and then close the regular Platinum. As long as you have one MR-point earning card, your bank of MR points should be kept safe. One change I want to make you aware of is that as of 12/1/2022, MS has shut down new applications for their MS Access Investing account. Although this does not prevent you from getting the card through their Platinum CashPlus account, now, to avoid the monthly account fee on this account, you need to have another type of MS investment account, none of which are easily accessible, unless you have one already, or have one through your workplace.

[@DL-du6lm]

@@TheCreditFrog Thank you so much once again. This is very helpful. So, given the Amex Platinum for MS is a totally different product, MS will not tell me that I have already had the Amex Platinum card and i'm not eligible for the annual bonus. They will treat Amex Platinum for MS as the only credit product i've head with them and provide me with the annual bonus. (I never had any MS products before, this would be a new account for both Debit and Amex for MS). So, is my understanding correct? If so, i'll proceed with MS and send you a thank you note once it all (of if it all) goes through. 🙂

[@TheCreditFrog]

@@DL-du6lm Yea, this would be a unique account and you can have both no problem. Just to be clear, the bonus comes with the Platinum Cash Plus account which comes with a $55 monthly fee unless you meet certain qualifying criteria. If you meet those criteria then you will get your engagement bonus a few months after opening the card depending on the type of investment account you have with them

[@DL-du6lm]

@@TheCreditFrog Thanks again for the detailed steps. Both AAA and Plat. CashPlus accounts were open on the same phone call. MS Plat. Amex application submitted the following day but was rejected due to Amex’s inability to confirm MS account, however it was approved the following day. MS Plat. Amex and 2 metal debit cards for AAA and Plat. CashPlus have been delivered in less than a week of the application date, with a holiday in between. Current APY(%) on AAA is 3.5 but should go to 4.00 as of Jan 4, 2023. (let's see) Thanks for outlining the steps. Very easy to follow. :-)

[@TheCreditFrog]

@@DL-du6lm Hey! Glad to hear that it all worked out for you! It looks like you went the AAA route. I’ve heard about that type of account, but I could never find much information about it. I was always under the impression that the MSAI account was the cheapest route, but are you saying that a AAA account gets you the same APY as some HYSAs? If so, this would be a nice option for the investment account to attach qualify for the Engagement bonus via the Platinum CashPlus account!

[@Kebinnugget]

Needing $5k deposit to open an account with them, would I be able withdrawl that $5k right after applying for the card without any worries?

[@TheCreditFrog]

If your MS AI account has less than $5k in it for a few months, I heard that MS will close it automatically so you unfortunately have to keep it there if you want to qualify for the engagement bonus through the Platinum CashPlus account.

[@GoGeeksTV]

Hi there! I just created my access investing account, and I called in to create my cash plus account, however, I ran into an issue where they told me that I need to have my access investing account for 5 days before I can open a cash plus account. Is this a new requirement or is this expected?

[@TheCreditFrog]

I'm not sure if this is a rule or not, but I waited for my account to be created and my deposit to clear as well, which ended up being about a week or so before I created my Platinum CashPlus account. These accounts are separate so they really shouldn't depend on each other to open each account, but 5 days is not a huge deal IMO.

[@GoGeeksTV]

@@TheCreditFrog This is super helpful! Thank you! One last question, do you know if the order of the steps matter? Meaning can I apply for the ms amex with only the AI account and open the cash plus later... or do I want both the AI and cash plus accounts prior to applying for the amex to qualify for the engagement bonus? Mostly asking because I have some travel coming up and I was hoping to put that travel spend on my amex card to help meet the sign up bonus req B). Thank you!

[@TheCreditFrog]

No problem! In order to qualify for the engagement bonus, you should have an active and funded Platinum CashPlus account. At least that’s what I understand from reading the terms and conditions for the engagement bonus!

[@Richmoreira]

Hey I don’t see that option access your cash. Is there a new way to open the account ?

[@TheCreditFrog]

You should be able to open this account online, at least, the last time I checked!

[@edgarromero6409]

Hi Stan, someone told me that the ATM rebates are also taxable. How true is that?

[@TheCreditFrog]

Hi Edgar. Yeah, so although I haven't used my debit card in a situation to get charged an ATM fee, if the fee comes back as a reimbursement, it could technically be counted on a 1099 form if the amount of reimbursement is over the IRS limit, which I think is $600. If you have the MS Platinum engagement bonus of $695, then that already puts you over that limit so I could see how future ATM rebates are taxable! Not sure though, since I don't have personal experience, but theoretically possible!

[@edgarromero6409]

@@TheCreditFrog Thank you for sharing your knowledge!

[@HowGeeful]

Interesting. I actually have several brokerage accounts in which a decent amount of assets are held. The question would be if I open the platinum cash plus account (brokerage and checking account) and since the two primary requirements of $5000 in which I can just bounce back and forth automatically and the $25000 in value is a minimum, would you know if I can transfer a position from another brokerage that is at minimum worth $25000 to satisfy that requirement? The focus is to kill the opportunity cost of leaving $25000 unused. Since it is a brokerage and a checking, theoretically holding positions in ETFs or stocks should satisfy that condition as long as the minimum is sustained.

[@TheCreditFrog]

Hey Aric! So with the Platinum CashPlus account, they need a running monthly average of $25,000 in that particular account to avoid the monthly maintenance fee. You could transfer money in and out, but for example, you'd have to transfer at least $50,000 for half the month for this to work, which would be hard to do, especially if you wanted to keep buying and selling ETFs. From my understanding, the Platinum CashPlus account may hold ETFs, but I would ask the virtual advisors about this since I'm not as familiar with this.

[@HowGeeful]

@@TheCreditFrog Thanks for the prompt response. What I meant by bouncing money back in forth would be the monthly $5000 deposit. As for the $25000, I was thinking of transferring a position (particular stocks) that exceeds the requirement. What I meant was if the platinum plus account allows stock transfer from another brokerage to satisfy that $25000 as I would be leaving those stocks in the account.

[@TheCreditFrog]

@@HowGeeful No prob! Yeah, you can just ACH transfer $5k cash back and forth to satisfy that requirement - maybe you can do that with stocks but not sure. I think you can hold securities in the CashPlus account, but I'm not sure if the minimum for that is $25k or higher. That information I would get from the virtual advisors 👍

[@HowGeeful]

@@TheCreditFrog Yea if stocks does satisfy the 25000 requirement that would be great, I will provide an update. edit: I just realized they deliberately used the term "cash." So most likely equities won't be able to satify the requirement.

[@degigi2003]

That's correct, the average daily balance is calculated based on the cash in your account. This means e.g. money in a high yield deposit (currently yielding 5%) does not count towards that balance. So in the current high yield environment, the CashPlus account is not free, i.e. you cannot get the Annual Engagement Bonus for free.

[@Grd658]

whats the next most comerperable account given they don't let you sign up for the access investment account?

[@TheCreditFrog]

To qualify for the MS Platinum, the next most comparable account would be their AAA account, but this has a much higher minimum balance requirement than the Access Investing used to have.

[@charlieesea]

I haven’t been able to find this answer anywhere. If I have no relationship with MS, and I simply want to get the MS platinum card for the free AU (and pay the regular full AF), is that possible? What do I need to open? Just any old MS brokerage account? I don’t want to have 30k tied up to get the engagement bonus. I currently have the regular Platinum card so I figured I might as well get the MS version to add my wife as an AU for free.

[@TheCreditFrog]

Hey Charlie! If you don't mind paying the full annual fee, the bare minimum to qualify for the AMEX MS Platinum is to have a relationship with Morgan Stanley. The cheapest way to do this is to open an Access Investing account, and then you should be able to apply for the card! I have a separate video going over how to open an Access Investing account if you're interested! Note that the minimum balance on this account is $5,000.

[@charlieesea]

@@TheCreditFrog Thank you!

[@wanderingdoc5075]

The main important questions I have are: 1) is there a way to automate the process of putting $5K into the account and taking it back out monthly? 2) can we make it work with just one phone call to the virtual assistant versus two?

[@TheCreditFrog]

For #1, Yes! You can automate an ACH transfer in and out of the account by scheduling a deposit and withdrawal monthly, and this would still count. For #2, I don't think it can be one phone call. I think you have to get the account first, and then connect them second, but TBH, I haven't tried doing it all in one go so maybe it would work! You do get a 2-3 month grace period from the monthly account fee so as long as it gets done during that time, you should be good to go 👍

[@wanderingdoc5075]

@@TheCreditFrog you've convinced me Sir. The next Platinum I'm going to get is the MS platinum. The annual fee will be waived and let's see if I could pick up the annual engagement bonus as well

[@TheCreditFrog]

That would be so cool if you did. It will be a great DP for the community if you get one!

[@joshuacarroll638]

@@TheCreditFrog Can you make a video where you show us how to automate the withdrawal and monthly deposit.

[@TheCreditFrog]

@@joshuacarroll638 I could, but it’s fairly simple. Just use the ACH transfer tool with either the MS Platinum CashPlus account or any other bank and schedule a deposit to the account and a withdrawal from the account monthly.

[@evilbean5524]

Great video! Thank you for making this

[@TheCreditFrog]

You’re welcome! Glad you found it helpful!

[@bbfreak8367]

what is the current APY of MS CMA? I am thinking, if I am going to park $25k of my money in that account and go through all the hoops, will it be worth it? thank you!

[@TheCreditFrog]

The APY for the CMA is very low, certainly much lower than an online savings account. I’m this higher interest environment, the value is certainly not as good as it used to be, but keep in mind that in addition to the engagement bonus, the MS Platinum also gets you a free AU which is another $175 in value.

[@bbfreak8367]

Thanks for the response! I do see what the main objective of this video, It is definitely valuable considering all the perks that comes with having an AMEX Plat card, specially for people who travels a lot.

[@thecreditcardmd]

I already made an account with Morgan Stanley access investing with $5000. However I have since pulled that 5000 out. Will I still be qualified to follow the steps in your video? Or do I have to put the 5000 back in to the excess investing in order for all this to work? 😁😁

[@TheCreditFrog]

In order to get (and keep) the AMEX MS Platinum, you have to have a minimum of $5,000 in your Access Investing. There are DPs of Platinum accounts getting shut down when there is less than $5,000 in the Access Investing account so I would just put a little more than that in there and let it ride. Sadly, the market is volatile right now, so you may need to put a little more in to sustain the volatility and keep that account above $5,000. 👍

[@thecreditcardmd]

@@TheCreditFrog You are seriously the best! Thank you so much for taking the time to make this process 10x more straightforward! Subscribing now :)

[@TheCreditFrog]

@@thecreditcardmd No problem Yamah! I’m glad I could make this process easier for you - it definitely is not as straightforward as it should be. Thanks for your support!

[@yasinnabi]

awesome share sir... very educative and worth watching for the 2nd time :)

[@TheCreditFrog]

Thanks Yasin! I'm glad you enjoyed it x2!!

[@drewtrades265]

Does E*trade count now that Morgan Stanley acquired them?

[@TheCreditFrog]

No, unfortunately E*Trade does not count as a Morgan Stanley Investment Account for the purposes of the fee avoidance criteria for the Platinum CashPlus account

[@drewtrades265]

@@TheCreditFrog Can you buy any securities like CDs, ETFs or mutual funds in the cash plus account? Or does it just sit there as cash without any investment options.

[@TheCreditFrog]

@@drewtrades265 The CashPlus account is a cash management account so deposits only can exist as cash. You can invest with the Access Investing account, but since it’s a roboadvisor, it picks the ETFs for you.

[@drewtrades265]

@@TheCreditFrog how long did it take Morgan Stanley to send you the account activation stuff via email? I called them today to create an account but haven’t seen anything in my email yet. Btw thanks for being super responsive!! Much appreciated.

[@TheCreditFrog]

@@drewtrades265 This happened to me too when I first created my account. They said they would send the paperwork by e-mail, but after a few days, I got nothing so I called the Virtual Advisors again and said that I never received anything, and then I received the docs in my e-mail several hours later. I know, I wish this process was easier 😕

[@ericgilbert9576]

I presently have the Platinum Card from Charles Schwab and I expressed my dissatisfaction to their leadership team that I am only receiving a $200.00 yearly credit, which was the same when the fee was $550.00 per year. Is ETRADE going to have their own platinum card as I am a self directed investor. I also would not be depositing $5K per month so this would be a pain as I would have to manually deposit a check to meet the $5K monthly minimum deposit. I would also have to fund a Morgan Stanley account and pay .30 basis points for that. This would save me $495.00 per year that I am paying Amex but is too much work.

[@TheCreditFrog]

I'm not sure if ETRADE will have their own Platinum card, but I'm pretty sure that it won't qualify for the investment relationship required on the Platinum CashPlus account to avoid the monthly fee. The $5k per month deposit in the Platinum CashPlus account can be automated through ACH. Once the MSAI account application window closes, I think the maintenance fees on their other accounts are much higher. Sadly, this will make the Morgan Stanley version of this card much less obtainable for a lot of people.

[@oracledbamgr]

Hi, I believe if we are depositing our social security check "of any amount" to the MS account, it will fulfill the $5K requirement.

[@TheCreditFrog]

Yes, you are correct! This is stated in the Cash Plus Account Disclosure Statement. Thanks for making that point!

[@curmudgeonextraordinaire1884]

Does this account earn any interest?

[@TheCreditFrog]

It does, but it’s too small to matter. Based on my interest earned so far, it looks like the rate is 0.001%.

[@curmudgeonextraordinaire1884]

@@TheCreditFrog awful. No way would I tie up $25K in an account that doesn’t earn decent interest.

[@TheCreditFrog]

@@curmudgeonextraordinaire1884 No worries, this account definitely isn’t for everyone!

[@TheCreditFrog]

@@NathanLabish That's good to know Nathan! Thanks for your input. I haven't really explored the Platinum CashPlus as much as I should since I'm relatively new to Morgan Stanley, but it's great to hear from someone who has been using them for a while!

[@RemGb10]

How do we create this as a joint account?

[@TheCreditFrog]

I'm not sure, but when you call the MS Virtual Advisors, you could just ask them to open a joint account instead of an individual account, and they could probably help you with that.

[@coziii.1829]

I use my Amex platinum to pay everything then once a month use debit card to pay bill

[@TheCreditFrog]

The Platinum doesn’t have the best multipliers for everyday spend, but if you’re gunning for the Centurion invite, I totally get it!

[@coziii.1829]

@@TheCreditFrog yep my goal . I do have a gold card as well. But yes for more points gold is better I might alternate them

[@wangz1ggy]

I called an advisor and he said I need to invest a minimum of $25k in a brokerage account in order to open up a cash plus account

[@TheCreditFrog]

Yeah, to open a Cash Plus account, you need to have $25k in that account (which is considered a brokerage) to avoid the monthly fee, but I'm pretty sure the CashPlus account doesn't have an account minimum. Also, there's nothing that I've read that says you need another brokerage account with $25k in it, but maybe their terms have changed regarding opening new Platinum CashPlus accounts? I'd have to call their virtual advisors again to see if this has changed.

[@xxmahir3000xx]

thank you so much

[@TheCreditFrog]

You’re welcome!

[@xxmahir3000xx]

@@TheCreditFrog is it possible to still open an investing account before the cash plus . I saw your other video saying it expired

[@TheCreditFrog]

@@xxmahir3000xx Yes you can open an investing account before the CashPlus, it just has to be an investing account offered by Morgan Stanley.

[@theerojo9415]

What is the daily atm withdrawal limit ?

[@TheCreditFrog]

$5,000

[@theerojo9415]

@@TheCreditFrog is this with an fresh account? Like if I deposit 10k and wanted to take 5k out within a month, I would be able to do so? Also atms accessible are any ones Mastercard is accepted ?

[@theerojo9415]

And did I hear it right.. they credit your check deposits over night ?

[@TheCreditFrog]

@@theerojo9415 Yes, you could withdraw $5k after depositing $10k if you wanted to, and regarding debit cards, Morgan Stanley CashPlus clients have unlimited ATM fee rebates and can access any ATMS with Mastercard!

[@TheCreditFrog]

@@theerojo9415 This one I'm not sure about. It's certainly possible!

[@MasonsTurtle]

The $5000 monthly deposit is a little steep for me.

[@TheCreditFrog]

It is, but if you have it available, you can automate the deposit and withdrawal cycle each month. As long as you have a $5,000 deposit, this satisfies the requirement!

[@von2981]

Let me help you guys. Since this engagement bonus is taxable, you might as well put that $25k into YOUR a brokerage account and invest it in dividend ETF ‘SCHD’ which yields 3.24% (25,000x.0324= $810) that should pay for the annual and the extra $115 should cover most of the taxes. Youre welcome.

[@TheCreditFrog]

Thanks for the suggestion!

[@von2981]

@@TheCreditFrog I do want that metal debit card, though…lol

[@TheCreditFrog]

@@von2981 Yes! Love metal cards, and it’s definitely rare to have a metal debit card!

[@mssha1980]

What is a good brokerage account? How do you know what ETFs to purchase?

[@TheCreditFrog]

Good brokerage accounts include ones from Schwab, Vanguard, or Fidelity. For ETFs, it depends on what your investing strategy is so it depends. I like broadly-diversified low-cost index funds.

[@kinggaming7859]

i just subscribe to your channel

[@TheCreditFrog]

Thank you so much!

[@corteydmusic]

great

[@TheCreditFrog]

thanks!

[@jaym9846]

Morgan Stanley, please get your act together. After acquiring ETrade, it now takes 1 or 2 hours on hold before speaking with customer service and this has been going on for the past 6 months. Today, after talking to robots, 46 min on hold, an actual human finally came on only to say he couldn't hear me and hung up! (longest hold time thus far: +2 hrs)

[@TheCreditFrog]

Dude, that sucks Jay. Sorry you had to go through that! It also kind of sucks that you have to do all your admin tasks with this account over the phone with a virtual advisor as well.

[@ujyphiladm8]

But not FDIC

[@TheCreditFrog]

I’m not sure if it’s FDIC or SIPC