Morgan Stanley has rolled out a new brokerage account, called CashPlus, for its wealth management customers.

The new offering will replace the bank’s existing cash management programme.

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The latest offering is aimed at offering wealth management customers an alternative to regular banking products with features like reduced transaction fees and enhanced personal financial protection.

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.

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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.

Both accounts waive the total monthly deposit thresholds in exchange for Social Security deposits of any amount.

Irish-based consumer credit reporting company Experion has been hired to act as a medium for both CashPlus accounts to include access to credit and identity protection monitoring service.

Through this service, clients can lock and unlock debit cards, set alerts for account activity pay bills online, authorise wire transfers, use mobile check deposit or transfer money through digital payments network, Zelle.

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.”