Active Assets Account®

The Flexibility and Functionality You Need

With an Active Assets Account®, you have a robust suite of benefits and services:

Practical Investment Features

Keep your money working harder with:

  • Automatic Cash Sweep. Available cash balances are automatically invested in bank deposit accounts or a money market fund. Click here for rates.
  • Direct Deposit Service
  • Dividend Reinvestment. Dividends are automatically reinvested in additional shares, without incurring commission charges.
  • Margin Borrowing Privileges. Gain the flexibility to borrow against the value of your assets.


Essential Cash Management Services

Manage your daily finances and cash flow with:

  • Free Unlimited Check Writing
  • Morgan Stanley Debit Card. Make purchases and access cash from ATMs at MasterCard® and STAR® Network locations. Click here for Debit Card Terms & Conditions.
  • Online Bill Payment Service
  • Funds Transfer Service. Easily move funds between your Morgan Stanley accounts and your accounts at other financial institutions.

Unparalleled Reporting

Stay informed and in control of your money with:

  • Comprehensive Monthly Statements
  • Annual Summary Statement
  • Gain and Loss Summary. Get details on your investment portfolio, including purchase date, purchase price, market value and sales proceeds.
  • Online Account Information Statement Linking Service. Receive multiple Morgan Stanley account statements together in one envelope.


Bank Deposit Program

Have your available cash balances swept automatically into interest bearing, FDIC-insured deposit accounts.

Learn More

Choice SelectSM

Choice SelectSM gives moderate to active equity and option1 traders access to these features:

  • Innovative Pricing. A transparent, sliding scale commissions schedule for eligible equity and option1 trades in your brokerage account2. The more you trade, the lower your marginal commissions rate.
  • Complete Investment Access. Choose from a wide array of brokerage investments, including capital markets products such as structured investments and Strategic Equity Portfolios
  • Flexibility. Your account can be grouped with other eligible accounts (for example, IRAs) to lower your trading costs4.
  • Convenient Tax Reporting. Have your monthly commissions automatically applied to each eligible transaction for simplified gain/loss and year end tax reporting5.


1 Options are not suitable for all investors.

2 Choice Select commissions are calculated and charged monthly in arrears based upon the Principal Volume ("PV") of the eligible equity and option transactions executed in your Brokerage Account, according to the declining marginal commission schedule detailed below. "Principal Volume" means the total purchase or sale price of securities, net of any fees. It is the price of the security you are buying, selling or shorting multiplied by the quantity.
Monthly commissions replace the commissions that you would otherwise be charged on a trade-by-trade basis in your Brokerage Account. Choice Select pricing follows an annual schedule based on your Choice Select anniversary date. As you trade throughout the year, your PV grows and your marginal commission rate declines. On the day after your Choice Select anniversary date, your PV resets to zero and the cycle begins again. Choice Select pricing applies only to eligible equity and option transactions. All other transactions (e.g., fixed income and mutual funds) are subject to loads, mark-ups/mark-downs and/or other applicable fees.

3 Investments in structured products involve risks, including but not limited to, price and yield fluctuations, loss of principal and limited liquidity. Strategic Equity Portfolios ("STEP") are structured and monitored on an ongoing basis by members of the STEP Portfolio Strategy Team and may be purchased in a single transaction as individual stocks. Periodically, changes in the portfolios are recommended; investors then decide whether the recommendation makes sense for their particular financial situation. After an investor purchases the STEP, the same stocks will remain in his or her account unless individual stocks are bought or sold in response to subsequent changes in the model STEP or as otherwise individually determined by the investor. Investors should ask their Financial Advisor about the commission charges associated with STEPs and whether STEPs are suitable for them.

4 Certain brokerage accounts with Choice Select pricing in the same statement account link group may be grouped together to aggregate PV and thereby lower the group's commission rates. Please ask your Financial Advisor for details.

5 Morgan Stanley, its affiliates and its employees do not provide tax or legal advice. Individuals should consult their personal tax and legal advisors before making any tax or legal-related decisions.
Choice Select pricing is an alternative way to pay commissions on equity and option transactions in a brokerage account. Any investment advice is solely incidental to Morgan Stanley's business as a broker-dealer. Clients do not pay for, nor do they receive, a level of advice different from that provided to other full-service brokerage clients who pay on a per-trade basis.

Investments and services offered through Morgan Stanley Smith Barney LLC, member SIPC. The Active Assets Account is a brokerage account with Morgan Stanley Smith Barney LLC ("Morgan Stanley"). Where appropriate, Morgan Stanley has entered into arrangements with licensed banks to assist it in offering certain services. Morgan Stanley is a registered broker-dealer, not a bank. Active Assets Account money market funds offered through Morgan Stanley are not FDIC insured, are not obligations of, or guaranteed or endorsed by, a bank and are subject to investment risk, including possible loss of principal.

The Debit Card is issued by UMB Bank, N.A. pursuant to a license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated. The trademarks and service marks contained herein are the property of their respective owners.

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