Upromise Account - Is It Worth It?

L.,
Let me know what you find out. I signed up for the Upromise too but I quit when it asked for my cc number. I do know 1 person who did it and loves it, but I'm still nervous too.

Check out Clark Howards (consumer advocate with WSB radio) website. www.clarkhoward.com. It will be able to answer any and all of your questions that you have about the 529.

Check out the prepaid funds. I learned about the Florida Prepaid through a Mom's group just as I was planning to open a 529. Since moving to Georgia a good friend of mine said that Georgia also has the same. Just make sure the sate has a plan to keep the program in place. Recently I read a few states were having trouble due to tuition increases, but I think they are bailing themselves out by raising the fees. Difference? Prepaid is a guaruntees your child will attend college at today's tuition rate, but it is a monthly fee. If your child refuses to do the college thing, you can withdrawl the funds, but not the interest. You are the account holder, not the child. Additionally, I have a great credit card that Motherhood Maternity introduced to me when I was pregnant. I earn 1% on all purchases and I believe 5-10% on purchases through participants. You can link the funds into the 529 account of your choice. You can get more info at www.myfuturetrust.com . I'm going off the top of my head on that web address, so if it isn't good, just search for Futuretrust Mastercard. I used it to purchase all my major appliances four our new house. It was a nice return. I'd say at least $600

Good Luck,
T.

Hi L.,

Try Fifth Third Bank also. They have a wonderful college fund. When my mom passed away last year, she left some money to my 5 year old. Since I don't know much about investing I had my brother who was the executor of the estate, take it and find a good college fund for her that we could not touch until she was 18. With the fund that she has, even if she decides not to go to college, she will have access to it when she turns 21. From what my brother tells me it is growing very well. He just started it last November so it looks good. The good thing is that she gets it no matter what. I don't know much about the UPromise but it sound like you don't trust them. If you don't, then find another means of a college fund. Good luck.

I started the upromise but i haven't seen anything from it. they have different savings accounts at banks and my insurance company actually has a college savings program that i'm looking at

Hi,

I have Upromise and I don't see a lot of savings with it. I think you have to be a BIG shopper to really see the benefits. I love to shop and I thought my savings would be more (since I've had this for more than two years), I guess I'm not buying the right items or shoppong at the right stores.

Try www.ing.com they have a great saving plan.

Best of luck,

Jackie

We started a UPromise account for our 7 month old shortly after he was born and already have $17.16 in the account with no effort. Since it doesn't cost anything I consider it to be well worth the few minutes of effort. We also have a 529 account setup that we contribute to monthly. Starting early is definitely the basis of our game plan.

If it doesn't feel right I would not do it. I will only put my money with a financial institution that is FDIC approved and insured. Try one of the banks they have so many great programs going now....

I can't say I know a lot about UPromise, but read the fine print on the 529 account. At some banks and in some states it is not FDIC insured, which is a biggie depending on how much money you put in it.

Myself and a very close friend in Texas found neither of our banks offered FDIC insured 529 accounts.

Check with www.ing.com

Last I checked the interest rate with them on a savings account was 4.40%--which when you start to compare is very nice, your local bank probably offers 1%.

ING is an online bank that offers very high interest rates because they have no overhead.

my advise is to put money aside in your 401k or get a roth ira, for more info about this, visit clarkhoward.com

Hello!
I have a Upromise account for each of my two children (5 & 2) and I have only seen small earnings on it, but every little bit helps. It just tracks the items you purchase with a store cards like Kroger, when you purchase certain products and pay with your credit cards that you register. And McDonalds is a sponsor too!!! Even grandparents can privately register their credit cards and help contribute to their college savings!! I have not had any security problems and the accounts have been open for 2 years. I even get montly statements by email. It's not a bad thing... after all, every little bit helps! Good luck!

I have a Upromise, they send me monthly statements of how much I have earned towards her college every month. All I did was register my credit cards and my cards for stores like CVS and Publix and I just check the account once in a while. I don't have a lot of money, so I can't really save for her other than this way. Althought it's only a few dollars a year, maybe I will be able to contribute to it later.

Yes!!! I LOVE my Upromise account. I have had it for two years and I already have $1200 in there that I have transferred to a 529 account. You have to make the effort to buy things online when you can, but I have a card for Publix when I go there, gas card, you name it!

Hi L.,
Prior to being a mommy I was a secutities licesened assistant for a very successful Financial Planner in Atlanta. Society puts a tremendous amount of pressure on us to save money for our children's college and there are a lot of people who make a lot of money opening accounts for college savings. Do not be fooled that a "no load" account is a less expensive option and think you will receive a greater return on your money. There are still fees involved, an easy one to spot is called the 12b-1 fees, which can be very high in a "no load" fund. The other thing to keep in mind is that "no load" equals "no help". The other problem is that there are so many options available and which is best suited to your needs is difficult to wade through. Keep in mind that when you are investing in secutities (i.e. stocks and bonds) they are not FDIC insured like a bank, you will see fluctuation in your account value. Investing in secutities offers you no guarantees of rates on return for your investment. Also be very careful of advice given by people who are not licesened with the NASD or SEC - the reason is that if they give you bad advice, you have zero recourse. The absolute best advice I can tell you is to seek out a financial professional whom you trust who works in the field. A licesened professional must undergo extensive testing, continuing education and they are scrutizied with every transaction they preform. I worked for an independent financial planning firm called Integrated Financial Group which is located near Perimeter Mall. The advisor I worked for is David Gaynes. He has a web site: www.davidgaynes.com and his work phone number is ###-###-#### (on his website there is a link to web site for the firm- check it out). David's focus is retirement planning, however, he is above par on knowledge and does a considerable amount of college preparation for his clients. He has young children himself, so college planning is also very important to him. It would be very worth your time to give him a call, He could most definatly iron out a bit of the confussion of the college planning options!! The assistant who works for him now is Dayna.
Good Luck to you and your wee one!!
R.
a bit about me: Stay at home Mother of 2 year old son and expecting new baby in 2 weeks:)

Hi L., I signed up for a Upromise account when my daughter was born last year and I have to say that it is worth it and it is safe. I have yet to sign up for the 529 account because you have to pay about 250.00 to start it. Waiting on that one. So far, we have earned about 20.00 to go towards her education. You can also sign up any discount cards you have from grocery stores and pharmacies. Your family and friends can also do it to help earn money for your son's college.

Good Luck!
M. P.
1st time mom of a beautiful 1 year old little girl, Abigail.

L.,
I have an account that both of my children have been on since birth (6 and 3). I have never had a problem regarding my credit card info. When you first sign up though they confirm that your account is valid and active. They do this by placing a dollar hold on your account. It comes back off in a couple of days and the money never actually is withdrawn. I also have my shopping card registered and save through it as well as my online shopping.