Upromise: A Free Account to Save Money towards College

Posted on | October 20, 2009 | 3 Comments

Several years ago (2002), I wanted to give my niece Rhianna a Christmas present, but had hardly any money to do so since I was in my first year of college. I thought about it for a month or two, did some internet searching, and finally came across what I believe to be one of the best presents I have ever gifted: a Upromise Account.

                For those of you who have not heard of this, it is a free college savings account where you earn money by purchasing certain brands, eating at restaurants, and even using coupons that you upload onto your grocery card from the Upromise website. Each of the businesses that participate will automatically put a percentage of the sale into this savings account! How great is that? Also, you can get many people involved in order to boost the earnings. Your purchase price will never increase or change because you are signed up for this account. And you can change the beneficiary at anytime…so even if you don’t have children, nieces/nephews, etc., then I think it’s still a great idea to sign up for the account, put your own name on it, then change it when you have a newborn baby in the family.

                After you open an account, register your credit cards/debit cards, your partner/spouse’s credit cards, and other family members’ credit cards, as well as your grocery cards, etc. The actual accumulation into your account will be automatic. For example, if you purchase a Snyder’s of Hanover pretzel product next week at the grocery store using either your existing grocery cards or credit cards/debit cards you have registered, it will automatically put a percentage of the purchase into your Upromise account.

                Since December 2002, I have earned $148.45 for Rhianna by opening this account. She is not going to get rich over this number, but it was all free money that if I had not registered, I would not have for her. Also, once the account reaches a certain amount (I believe $250), you can invest it. She is only 10 years old, so in eight years, I hope to have between $500-$1,000 in free money to give her for her textbooks, computer, semester fees, or whatever other college expenses she deems necessary in her first year.

                Once again, the account beneficiary can change at anytime, so if the person who is on the account decides to not to go college, then you can change the name and you will not lose the accumulated money. This is a win-win situation!

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Comments

3 Responses to “Upromise: A Free Account to Save Money towards College”

  1. Crystal
    October 20th, 2009 @ 5:23 pm

    I just signed up and made sure to register both of my credit cards and all three of my grocery cards. I even picked out some e-coupons. It will be interesting to check on from time to time…hopefully there will be at least a little something in 4-5 years when my youngest sister heads to college. :) Thanks for the post!

    [Reply]

  2. Amanda
    October 20th, 2009 @ 5:39 pm

    Hey Crystal!

    I am so happy you signed up. What a great program! Also, you can pay your sallie mae student loans from any money you earn in this account. So you can keep earning for your sister throughout her college years and beyond.

    [Reply]

  3. How Much Should You Save For College?
    February 6th, 2011 @ 1:42 pm

    [...] is a post at Frugal Confessions about opening an Upromise Account If you enjoyed this article, please consider sharing it! [...]

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