<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by bellwilliam:
Upromise is a waste of time: </font>
It takes only about 60 seconds to enroll.
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">1. I found out that you can't transfer from upromise to your own 529 acct. you have to open one with Upromise partners.</font>
True, but there are five to choose from, and there are no limits on the number of 529s that one may own.
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">2. Since I got a whopping %150 ($100 from buying a GM vehicle) in my upromise acct. If I open a new 529 acct with Upromise partner, it would cost me something like $50/yr to maintain. so within 3 yrs, all my money will be gone.</font>
The Illinois plan available through Upromise has no annual fee. Regardless, if you earned $150/year you would still be ahead. Ihave not earned a significant amount through Upromise, but neither have I changed my spending habits, so the amount that I have earned is truly found money. And Upromise is a dynamic program, growing and adding partners all ofthe time. The rrecent addition of the grocery stores is a good example.
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">3. I doubt Upromise will be around in 18 yrs.</font>
Maybe not. But it doesn't really matter, because once the money is transferred to a 529 plan it is out of Upromise's hands.