Where have you invested your UPromise savings?

MrsPinecone · 08-22-2006, 07:08:39 AM

I want to cash out the Upromise savings that I have so far, and open some kind of savings plan to earn some interest on the money.

Did you open a 529 through UPromise? Somewhere else? Open a trust? Some other option?

I can't reliably divert money every month, so would like some info on how to start some kind of account that doesn't require $50 a month deposits. Can anyone help?

littletony · 09-11-2006, 03:49:50 PM

I've had a saving account for my son since he was a couple weeks old. I opened it up with his social security number that way the interest earned is tax free (there are limits of course) and then I contribute as often as I can. I love it because there are no mandatory timelines to deposit and I am able to transfer to Cd's whenever I want. The interest rate is almost at 5% and it is 100% secure. Also many 529's have yearly fees, that I am simply not willing to pay for them to keep my money. I also have a ing account, they have a great interest rate as well.

MrsPinecone · 09-12-2006, 06:22:29 AM

Good idea. I was thinking about an ING or Emigrant savings account for him. I can't open one with his SSN until he's born, but that's not too far away now.

nrpeace17 · 09-12-2006, 06:50:24 AM

US Savings Bonds can be a good option too.

frugalfamilymom · 10-17-2008, 11:07:43 PM

Can you put this money into a 529 without adding more funds? I tried but couldn't seem to get it to work.

Steph0079 · 12-04-2008, 10:57:32 PM

We put ours into a Savings Bond. I think it is called an EE (but I am not positive) We paid 500, but got a 1000 savings bond. It should hit the value of 1000 in about 12 years, but will continue to grow after that...more than a 100% return. Also, since it was an EE savings bond, is my dd uses it on college, the interest if tax free. Check it out, it really is a great deal!