Edit – Upromise has now made it super-simple to withdraw funds. Simply login to your account and click “redeem”. You can then choose to have a check sent or transfer to another account. So, sign up for Upromise today and start getting rewarded.
As many of you know, I’m a big fan of Upromise. Sign up for free, register your debit cards, credit cards, and grocery bonus cards, and you can earn cash rewards for your kids’ college. Upromise encourages you to invest the rewards in 529 plans, but, I don’t use 529 plans to save for my kids’ college. Instead, I like to withdraw my money from Upromise, once a year, and use the money to fund my kids’ Education Savings Accounts (ESAs).
From the Upromise site –
Can I withdraw company contributions from my Upromise account without transferring them to a savings plan, and if so, how?
You can withdraw your Upromise contributions at any time during your membership. To withdraw company contributions from your Upromise account, submit a letter in writing to Upromise requesting a withdrawal from your Upromise account. The letter must state your full name and exact amount that you would like to withdraw, up to total amount available in your account, pending contributions are not eligible for withdrawal.
For the protection of our members, we require that your letter either be notarized or contain a Signature Guarantee if the withdrawal request is in excess of $200. A Signature Guarantee is a guarantee you can obtain from a financial institution, such as your bank, that your signature is yours and that it is genuine.
Withdrawal letters should be sent to:
Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555
Download Withdrawal Request Form (Direct Link Removed)
Checks are sent once per calendar quarter, so you should typically receive your check within 12 weeks of your request being received.
As you can see, Upromise makes it easy to get to your money, and then you can do whatever you want with it. (They’ve even created a Withdrawal Request Form. Print it out and mail it it in. In about 12 weeks, you’ll have your check!) Of course, you could leave your money in the Upromise account and invest it in a 529 plan. Whatever you decide to do, it’s good to know that you can get to your rewards money, if you want.
Right now, I have more than $50 in my account. I’m going to mail my letter Friday morning. I’ll let you know when my check arrives.
I have been with Upromise for a couple of months now, and find their program to be an invaluable tool for saving for college. So much so, that I wrote a post about it on my blog:
http://letsblogmoney.com/2008/07/18/worried-about-the-rising-cost-of-a-college-education-discover-upromise/
I was not aware that you could even take a withdrawal from the account. Obviously, once the funds are transferred to a 529 plan it is a completely different story, but i was always under the assumption that all contributions would eventually be moved into a linked plan. This is something that I will have to keep in mind. Thanks!
This is such a silly question, but I can’t find the answer anywhere on the upromise site. I’ve got my terminal degree, and my husband and I don’t have kids. Can I sign up anyway and just keep the rewards indefinitely, til we *do* have kids?
This is definitely good information – thank you! We channel all of our monthly expenses through our UPromise Mastercard (and pay it off in full each month), so I’ve racked up some pretty significant rewards, but never got around to setting up a 529.
I have a Upromise account but find it too difficult to rack up enough money to withdraw. Return rates on online shopping are minimal when compared to other programs and credit card rewards programs (ThankYouNetwork, Citi Dividend something). The only thing I consistently earn money from is gas, since I exclusively buy from ExxonMobil. But that 1 cent per gallon isn’t adding up too fast. The other good part is if you can get signed up for the related survey site (e-rewards) you earn money which can be transferred and then withdrawn. Within 6 months I just transferred $50. Which is the most I’ve gotten into upromise in the 3 years I’ve had it open.
I highly recommend GradGold (or Little Grad) in place. Return percentages for online shopping are higher almost double and there are twice as many participating sites. Once per quarter the amount in your account is automatically deposited into your checking or savings account (I averaged about $12/quarter). Referrals can also earn you 10%.. Please if you would like to start an account contact me at klwoscha@gmail.com I can send you a referral code. (You will still earn FULL percentage back from purchases, I will just receive 10% on top of that.)
I have been a Upromise member since 2001. I used to withdraw funds once a year and send to my mortgage company. Now that it’s paid off, I still request a check once a year and then send to my online savings account. I love Upromise!!
I must be doing something wrong with my Upromise account. I’ve had it for a year and have accumulated a grand total of $1.25. I have all my credit/debit cards linked, along with my Publix grocery card. Almost all of that $1.25 has accumulated from my Publix shopping, but I certainly cannot see paying for any amount of college at this rate!
For anyone who is having trouble earning contributions, the majority of mine comes from online shopping and dining. Shopping at grocery stores is limited to only the certain brands that are on the Upromise grocery list. If you do not purchase those specific products, swiping the card is essentially useless. I happen to do most of my shopping online, and a few of my favorite restaurants are on the preferred dining program list so I have already accumulated close to $30 in contributions since April.
From what I remember last I time looked into it you could withdraw the money once you reached $200. http://motherhood101aplus.blogspot.com/2008/01/upromise-withdrawals.html
I guess I was wrong about the $200 min. Thanks for the follow-up post.
This is great – I’ve got some Upromise funds left, but my student loans are nearly paid off. You can link Upromise to federal loans, which is really nice for students already in college or graduating.
My question – are there any tax ramifications for requesting a check? Does this count as interest on your federal tax return?
I just requested withdrawal yesterday. FYI–Withdrawal questions can go to 617-454-6400 or 888-434-9111. I joined in 9/2001 & only have $200, so it’s not like I’m paying for college, but hey, free money! But my kids were already in HS, & I never used the 529 option. IF you start when the kid is a baby, & use a 529 account (usually requires at least $50.month to maintain), yes, you can get some decent $$. I was surprised to see that Upromise doesn’t really demand you prove the $$ is used for school, but that may be different if you withdraw from a 529. If you don’t have a kid now, I think you DO have to designate a receipient–maybe a nephew? Maybe even yourself? Hey, you could be “planning to go back.” BUT you can redesignate at any time, so when Junior is ready, just switch to his name.