Upromise

Some time ago I signed up for Upromise as one way to save for Elisabeth for college. I now think that it is a marketing scam. They admittedly have "millions of families" enrolled, and I saw an advertisement in which they touted over $60 million dollars that families have put away for college for their children.

So here's the math: If there are multiple millions of families enrolled, that means 2 or more million. So divide $60 million by 2million enrollees (to be conservative). You have an average college savings of $30 per family - total, not per month or even per year.

When I called Upromise to discontinue their service, they asked why I was withdrawing, and I told them. They said that they would then have the balance that I had accrued paid to Elisabeth's 529 college account. The sum? $1.28

If you're thinking of saving for college, don't go for this direct marketing gimmick. Start a direct deposit from your bank account.