What is the difference between a Upromise account and a 529 College Savings Plan account?

The rewards you receive from your eligible purchases and other transactions are automatically deposited into your Upromise account. Your Upromise account is a non-interest-bearing rewards account that can supplement your contributions to any 529 College Savings Plan account. Upromise is not a 529 College Savings Plan account, is not FDIC insured, and does not offer the federal tax advantages associated with 529 Plan accounts.  However, Upromise members have the ability to set up automatic transfers of their rewards from their Upromise account into an eligible 529 College Savings Plan account on a monthly basis, provided they have met their minimum transfer requirement.

Note:  The state of Nevada does sponsor a 529 College Savings Plan called the SSGA Upromise 529 Plan.  It is a 529 College Savings Plan with the Upromise name, not a Upromise account for earning rewards.

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