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Aric
Aric

Hello, I was able to fund 2 savings accounts I opened online with Chase Southwest Cards. Personal Priority and business preferred. (I had previously opened a checking account online a few months ago). The reason i opened 2 was actually by accident. The first one I opened I did not see a pending charge on my card (probably because it was a holiday Jan 1st) so I tried the other card and same thing happened so I just waited it out a day or 2. Online it sowed the accounts but no money then a day or 2 later i saw the charges pending and deposit pending. Everything posted by day 3 or 4. This was done on Southwest Priority and the Southwest Business preferred.

Aric
Aric

Oh and its $1,000 each savings account for a total of $2,000. Cheers!

Maris
Maris

Not a DP but just two cents: Great deal if you are ineligible for financial aid already. If you are eligible or on the borderline, this can be a risky move. Colleges look at all assets, funds, retirement savings, etc owned by the parents when determining the aid– but obviously its not 1:1 ratio (ie if you have 10k more in savings, they wont decrease the grant by 10k.) but college savings are taken as 1:1 ratio, because its usage is exclusively for college.

You are better off putting it in another savings account if you are aiming for a decent financial aid package. If your net worth makes you ineligible for aid anyway (and I assume most readers here are, being financially smart), this is great.

Rob
Rob

This account is converted to a regular savings account shortly after the child’s 18th birthday. For financial aid purposes, there would be no difference between this account and any other savings account in your child’s name. Funds do not have to be used for college expenses.

Tim
Tim

I know there haven’t been any comments here so maybe no interest but just a DP (and it is still alive BTW with $1,000 CC Funding).

I wanted to open one of these with Citizens – was hoping to use a Marriott CC that was approved over a week ago. Kept waiting hoping it would show up. Daughter turns 6 on Saturday…

So the Marriott card hadn’t showed by yesterday so I went to open it up with a SW card and I cut it too close. You need to open the account at least 2 days prior to the 6th (or 12th) birthday to do it online. I was trying to do it last night around 11:45pm and it all was working and then I went back to make sure something was right on the application and midnight passed and it wouldn’t work anymore – it kept saying she was already 6!! If I changed her birthday to Sunday it worked though…crazy that midnight passing screwed it up! Tried again this morning, still no luck.

I went to the branch (as instructed to do over the phone) and they couldn’t do CC funding in branch (even though the phone CSR said they could). I then called again this afternoon and was able to open the account over the phone and credit card fund.

Will post back if any issues but at this point looks like I was able to open the account with $1,000 on a SW Chase Card.

Tim
Tim

Southwest Visa posted $1,000 as PURCHASE