A fee? What gives, GradSave?
At GradSave, we are always up front and transparent about our fees. There is absolutely no cost to open or maintain a GradSave account, however, there is a nominal service fee for gifts.
This fee is divided up to cover banking, transaction, and credit card usage fees and operating expenses, such as keeping our website up-to-date with valuable college-saving information! It also includes a small profit for GradSave because, like you, we have kids to put through school.
Our fee is relatively small given the high cost of accepting credit cards online, and why we work really hard to give our Gradsavers the additional option of eCheck, which carry much lower fees! And we hope you’ll agree that these small transaction fees (like paying sales tax on a traditional gift) pale in comparison with the convenience of saving for college education early and simply. It’s also a value when you consider the time, gas, and money you would spend driving to the bank to deposit money into a college plan plan or going to the store to search for a gift.
We don’t charge gift givers any fees. There is however, a fee charged when the gift is received by a parent. We charge 5.9% for any gifts that were received using a credit card, and 2.9% if the gift was made using ACH.