Are you a parent who’s trying to come up with different ways to save for your kid’s college education? Then it seems that Bank of America has the perfect solution for your problem. This holiday season, Bank of America’s Upromise card will help answer all your Christmas prayers when it comes to your child’s education.

Bank of America‘s Upromise Mastercard links your holiday spending to a special 529 savings plan that turns your cash back rewards into your child’s future tuition payments. Normally, cash back is 1% for every day purchases, and a variety of cash back amounts for different retailers. For example, there can be 2% cash back for certain gas stations while 10% cash back can be offered at selected drug stores and groceries.

There is no limit to the amount of cash back that a card holder can accumulate. And aside from the amazingly high cash back rewards, consumers can enjoy watching their contributions grow, tax free until your child reaches the age of college.

Cash earned from everyday spending will go directly to a Upromise account and can be invested in a tax-deferred 529 savings plan deposited in a Sallie-Mae High Yield Savings Account which can be used to help pay down a Sallie Mae student loan or requested by check.

The Extra Boost This Holiday Season

If the 1-10% cash back already sounds good, Christmas always brings out that spirit of giving. So, this holiday season, Bank of America is offering an extra 11% cash back on top of the usual cash back percentages. This is probably among the highest cash backs you can expect to have with any retailer. For stores such as Gap, BestBuy, Target, Nordstorm, Apple, and more, expect to avail of cash backs as high as 12-16%.

So while you’re out buying that train set for your little boy, or that porcelain doll for you precious girl, or even that iPad for your teen, you can feel even better about spending for your child because you know that you’ll be saving for their future as well. With these amazing cash back deals, you can certainly give and receive this Christmas.