This is a traditional savings account at Amalgamated Bank owned by a parent/guardian or other family member, with a child named as the beneficiary.
This account allows families to save at an insured financial institution and earn interest on the money they deposit into the account. Your money is insured, up to $250,000, if the bank fails. (The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.)
Interest can be earned on the money in this account. The amount of interest is small and may not exceed the rate of inflation.
There are no monthly maintenance fees associated with this account. However, this account does have some transaction fees. For more information, call Amalgamated Bank at 800-662-0860 or ask for the fee schedule at the branch.
To open this kind of account, visit any Amalgamated Bank branch in New York City and ask to open an Amalgamated Save for College Bank Account.
You cannot open this account online or over the phone.
However, once you open your account, you can sign up for both online and mobile banking access to manage your account. For online access, enroll on the Bank’s website, amalgamatedbank.com.
You can connect this account to your child’s NYC Scholarship Account by agreeing to share your account data with NYC Kids RISE during the process of opening this account
English is spoken at all branches, and all Amalgamated Bank documents will be provided in English.
Spanish is available by phone and sometimes in branches. Call the specific branch for more information.
No, not at this time.
- Contact Amalgamated Bank: 800-662-0860.
- Visit an Amalgamated Bank branch near you.
For assistance or to talk through these account options, get in touch with us at 833-KID-RISE or [email protected]. Help is available in your language.
