How to Open an Amalgamated Save for College Bank Account

There are many ways to save for college. NYC Kids RISE encourages every family to choose the option that is best for them. Visit nyckidsrise.org/options or attend a Save for College Program workshop for more information about college and career savings options. One of the college savings options available to your family is an Amalgamated Save for College Bank Account.

• 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.¹
• Money in this account can earn interest, and the interest is taxable.
• 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.

¹The 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.

What information do I need to open this type of account?

As the Account Owner, you will need the following information:

• A valid Social Security Number, Individual Taxpayer Identification Number, or W8 certification.
• A valid photo ID issued by a federal or state government agency, or an IDNYC municipal ID. If you use an IDNYC card, additional proof of address is required, such as a cable or utility bill.
• Your address and date of birth.
• Your child’s name, address, and date of birth.
• Your email address (recommended).

How can I open and connect this kind of account?

• 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. See the list of branches on the next page.
• 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.

What language support is available?

• 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.

Can I open an account online or by phone?

• If you would like to open an Amalgamated Save for College Bank Account online, please NYC Kids RISE at 833-543-7473 or email us at [email protected] and we will assist you.
• Accounts cannot be opened by phone.

The City of New York and the NYC Department of Education offer no endorsement or recommendation about, and do not control, own or are affiliated with the NY 529 Program Manager and any particular college savings or other investment vehicle, including ones which families may learn about through the Save for College Program.

Amalgamated Bank Branches in New York City

You can open and connect an Amalgamated Save for College Bank Account at these locations:

Where should I go if I still have questions?

Call NYC Kids RISE at 833-543-7473 or email us at [email protected].

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NYC Kids RISE manages the Save for College Program in partnership with NYC Public Schools (NYC Department of Education) and the City of New York. 

The NYC Kids RISE Save for College Program is a scholarship and savings program administered by NYC Kids RISE Inc., a nonprofit, in partnership with the NYC Department of Education and the City of New York. NYC Kids RISE is neither affiliated with, nor an authorized distributor of, New York’s 529 College Savings Program and does not solicit investments or provide investment advice. The City of New York and the NYC Department of Education offer no endorsement or recommendation about, and do not control, own or are affiliated with the NY 529 Program Manager and any particular college savings or other investment vehicle, including ones which families may learn about through the Save for College Program.