Building Block 3: Make Your First Deposit
Once you have opened a college and career savings account for the benefit of your child and connected it to your child’s NYC Scholarship Account, you’re ready to make a deposit with the Save for College Program.
Saving for college and career is an important piece of a family’s overall financial plan—but it’s not the only part. The amount of money that makes sense to save for college and career is different for every family. The good news is that no amount is too large or too small when you make a deposit early! Starting to save when your child is young can make a big difference by the time your kindergartner is ready for college.
Deposit at least $5 into your connected college and career savings account and NYC Kids RISE will invest another $25 in your child’s NYC Scholarship Account!
Below are instructions for making an online deposit into your NY 529 Direct Plan account. For more information, visit our downloadable resources page.
- Log in: Go to nysaves.org, click “Log on” in the upper right hand corner of your screen, and enter your username and password. You may be asked to enter a PIN that will be sent to your cell phone.
- Contribute: After logging in, you will see your account dashboard. On the right side of the screen, click “Contribute – Save money for college.”
- Select Contribution Method Select the option to contribute electronically from your bank account, then click “Next.”
- Select Contribution Details: On the next page, you will be asked to enter details about your contribution. Once you have finished making your choices, click “Next.”
- Review and Confirm: On the final page you will be asked to review your information and confirm it is correct. Make sure to review this page carefully. When you are ready, click “Submit.” Once you click Submit, your transaction cannot be changed or canceled.
Below are instructions for depositing a check or money order to your NY 529 Direct Plan account. For more information, visit our downloadable resources page.
- Purchase a money order worth up to $100 anywhere they are sold. Note that most merchants charge a fee for each money order. In the recipient section, write “New York’s 529 College Savings Program Direct Plan” and your account number.
- Download and fill out the “Additional Purchase Form” from https://www.nysaves. org/home/forms.html. If you do not have access to a printer, you can also write the information requested on a separate piece of paper and mail this together with your money order.
- Mail your money order along with your completed Additional Purchase Form to: New York’s 529 College Savings Program Direct Plan P.O Box 55440 Boston, MA 02205-8323.
- Make sure to keep your money order receipt. If your money order is lost in the mail, neither NYC Kids RISE nor New York’s 529 College Savings Program will be responsible. You will need to follow the instructions on your receipt in order to obtain a refund.
- For more information on making deposits, check out the Making Your First Deposit (Building Block 3) section of our downloadable resources page.
- For savings tips, check out the Saving Regularly section of our downloadable resources page.
- For free, one-on-one support with fitting savings into your overall financial plan, consider visiting one of the NYC Financial Empowerment Centers located throughout the city. At the Financial Empowerment Centers, you can meet one-on-one with a professional financial counselor who can help you tackle debt, improve your credit, create a budget, open a bank account and more. You can also get information about saving for your child’s future and plan to make a deposit into a college and career savings account for the benefit of your child. To schedule an appointment at a Financial Empowerment Center near you, call 311 or visit the 311 website.
Have you heard about the Savings Match?
Now that you’ve started saving, learn how you can double your child’s savings in the first grade!