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, it is time to take the next step. Deposit at least $5 into your connected college and career savings account and NYC Kids RISE will put another $25 reward toward your child’s NYC Scholarship Account!
Saving Makes a Difference. Starting to save when your child is young can make a big difference by the time they are ready for college. The amount of money that a family can save for this is different for everyone, and no amount is too large or too small when you start saving early!
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 in a text message 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. 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.
Amalgamated Save for College Bank Account
- Deposit a check online through the website or app
- Deposit cash or a check by visiting any Amalgamated Bank branch in New York City Find your closest branch at com/find-branch-or-atm
- The amount in your Amalgamated Save for College Bank Account that is shown on the NYC Kids RISE Savings Tracker will automatically update after your deposit is completed!
- 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 on how to make college and career savings part of your financial plan, schedule a free appointment with a financial counselor at an NYC Financial Empowerment Center. NYC Financial Empowerment Centers are located throughout the city. A professional financial counselor can help you understand and make a plan to pay off your debt, improve your credit, create a budget, open a bank account, and more. You can also ask for information about saving for your child’s future and support with making a deposit into a college and career savings account that you own for the benefit of your child. To schedule an appointment at an NYC Financial Empowerment Center near you, call 311 and say “Financial Counseling” 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!