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BUILDING BLOCK #2
Open and Connect Your
Own College Savings Account

Opening and Connecting Your Own College Savings Account

Now that your child has received their NYC Scholarship Account, and you have registered to view it online, it is time to take the next step.

NYC Kids RISE manages your child’s scholarship account, and only NYC Kids RISE can put money into that account. To start saving your own money for your child’s future and earn additional rewards from NYC Kids RISE, you will need to open your own college savings account.

Open your own college savings account and connect it to your child’s scholarship account before the deadline and your child will receive up to an extra $25 from NYC Kids RISE into their account! Click here to see the deadline for your family to earn the full $25 reward.

Ready to open an account? Click one of the buttons below for instructions on how to open and connect each of these college savings accounts.

Want more information about these college savings account options? Keep reading below.

College savings account options

Learn more about the two kinds of college savings accounts you can open and connect to your child’s NYC Scholarship Account.

There are many ways to save for college and many kinds of college savings accounts. To learn more about college savings account options in general, click here.

The Save for College Program allows you to connect one of two kinds of accounts to your child’s scholarship account to receive the $25 Building Block #2 reward:

1

NY’s 529 College Savings Program Direct Plan Account

(a type of investment account specifically created to help families save for college and career training)

2

Amalgamated Save for College Bank Account

Every family’s financial circumstances are different. Learn more about these accounts by reading below, and consider your own circumstances before opening an account.

Choosing an account

Frequently asked questions about these college savings account options:

What is it?

NY 529 DIRECT PLAN ACCOUNT

A 529 account is a type of investment account created to help families save for college and career training.

Money in a 529 account is invested in financial markets, so it can grow over time. It can also lose money. 529 accounts also come with federal and state tax benefits.

The NY 529 Direct Plan is administered by the Office of the New York State Comptroller and New York Higher Education Services Corporation. This is also where the NYC Scholarship Accounts are invested.

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

This is a traditional savings account at Amalgamated Bank, with a child named as the beneficiary.

This kind of account allows families to save at an insured financial institution and earn interest on the money.

Deposits up to $250,000 in this savings account are protected against loss.

How can I open this kind of account and connect it to my child's scholarship account?

NY 529 DIRECT PLAN ACCOUNT

Click here for step-by-step instructions. For more support:

  • Attend a Save for College Program
    Workshop;
  • Call NYC Kids RISE at 833-KID-RISE
    (833-543-7473).

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

Visit an Amalgamated Bank branch near you to open and connect an account.

Could saving in this kind of account impact my child's college financial aid?

NY 529 DIRECT PLAN ACCOUNT

Possibly. It depends on your household’s specific circumstances. For more information, visit nyckidsrise.org/financial-aid or contact NY 529 at 877-NYSAVES.

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

Possibly. It depends on your household’s specific circumstances. For more information, visit nyckidsrise.org/financial-aid or call 833-KID-RISE (833-543-7473).

Could saving in this kind of account impact my current public benefits?

NY 529 DIRECT PLAN ACCOUNT

Possibly. It depends on your household’s specific circumstances. For more information,visit nyckidsrise.org/public-benefits or call 833-KID-RISE (833-543-7473).

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

Possibly. It depends on your household’s specific circumstances. For more information,visit nyckidsrise.org/public-benefits or call 833-KID-RISE (833-543-7473).

How does this type of account fit into my overall financial plan?

NY 529 DIRECT PLAN ACCOUNT

For free, one-on-one support with fitting college savings into your overall financial picture, visit an NYC Financial Empowerment Center.

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

For free, one-on-one support with fitting college savings into your overall financial picture, visit an NYC Financial Empowerment Center.

Who can I contact for more detailed information about this type of account?

NY 529 DIRECT PLAN ACCOUNT

Visit nysaves.org (English only) or call 877-NYSAVES (877-697-2837).

AMALGAMATED SAVE FOR COLLEGE BANK ACCOUNT

Visit an Amalgamated Bank branch near you or call 800-662-0860. Spanish-language support may be available.

Ready to get started? Click one of the account options below for instructions on how to open that account and connect it to your child’s NYC Scholarship Account.

For more information about these and other college savings options, click MORE INFORMATION below.

Additional tools and resources

NYC Kids RISE does not provide investment advice. But we can connect you with many tools and resources to help you understand your options and choose the right account for you and your family:

  • 1

    Attend a Save for College Program Event: For a schedule of upcoming events at your child’s school, visit the Events page or call 833-KID-RISE (833-543-7473).

  • 2

    Visit an NYC Financial Empowerment Center: Schedule a free, confidential, one-on-one appointment with a professional financial counselor who can help you understand your account options and make a plan to start saving. Schedule an appointment online at nyc.gov/dca or by calling 311.

  • 3

    Contact NY 529: For detailed information about NY 529 Direct Plan accounts, visit nysaves.org or call 877-NYSAVES (877-697-2837).

  • 4

    Contact Amalgamated Bank: For detailed information about Amalgamated Save for College Bank Accounts, visit an Amalgamated branch near you or call 800-662-0860. To find an Amalgamated branch,
    visit amalgamatedbank.com/find-branchatm.

Important facts about your own
college savings account

  • This account is held in your name, and it is meant to be used for your child’s education. You, your family, and your friends can deposit money into this account.

  • There are many ways to save for college and many kinds of college savings accounts. The Save for College Program allows you to connect one of two kinds of accounts to your child’s scholarship account to get the $25 reward. You can choose the one that is the best for you and your family.

  • Any parent/guardian, family member, or trusted friend can open a college savings account and connect it to a child’s scholarship account, as long as they have the required information. Only one college savings account can be connected to each child’s  scholarship account.

 

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 program manager for New York’s 529 College Savings Program and any particular college savings or other investment vehicle, including ones which families may learn about through the Save for College Program.

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