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 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. The interest is taxable.
- There are no monthly maintenance fees associated with this account. However, this account does have some transaction fees, which are available 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.
Ready to open an Amalgamated
Save for College account?
Visit an Amalgamated Bank branch near you to open and connect an account. To find an Amalgamated branch click the button below.
What you need to open an Amalgamated Save for College Bank Account
- To open this kind of account, visit any Amalgamated Bank branch located in New York City and ask to open an Amalgamated Save for College Bank Account. See the list of branches below.
- 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.
- Call Amalgamated Bank at 800-662-0860.
- Visit an Amalgamated Bank branch near you.
- Visit nyckidsrise.org/options.
Amalgamated Bank Branches in New York City
You can open and connect an Amalgamated Save for College Bank Account at any of these locations:
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.