Amalgamated Save for College Bank Account

NYC Kids Rise LogoAn Amalgamated Save for College Bank Account is one of many ways you can choose to save for your children’s futures. This is a traditional Amalgamated Bank savings account 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. There are no monthly maintenance fees associated with this account. However, this account does have some transaction fees.1 

In partnership with NYC Kids RISE, the Amalgamated Save for College Bank Account is one of the college savings options you can opt to participate in its Save for College Program. The NYC Kids RISE Save for College Program provides families, schools, and communities with a way to work together to save for your children’s futures. It is a scholarship and savings program designed to make college and career training more accessible and achievable for all NYC public school students, starting in kindergarten. Learn more about the program here.

Now, you can open an Amalgamated Save for College Bank Account online or in any of our branches. For more information, call us at 800-662-0860.

Open an Amalgamated Save for College Bank Account
After an Amalgamated Save for College Bank Account is opened, follow these steps to begin enjoying benefits from NYC Kids RISE Save for College Program.
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Activate your child's NYC Scholarship Account

Remember to activate your child’s NYC Scholarship Account provided by NYC Kids RISE upon your participation in the Save for College Program. You can activate and view the account here. 

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Connect your Amalgamated Save for College Bank Account

Connect your Amalgamated Save for College Bank Account to your child’s NYC Scholarship Account. After you complete this step, you will receive the $25 reward from NYC Kids RISE in your child’s NYC Scholarship Account. 

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Make your first deposit

Deposit at least $5 into your Amalgamated Save for College Bank Account. Once this step is completed, NYC Kids RISE will put another $25 reward toward your child’s NYC Scholarship Account. Starting on your child’s first day of first grade until the last day of fifth grade, NYC Kids RISE will match the money you deposit into your Amalgamated Save for College Bank Account dollar-for-dollar, up to a maximum of $100 (known as the Savings Match). Keep saving in the ways and amounts that make sense for you and your family.

Frequently Asked Questions

 

As part of the account opening process, you will be asked to provide Amalgamated Bank with the name of the student who is the beneficiary of the account. When you provide this information and agree to share the account data with NYC Kids RISE, your Amalgamated Save for College Bank Account will be connected to your child’s NYC Scholarship Account.

Once the account is open online, a member of the Amalgamated Bank team will contact you and you can provide the beneficiary information that needs to be completed. Beneficiary information must be provided within 60 days.

If beneficiary information is not received, your Amalgamated Save for College Bank Account will be reclassified to a Convenience Savings account. If the account is opened in an Amalgamated branch, this information will be collected upon account opening. For more information, please review the terms and conditions.

You can make deposits by using the mobile app, external transfers, Amalgamated Bank ATM network (Branch and Allpoint+®), physical branch, or by mail. 

Checks deposited by mail requires additional steps. Make check payable to “Amalgamated Bank” and mail to Consumer Banking, Amalgamated Bank, 275 Seventh Avenue, New York, NY 10001. Please include your account number in the memo line. In order for us to fund your account by check, it must meet the following requirements:

  • The check must be signed and dated.
  • The check must be payable to Amalgamated Bank, to you, or to “Cash.” Please be advised that, for security purposes, it is not recommended to mail checks payable to “Cash.” If the check is not payable directly to “Amalgamated Bank,” it must be endorsed properly. (Please do not endorse checks made payable to Amalgamated Bank.)
  • If you wish to mail a check that is made payable to you, please endorse it on the back with your signature and, below your signature, write “For Deposit Only in Account” followed by your account number.
  • You must include instructions indicating the account to which the check should be credited. You can do this by writing your account number on the memo line or reverse side of the check. (You do not need to use a deposit slip.) 

Deposits made by check are accepted at our sole discretion. We reserve the right to refuse, return, or limit any deposit you make to your account. Please refer to our Account Opening Disclosures for more information.

After you open your Amalgamated Save for College Bank Account, approve the connection to your child’s NYC Scholarship Account, and provide Amalgamated Bank with the full name, address, and date of birth of your child, you should see the $25 reward funded by NYC Kids Rise in your child’s NYC Scholarship Account within two weeks.

Please consult the NYC Kids RISE Save for College Program Frequently Asked Questions, browse the Downloadable Resources page, call the NYC Kids RISE hotline at 833-543-7473, or email your questions to info@nyckidsrise.org. 

You can deposit whatever amount of money you want and keep any amount of money you want in this account. You need to make at least one deposit within the first nine months after opening the account or your account may be closed.

1 For a description of such fees, please review the fee schedule  of the Amalgamated Save for College Bank Account.