About Wealth Builds College Savings Accounts
At Harlem Children’s Zone (HCZ), we believe a college education is the primary means of putting our scholars on the path to social and economic mobility. To help achieve this goal, we created Wealth Builds College Savings Accounts (CSAs). Wealth Builds CSAs are investment accounts that empower our youngest scholars to build successful financial futures by helping them kickstart their college savings and reduce debt.
Opening with an initial $500 deposit from HCZ, families have the opportunity to earn additional contributions and investment growth over time. When they graduate from high school, scholars can use the funds in their Wealth Builds CSAs to finance their college tuition and expenses — helping them achieve financial empowerment as they embark on their careers.
Wealth Builds CSAs are provided to all HCZ scholars from The Baby College through eighth grade.
How It Works
Wealth Builds CSAs include:
- Automatic enrollment with a $500 initial deposit from HCZ
- Ways to earn additional deposits
- Incentives for opening a family-owned CSA, including a 2-to-1 match when families open their own accounts and save (up to $300 annually)
- Free financial education for families to help the manage their investments and maximize savings
In addition to offering CSAs, Wealth Builds hosts workshops for scholars and families about setting and achieving financial goals, preparing for and applying to college, and securing scholarships and financial aid.
Scholars enrolled in any of the following HCZ programs will automatically receive a Wealth Builds CSA, unless parents choose to opt out of the program:
- The Baby College (graduates)
- The Baby College G.R.A.D.S Early Head Start
- Three-Year-Old Journey
- Harlem Gems
- Peacemakers
- A Cut Above
- HCZ Promise Academy Charter Schools (grades K-8)
Scholars can only use Wealth Builds CSA funds for qualified higher education expenses at an eligible educational institution or for certain apprenticeship programs. This includes tuition, fees, books, school supplies, housing, and other related expenses. Scholars can withdraw CSA funds after they complete high school, and they must withdraw them on or before their 26th birthday.
Claim a Wealth Builds CSA
Eligible HCZ families will receive an email with a link to claim their scholar’s Wealth Builds CSA with the parent or legal guardian’s username (email address) and password. They will then have access to their scholar’s CSA account.
Access the HCZ Wealth Builds CSA PortalGrow a Wealth Builds CSA
Money Invested for College
HCZ works with Ascensus and New York’s 529 College Savings Program to manage Wealth Builds CSAs. Each participating scholar receives a $500 initial investment, which can grow over time depending on market conditions.
Money Invested for College
Earn Additional Contributions
Scholars and caregivers can earn additional contributions to their Wealth Builds CSA through incentives and meeting milestones including: $25 for claiming their Wealth Builds CSA and $25 for opening a family-owned NY 529 Direct Plan with a 2-to-1 match on family contributions (up to $300 annually).
Earn Additional Contributions
Start a NY 529 College Savings Plan
Families are encouraged to set up a family-owned NY 529 Direct Plan and make regular contributions, no matter the amount, as savings can grow over time. For more information, please review 529 Plan Basics.
Start a NY 529 College Savings Plan
