New York ABLE Account Information


  • Status: Open for Enrollment
  • Program Name: NY ABLE Program
  • Program Manager: Ascensus
  • Program Investment Institution: Vanguard, Sallie Mae, Fifth Third Bank
  • Program Website:
  • Annual Contribution Limit: $15,000.00


New York ABLE Account FAQs

Does this program offer enrollment to out of state residents?


Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?


Who is the program administrator?

Office of New York State Comptroller.

Is there an initial minimum contribution requirement to open an ABLE account? 

Yes. The initial minimum contribution requirement to open an ABLE account is $25.00. 

Is there an annual set fee to maintain the account? 

Yes. There is a $45.00 annual fee payable at $11.25 quarterly. If paper statements are selected, the fee increases to $13.75 per quarter ($55.00 annually).

Is there a required minimum contribution to your account? If so, what is the amount?

Yes. The required minimum contribution is $25.00. ($15.00 for payroll deduction).

Are there fees or restrictions to the number of disbursement you are allowed?


Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?

Yes. There are currently no fees associated with rolling over your ABLE account from one ABLE program to another ABLE program.

Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?

Yes. There is no fee charged to obtain the NY ABLE debit card. There is a monthly $2.00 maintenance fee for the Checking Option that can be waived if the average daily balance is over $250.00 or by electing electronic statements at Fifth Third Bank.

Who is the investment manager?

Ascenus Broker Dealer Services, Inc. is the investment manager. NY ABLE offers Vanguard investments and portfolios which include a Sallie Mae Savings Account. Fifth Third Bank offers the checking account and debit card options.

How many investment options are associated with the program? Do those investment options vary in risk?

There are four options, ranging from conservative to aggressive, and a checking option. Money invested in the checking option can be accessed by check and/or a debit card. The investment options range from conservative to aggressive based on the composition of stocks, bonds and savings accounts in each of four portfolio options. A checking account is also offered, along with a debit card. The savings and checking options are FDIC-insured.

Is there a fee associated with the investment choices? If so, how much?

Yes. The annual investment fee is 0.40%.

Are there other characteristics unique to the program?

NY ABLE is offered by the Office of the New York State Comptroller, who administers the largest 529 College Savings Direct Plan in the country. NY ABLE provides an easy to use platform with diversified investment options, including a checking and debit option to allow ease of use, and outstanding customer service. Contributions and withdrawals can be made in a variety of ways, making NY ABLE versatile and accessible to all eligible New Yorkers.