New York

Program Name: NY ABLE (click to open an account) Phone: 855.569.2253
Status: Open for Enrollment
State Program Manager: Ascenus Broker Dealer Services, LLC. is the Program Manager and Investment Manager. NY ABLE offers Vanguard investments and portfolios, which include Sallie Mae.
State Account Limit: $520,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $16,000
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $12,880 for residents of New York.
Program Banking Institution: Fifth Third Bank, NA
Number Investment Options: 5
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Withdrawals of new contributions will not be available for withdrawal for five business days. Contributions into the Checking Option will not be available for withdrawal for six business days. There will be a hold of 10 business days on withdrawal requests when there is a change to your address and a hold of 15 calendar days on withdrawal requests following a change to your banking information.
Medicaid Estate Recovery Status: Under Section 529A of the Code, following the death of the Account Owner, any state may file a claim against the Account Owner or the Account itself for the amount of the total medical assistance paid to or for the Account Owner under the state’s Medicaid plan after the Account (or any ABLE account from which amounts were rolled over or transferred to the current Account) was opened. The amount paid in satisfaction of a Medicaid recapture claim is not a taxable withdrawal from the Account and is paid only after all outstanding amounts due for Qualified Disability Expenses of the Account Owner have been paid.
State Income Tax Deduction: No.
FDIC Insured: Yes. With respect to the Fifth Third Checking option only. The Fifth Third Bank, NA checking account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

SB 4472; S 6397


SB 4472; S 6397 Legislative Summary SB 4472 Legislative Summary S 6397

Account Disclosure Document(s):

Please See Plan Disclosure Document 

Additional Information:

No ATM fee as long as individual is using an Allpoint Network ATM. Locations can be found at

Minimum deposit to open account is $25; $15 with direct payroll deposit.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. If you elect electronic delivery notification for statements and confirmations, your Quarterly Account Maintenance Fee will be $11.25. If you elect paper delivery for statements and confirmations, your Quarterly Account Maintenance Fee will be $13.75.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. $2 Checking Option Fee- Waived if enrolled in E-delivery or have a balance greater than $250 in the checking option.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      Account maintenance fee is $55 annually or $45 annually if the individual chooses electronic statements. This fee will be taken out of the individual's account on a quarterly basis in the amount of $11.25 or $13.75.
    • Check Fee:
      Fifth Third charges $6 per check book.
    • Debit Card Fee:
      There is no fee charged to obtain the NY ABLE debit card.
    • Investment Option Fee Range:

      Please See Plan Disclosure Document

      Each investment option in NY ABLE (other than the checking option) is assessed a .40% asset based fee over the course of the year.

    • Statement Fee:
      ach investment option in NY ABLE (other than the checking option) is assessed a .40% asset based fee over the course of the year.
    • ABLE Account Transfer Fee:
    • Withdrawal Transaction Fee:
      No- other than fees subject to use of the debit card if in network vs out of network; ATM fee: $2.00 for each transaction outside of network.
  • Are there other characteristics unique to your program?

    NY ABLE is a standalone program open to enrollment to NY residents.

    Description of plan’s Recertification of ABLE Eligibility Policy: It is the responsibility of the Account Owner to notify NY ABLE in writing if they cease to be an Eligible Individual. We will provide annual reminder notices to the Account Owner, their parent or legal guardian, or their Authorized Individual of the responsibility to notify NY ABLE if the Account Owner ceases to be an Eligible Individual.

    Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Qualified individuals who can manager their own finances may open an account.

    What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? The NY ABLE program will process all qualified disability expenses.

NY ABLE (click to open an account) Phone: 855.569.2253