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This Bank Will Put $250 Into A Savings Account For Babies Born On NYE

Ally Bank is offering $250 in a custodial Online Savings Account to all babies born on Dec. 31, 2020.

by Morgan Brinlee

While there's no denying 2020 came with a lot of really tough moments, one online bank is looking to celebrate the positives and highlight hope by extending a generous welcome gift to the year's latest arrivals. Online bank Ally will give babies born on New Year's Eve $250 in a custodial Online Savings Account as a means of giving each NYE babe a head start on saving for the future. Talk about a welcome present.

"There’s no denying 2020 has been an extraordinarily difficult year, but with each new baby born, there's been reason for hope," Ally Bank said in a statement shared with Romper. "Ally Bank is celebrating that hope by offering $250 in a custodial Online Savings Account to all babies born on Dec. 31, 2020. Like these babies, Ally was made for the new era, one that's far more digital than ever, and this is our way of giving the future a financial head-start."

Only babies born between 12:01 a.m. and 11:59 p.m. local time in the United States on Dec. 31, 2020, are eligible for Ally Bank's $250 gift. But thankfully, the online bank recognizes that parents with newborns have a whole heck of a lot going on and giving parents plenty of time to get their New Year's Eve baby enrolled. In fact, not only do parents not have to worry about enrolling their newborn the day they're born, but they have nearly seven months to do so.

Online enrollment for Ally Bank's special welcome gift will begin Jan. 15, 2021, and run until July 31, 2021. To enroll, parents or guardians must have their child's birth certificate, Social Security Number, and a residential street address in one of the United States' 50 states, Guam, or the U.S. Virgin Islands. What's more, you don't even have to make a deposit into the custodial Online Savings Account once it has been opened in order to keep it open and receive your child's $250 payout. Parents and legal guardians will want to review all eligibility requirements for enrollment here.

The campaign is Ally Bank's way of thanking the babies born on New Year's Eve for helping us all end 2020 on a positive note by kick-starting their financial future with an extra special "welcome to the world" gift. Of course, the money Ally Bank is gifting babies born on New Year's Eve won't just be handed over in cash. Instead, the program will see each child receive $250 in one of the bank's custodial Online Savings Accounts.

Ally Bank defines custodial accounts as a type of bank account where the money inside the account is considered to be the property of a minor but is managed by an adult custodian who has the authority to make both withdrawals and deposits. Still, what a great way to welcome the last of 2020's newborns.