Ally Bank Offering $250 for All Babies Born on New Year’s Eve 2020
This year has been challenging, so Ally Bank is looking to give some 2020 babies a head start with some extra cash. The bank is offering $250 in a custodial Online Savings Account to all babies born on December 31, 2020, so “we can give them a head-start on developing smart savings habits to last a lifetime. Because the last day of 2020 is the first day of their lives.” Each new member of the family is eligible for their own custodial account and $250 deposit. So if you have twins or triplets, you are in luck.
The money in your child’s new custodial account legally belongs to them and can be transferred when they reach the age of majority in your state (usually between 18 and 21). You can continue depositing money into your child’s custodial account through their life, so this is a good opportunity to kick-start good savings habits that will benefit them. An easy bonus, but clearly not everyone will be able to take advantage.
Here’s how it works:
- If your baby is born on the last day of the year, go to this page beginning 1/15/2021 to enroll.
- After enrolling, you’ll be prompted to open an Ally Bank custodial Online Savings Account (that’s where we’ll deposit your baby’s money).
- You’ll need your baby’s social security number to apply and must upload a copy of your child’s birth certificate by 7/31/2021.
- Child must be a U.S. citizen or legal permanent resident and have a Social Security number (SSN), a certified birth certificate showing birth between 12:01 am and 11:59 p.m. (local time) on December 31, 2020, and a residential street address (not just a P.O. box) in one of the 50 U.S. states, Guam, or the U.S. Virgin Islands.
- Any adult who meets our qualifications can apply to open an Ally Bank custodial Online Savings Account for a child.
- Cash bonus will be treated as interest for tax reporting purposes. You should talk to your tax advisor about potential impacts to your child’s 2021 tax liability.