Ally Bank offering free $250 in custodial account for New Year's Eve babies

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Posted at 4:52 AM, Jan 01, 2021
and last updated 2021-01-01 04:52:53-05

If you had a baby on New Year's Eve o know someone who did, you could cash in!

Ally Bank is offering a $250 custodial bank account to those newborns. Bank officials say they wanted to end 2020 on a positive note.

They said this will help give the newborn a head-start on developing smart savings habits to last a lifetime.

If you or someone you know qualifies, you have until the end of July to apply.

A custodial account is a bank account that a parent or other adult opens in a child's name and manages for the child's benefit. You may know custodial accounts as UTMA or UGMA accounts. The money in a custodial account, including the cash bonus and any deposits you make, legally belongs to the child and can be transferred to them when they reach the age of majority in their state (usually between 18 and 21)

You'll be able to enroll here starting on Jan. 15.

For more information, click here.