Babies Born on New Year’s Eve Could Get This Much Money

Some parents who have children born on New Year’s Eve will have more to celebrate than just the arrival of their new child.

Ally Bank is offering $250 in a custodial savings account for all babies born on New Year’s Eve 2020. The babies must be born by midnight on Thursday, Dec. 31, 2020.

“It’s our way of ending 2020 on a positive note,” an Ally Bank spokesperson said in a statement shared with CNBC Select.

The $250 is a “special welcome” to the new babies who were likely, as Ally points out in its press release, conceived at the beginning of the pandemic.

“There will always be something special about the babies of 2020. You’ve entered our world at a seminal moment, and seminal moments come with their own circumstances. Your family might be feeling the anxiety and loss that have hit so many this year. But in the midst of that, you’ve brought them joy.”

In order to claim your baby’s $250:

Have your baby’s social security number handy.
Visit Ally Bank’s program page beginning on Jan. 15, 2021 to enroll.
After enrolling, you’ll get a prompt to open a custodial Ally Online Savings Account (where Ally will deposit your baby’s money).
Make sure you upload your child’s birth certificate by July 31, 2021 to receive the funds.

Applications close on July 31st so make sure to enroll and submit your baby’s documentation by then to receive the $250.

The $250 placed into 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 you might use this opportunity to kick-start good savings habits that will benefit them.