Ally Bank is offering to create a savings account with $250 for all babies that are born before midnight on Dec. 31, 2020, the bank told CNBC on Thursday.
The bank wrote in a press release earlier this month: ''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 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.''
A spokesperson for Ally Bank told CNBC Select in a statement, ''It’s our way of ending 2020 on a positive note.''
In a message addressing the children themselves, Ally Bank wrote, ''When you arrive, there's a custodial online savings account waiting for you, and we're going to put $250 in it. Think of it as an opportunity to get a head start on your savings, so you can be better prepared to make your mark on the world in 2040 and beyond. You'll need a parent or guardian to visit ally.com/nye2020babies to learn how to set it up for you. (By the way, if you have a twin, triplet or more, there's one for each of them, too — the more the merrier.)
''We love you for helping us end 2020 on a high note.''
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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