This Bank Is Offering $250 to Babies Born on Dec. 31

End 2020 on a high note and set your child up for a bright future by taking advantage of this unique promotion.

For most of us, 2020 has been one of the most challenging years of our lives and one we're quite happy to see in the rearview. But 2020 will always hold a special place in the hearts of parents who welcomed a new addition to the family this year.

Babies represent hope for the future, and Ally Bank wants to celebrate that hope by giving those born on Dec. 31, 2020 a financial boost. The online-only bank recently announced a special $250 promotion available to all babies born on the last day of the year.

Below, I explain how the promotion works and what you have to do in order to claim the cash for your New Year's Eve baby.

How does Ally Bank's New Year's Eve Babies promotion work?

The only real requirements for claiming Ally Bank's $250 New Year's Eve Babies promotion are to have a child born on Dec. 31, 2020 and to open a custodial Online Savings Account for that child within the allotted time frame.

Once Ally Bank has verified that your baby was born on New Year's Eve, it'll deposit the funds into the custodial account to give your child a head start on developing smart savings habits. You and your child can build on this by making additional contributions to the account over time if you're able to do so. But even if you can't, that $250, plus whatever interest it earns, could still turn into a great gift to give your child once they turn 18.

How do I sign my child up for the Ally New Year's Eve Babies promotion?

You can open your child's custodial Online Savings Account and apply for the New Year's Eve Babies promotion by visiting this page between Jan. 15, 2021 and Jul. 31, 2021. You'll need to first apply for and receive a Social Security number for your baby.

Ally Bank will also need you to upload a certified copy of your baby's birth certificate showing they were born between 12:01 a.m. and 11:59 p.m. local time on Dec. 31, 2020. You don't need to have the birth certificate when you apply, but you must upload it before Jul. 31, 2021. If you don't, Ally Bank won't deposit the $250. Once the bank has verified the birth certificate, it will deposit the cash within 30 calendar days.

This promotion is only available to U.S. citizens or legal permanent residents with 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.

If you have any questions about how the promotion works, you can visit Ally Bank's website or reach out to the bank directly.

This is a limited-time offer and a pretty easy way to get an extra $250, assuming you're lucky enough to have a baby born on New Year's Eve. If you are, give Ally Bank a closer look. You could also consider adding some extra cash of your own when you can spare it to give your child an even brighter financial future.