We’re giving the future a head start on theirs.

To qualify for the bonus, a 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.

We wish we could extend this offer to every baby born in 2020 – they’re all so special. We created this moment to recognize those born on the very last day of this very difficult year, and to say thanks for helping us end 2020 on a joyful note.

First, apply for an SSN and order a birth certificate for the child born on 12/31/20. Once you have the child’s SSN, come to this landing page to open a new Ally Bank custodial Online Savings Account in the child’s name (with yourself as custodian) between 1/15/21 and 7/31/21. (You can apply before the birth certificate arrives, but you’ll need to provide it to us by 7/31/21.) Next, if you haven’t already, enroll in online banking at ally.com or on the Ally Mobile app by 7/31/21. You’ll receive an email with instructions to upload the child’s birth certificate and any other required documents by 7/31/21. Assuming you’ve met all other promotion eligibility requirements, we’ll pay your bonus within 30 calendar days after we’ve verified the uploaded birth certificate. 

We’ll communicate with you primarily by email, so make sure to provide a valid email while applying for your eligible account.

New custodial Online Savings Accounts opened according to the promotion rules and requirements. Custodial accounts are often referred to as Uniform Gifts to Minors Act (UGMA) accounts or Uniform Transfers to Minors Act (UTMA) accounts.

Any account other than a new custodial Online Savings Account (including Interest Checking accounts, Money Market Accounts, non-custodial Online Savings Accounts, Certificates of Deposit, Individual Retirement Accounts, accounts in the name of a trust, and any other fiduciary accounts).

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). Although the money in the account belongs to the child, the custodian is responsible for managing the account. Depending on the child’s state of residence, we’ll open the custodial account as either an UTMA or UGMA account.

Any adult who meets our qualifications can apply to open a custodial account for a child. In other words, you don’t have to be the child’s parent, legal guardian, or even a family member. To apply to open a custodial account at Ally Bank, you must be 18 years or older and a U.S. citizen or legal permanent resident with an SSN or Taxpayer Identification number and a residential street address in one of the 50 U.S. states, Guam, or the U.S. Virgin Islands.

From this landing page, select Open Account. Next, review and accept the terms and conditions to start your application. On the Create Accounts page, choose the Custodial Account and Online Savings options. 

You'll need the child’s birth date, address, name, SSN, and mother’s maiden name. You’ll also need to confirm the child is a U.S. citizen or legal permanent resident. We recommend applying for an SSN and ordering a birth certificate as soon as possible after the child is born. You can apply for a custodial account before the birth certificate arrives, but you’ll need to provide it to us by 7/31/21.

While you’ll need to provide the child’s birth certificate to participate in the promotion, you can start the process of opening a custodial Online Savings Account without it (although you will need the child’s SSN before you apply). Once you open the custodial account and enroll in online banking, we’ll send you an email with instructions to upload the birth certificate. You’ll need to provide the birth certificate by 7/31/21. Assuming you’ve met all other promotion eligibility requirements, we’ll pay your bonus within 30 calendar days after we’ve verified the uploaded birth certificate.    

Once your account is open, we’ll deposit $1 within a week so you don’t need to worry about making a deposit or transfer to keep the account open.

No. Once your account is open, we’ll deposit $1 within a week so you don’t need to worry about making a deposit or transfer to keep the account open.

No. The maximum cash bonus any child can receive is $250 — opening additional custodial accounts in the child’s name (even if the accounts have different custodians) won’t increase the child’s total cash bonus.

We’ll pay the bonus within 30 calendar days after you’ve met the promotion eligibility requirements and we’ve verified the child’s birth certificate.

If we can’t verify the birth certificate, you won’t qualify for the cash bonus. We won’t accept a birth certificate that we think has been altered or revised.

To qualify for the cash bonus on behalf of multiples (twins, triplets, or beyond!), you’ll need to go through the eligibility steps once for each child. This means that for each child, you’ll need to open a new Ally Bank custodial Online Savings Account, upload a birth certificate, and follow any other instructions you receive from us.

You have from 1/15/21 to 7/31/21 to meet all the eligibility requirements, including opening a new Ally Bank custodial Online Savings Account for each child born on 12/31/20, uploading the child’s birth certificate, and following any other instructions you receive from us.