Menu
Banking Exchange Magazine Logo
Menu

Ally Bank Awards New Years Eve 2020 Babies, Tries New Marketing Approach

The bank is giving away $250 online savings accounts to all children born before midnight on Thursday of last week

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Ally Bank Awards New Years Eve 2020 Babies, Tries New Marketing Approach

Ally Bank decided that babies born on the last day of 2020 could use an extra head start to life. The bank is giving away $250 online savings accounts to all children born before midnight on Thursday of last week.

A press release stated, “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.”

The initiative may sound like a lot of money, but it is a rather innovative way to use a marketing budget. With social media picking up the opportunity for free money for a limited number of parents to follow through on, the reach may end up being greater than paid media. The press release focused on savings tables for would be investors to made aware of basic metrics such as compounding interest.

If you were blessed enough to have given birth to a baby that day, you still have plenty of time to cash in on your infant’s winnings. The application deadline is July 31, 2021 and you will need your baby’s social security number and birth certificate to open up an account. The money is the child’s money and cannot be taken out by the parents or legal guardian thus keeping with the theme of long terms savings.

The bank even pointed out that these little ones were conceived at the beginning of the pandemic. Perhaps the mothers are being rewarded as well for a particularly anxious environment throughout 2020. Ally Bank, which is a growing internet bank, is focusing on future savers. Parents are not obligated to open up separate accounts with Ally, but the bank likely foresees the opportunity to grow its business.

The initiative has a great purpose in that only the wealthiest Americans tend to think about saving for a child’s future beyond college education and this will likely cast a wider net for the retail bank.

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo