Baby Bonus

[VroomVroomBoys]

Any mummies know when the govt will match the amount of money in the CDA?
If I were to deposit on 16 May, the govt will match on 16 June or start of June?

Expect 30-50 days later before you see the matched amount in your CDA account ... think they have a fixed day to effect the transfer every month.

So, if you nice nice deposit near to that day, you get it 30 days later ... if you deposit just after that day, then you get it about 50 days later.
:embarrassed: :embarrassed:

 

[VroomVroomBoys]

What happens to unused savings in the CDA?
The usused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg.

For children born from 2001-2007, the trustees will receive an option at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.

If my understanding is correct, you can withdraw ... but it's only worth doing so if you have already matched your entitlement by then.

Using a specific example, let's assume we are talking about a 2nd child here ... where we can get $6k from govt if we put in $6k.
Suppose by the time this child reaches 6, you have only deposited $4k into the CDA account ... so, total amount in your CDA account will be $8k, with govt matching the other $4k.

If you choose to withdraw the $8k, you give up the right to pursue your remaining $2k from the govt ... but if you dun withdraw, then you have another 12 years (ie, until the child reaches 18) to deposit that last $2k to the govt's matching.

Administratively speaking, whatever is in the CDA account can be used to make direct payment (via the ATM card) to the "approved institutions" which cater to children up to 6 years old. Examples are kindergarten, special medical needs (like autism, I think).

On the other hand, the "approved institutions" under the PSEA account deals with children needs of an older age. Examples are primary school fees, etc.

 

[VroomVroomBoys]

i dun understand so jus to clarify... The amount in the CDA account can be withdrawn? When can it be done?

It can be withdrawn to make payments to any of the "approved institutions" ... exact details, check out the MCYS website.

If you're talking about withdrawing the entire sum in cash, then the option can be exercised when your child turns 6 ... but whether it is the most appropriate to do so, go read what I said in the posting before this one: http://www.mummysg.com/forums/f44/baby-bonus-12366/#post149579
:wink: :wink:

 

[Angelmum]

If my understanding is correct, you can withdraw ... ......
Administratively speaking, whatever is in the CDA account can be used to make direct payment (via the ATM card) to the "approved institutions" which cater to children up to 6 years old. Examples are kindergarten, special medical needs (like autism, I think).

On the other hand, the "approved institutions" under the PSEA account deals with children needs of an older age. Examples are primary school fees, etc.

yahoo ancing_wub:.... DD had got her full withdrawal of babybonus at StanCht.
a bit regret cos she's a special needs kid so if had converted/left the $$ at StanCht, DD would hv a savings acc. Now she cant hv any acc cos mummy doesnt want to pay for a court order cost ±$2000 - required by bank to open a saviings trust acc.

 

[VroomVroomBoys]

a bit regret cos she's a special needs kid so if had converted/left the $$ at StanCht, DD would hv a savings acc. Now she cant hv any acc cos mummy doesnt want to pay for a court order cost ±$2000 - required by bank to open a saviings trust acc.

Just being nosey here ... but what kind of special needs you referrring to?

You can easily get your problems solved by opening a trust account wth POSBank ... keeping such an account with StanChart has no extra benefits anyways.
In addition, POSBank has some promotion until Sep this year ... a $1k deposit gets the child a gift of an art set.
:biggrin: :biggrin:

 

[Angelmum]

Just being nosey here ... but what kind of special needs you referrring to?

You can easily get your problems solved by opening a trust account wth POSBank ... keeping such an account with StanChart has no extra benefits anyways.
In addition, POSBank has some promotion until Sep this year ... a $1k deposit gets the child a gift of an art set.
:biggrin: :biggrin:

refer to Post #2 http://www.mummysg.com/forums/f97/introduction-childs-medical-condition-14805/

POSBank wants me pay for a court order ...:embarrassed:, no court order NO ACC!

 

[j0reen]

does any mummies here noe that if my hubby is a PR while Im a Singapore citizen.. our 1st child will be eligible 4 the baby bonus or nt?

n for our CDA, we can withdraw the $ out in cash? *blur*

 

[BbpHir3]

the baby bonus cash gift can be withdrawn..
but the CDA cannot.. u can only use it as NETS to pay at approved institutes.. govt will match the $6k till child is 6years old.. if by the time the child is 6 years old, but you haven "earn" the $6k, it will still be matched up to the $6k cap when the balance in the CDA account is transfered to an account call PSEA (Post-Secondary Education Account)..
this is for the children born after govt changed the baby bonus regulation..

for children born before the changed..
the amt in the CDA account can be withdrawn when the child turns 6years old..

 

[apollo]

These are the information that I search from the following website:

Baby Bonus



Quote:


1.
What happens to unused savings in the CDA?
The usused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg.

For children born from 2001-2007, the trustees will receive an option at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.


Unquote

sry i'm abit blur... only for children born from 2001-2007 den can withdraw cash frm the CDA acc aft the child reach 6??? so nw we gif birth, save the money in, when kid turn 6 also cannot take out???

btw, can just apply and deposit the cash at any hospital right?? is there any "time limit" like have to open the acc within 1 mth of baby birth or there's no time limit can open anytime??

 

[Angelmum]

[

does any mummies here noe that if my hubby is a PR while Im a Singapore citizen.. our 1st child will be eligible 4 the baby bonus or nt?

n for our CDA, we can withdraw the $ out in cash? *blur*

sry i'm abit blur... only for children born from 2001-2007 den can withdraw cash frm the CDA acc aft the child reach 6??? so nw we gif birth, save the money in, when kid turn 6 also cannot take out???

btw, can just apply and deposit the cash at any hospital right?? is there any "time limit" like have to open the acc within 1 mth of baby birth or there's no time limit can open anytime??

= Answer:

yahoo ancing_wub:.... DD had got her full withdrawal of babybonus at StanCht.
a bit regret cos she's a special needs kid so if had converted/left the $$ at StanCht, DD would hv a savings acc. Now she cant hv any acc cos mummy doesnt want to pay for a court order cost ±$2000 - required by bank to open a saviings trust acc.

CASH!

 

[apollo]

[





= Answer:



CASH!

paiseh huh... cos the web stated for children born in 2001-2007... made me super confuse lo... =( :embarrassed::embarrassed::embarrassed:

 

[hstan15]

hi Joreen

yes u are eligible for the baby bonus cos yoru baby will be singapore citizen

 

[January84]

Any mummies know when the govt will match the amount of money in the CDA?
If I were to deposit on 16 May, the govt will match on 16 June or start of June?

Hi Hui Min, I deposited mine in OCBC CCK branch. The matching there is the third week of the following month if deposited by last week of the current month.

 

[Ashbaby]

Sorry just wanna confirm on the baby bonus.

First 4k over 4 instalment every 6mths?

Topping up pf the money, tt means we can only do a 1 time top up over a period of time? Or we top up a sum of max $6K, they will top up the 6K and we will able to withdraw the money?