which bank do you choose to open for your baby's CDA?

Porukadotzu

Porukadotzu

Active Member
Hi Mummies!!

which bank do you think the best to open the CDA?

Seems that OCBC more attractive... but how bout others??
 
Catty

Catty

Member
I open CDA account for my 2nd DD also in OCBC maybe they are operating everyday so will be more convienent to all working or non-working ppl.

I even open a OCBC bank account for my ownself too just in case i need to go bank personally and cant make it on mon-sat so i can go down to the bank on sun too!

Best thing which i like the most is even every month if your account is less than $500 OCBC will not deduct $2 fee from your account.. :red:
 
Queenbabe

Queenbabe

Well-Known Member
What happens to unused savings in the CDA?
In the year your child turns 7 years of age, unused CDA balances will be transferred to his or her Post-Secondary Education Account (PSEA).

Funds in the Post-Secondary Education Account:
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 about the PSEA can be found at MOE's website at http://www.moe.gov.sg.
 
badtzzz

badtzzz

Member
elaine82 said:
What happens to unused savings in the CDA?
In the year your child turns 7 years of age, unused CDA balances will be transferred to his or her Post-Secondary Education Account (PSEA).

Funds in the Post-Secondary Education Account:
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 about the PSEA can be found at MOE's website at http://www.moe.gov.sg.
Click to expand...
v fast use finish one bah...cos sch fees nt cheap....somemoe putting my girl to infant care
 
M

michellechin

New Member
badtzzz said:
v fast use finish one bah...cos sch fees nt cheap....somemoe putting my girl to infant care
Click to expand...
My 1st child is aldy 3+ and 2nd otw. If not mistaken, my 1st child can't enjoy the $6k (own) + $6k (govt), right? So, this chance will be enjoyed by 2nd child, right? Can I use my 2nd baby's $$$ for 1st child's fees? Pls enlighten me. Thks v much!
 
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