CDA account for children

[raysusan]

which bank do u think is better to go for?

OCBC or Standard carter?
looking at their web site both of them look great to me


is it better to contribute bit by bit or to put in a lump sum of $?

[caroline3sg]

Seems StandChart is better but I chose OCBC due to accessibility. In fact, I think a few weeks days ago, same comments came out in the newspapers.


To put in lump sum or bit by bit, it depends on your cashflow. I don’t think if you put lump sum, govt would put lump sum, right? But it happens to my last $1000 which MCYS sent me a letter so I went for it.

The other thing is to time the deposit with usage. I used up all the money for Kinderland Child Care.

[tanlengleng]

I chose OCBC cause I have their ibanking facility.

[hmsg]

tanlengleng:

I chose OCBC cause I have their ibanking facility.

same here....

[2 prince]

I chose ocbc bank.

[JHJC]

I went with Standchart…due to accessibility. Would love to go with OCBC .


Caroline3sg- govt will match you. Meaning if you bank in 6k for your 2nd child, govt will cap at 6K and 3rd child 12k.

[H2O]

I prefer StandChart…

[mamalade]

My daughter's CDA account was with OCBC. As mentioned, what you put in, the govt will match that amount. Then suddenly earlier this year, that account was closed and now transferred to MCYS (govt) who is holding her account for future education use... we are supposed to receive a letter regarding it but have not so far. Somehow I feel it strange that the $$ was \"taken away\" where part of it is still my husband's cash contribution. :roll: I would have expected the bank to hold the account for her but now we have to go and open another bank account for her. Anyone here knows anything about it?

[caroline3sg]

mamalade

Is your child in P1 this yr? If yes, the CDA (in OCBC/Standchart) would be closed, transferred to MCYS (govt) then finally into your designated account. The designated account is the account you transfer money to CDA, or other account which you have to indicate on the letter and get your bank’s chop and mail to OCBC/Standchart or MCYS. So perhaps you have forgotten about the letter. I remembered several letters were mailed to me.

[mamalade]

hi! thanks for the reply! yep… my daughter in P1. My hubby recalled that he received a letter about the closure of the OCBC account but did not follow up on that thus why MCYS took control of the $$ in that account. So I called up MCYS the other day and they told me that we would be informed about the status of the $$ that’s with them via letter. So as far as OCBC is concerned, we no longer have an account under her name. So right now, dun know what’s happening.