CDA account for children

[kewin]

Hey, like to find. Which bank your put your CDA for your child. Is MSIG insurance okay for SCB but OCBC Great Eastern seemed okay. But MSIG got this Hand Mouth … $50 thing.


Which is good.

[Funz]

caroline3sg:

sleepy

all kids reaching P1, CDA account would be closed. Can withdraw the leftover money. If not, it would be transferred to PSEA (post sec edu acc).

Nope CDA $ cannot be withdrawn. It will automatically be transferred to edusave and if not used to PSEA and if still not used to your child's CPF.

[jedamum]

Funz:

caroline3sg:

sleepy

all kids reaching P1, CDA account would be closed. Can withdraw the leftover money. If not, it would be transferred to PSEA (post sec edu acc).

Nope CDA $ cannot be withdrawn. It will automatically be transferred to edusave and if not used to PSEA and if still not used to your child's CPF.

http://app.customerfeedback.mcys.gov.sg/bbs_faqmain.asp?strItemChoice=2004119171752&strSubItemChoice=2004119171812&action=SHOWTOPICS&m_strTopicSysID=2008722131821#2004119171812

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.

[Funz]

jedamum:

Funz:

[quote=\"caroline3sg\"]sleepy

all kids reaching P1, CDA account would be closed. Can withdraw the leftover money. If not, it would be transferred to PSEA (post sec edu acc).

Nope CDA $ cannot be withdrawn. It will automatically be transferred to edusave and if not used to PSEA and if still not used to your child's CPF.

http://app.customerfeedback.mcys.gov.sg/bbs_faqmain.asp?strItemChoice=2004119171752&strSubItemChoice=2004119171812&action=SHOWTOPICS&m_strTopicSysID=2008722131821#2004119171812

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.[/quote]thks. didn't know that.

[jedamum]

Funz,

you are welcome. govt policies keep changing…good to keep one another updated.

[kewin]

hm… so which bank is good. OCBC or Standard Chartered Bank.


Quite confusion over here.

[fussyMummy]

Hi,


Mine at OCBC..

They do give some like : sticker / game / storybook & blah blah blah to kids [per saving].


My practice is only deposit once a month, to collect the difference gift...
[min $20 entitled to a gift for kid]

I am refering to OCBC MightySaver A/c... :celebrate:

[MMM]

We gave up on the might savers sticker thing. Eg sticker card for every $20. The limit is twice a month so max $40? Also when it comes to CNY or birhtday when the kids put in their red packet, they feel cheated of not getting more gifts :roll:


After a while, I really lost track of the cards. The kids now save not because of the gifts but because they want to see their bank balance grow.

The bank teller once asked me how do I make my kids save??? I told her, they are all very $ face. :faint: Pros and cons.

I like OCBC mainly because of their network, open till 7pm and also the sunday banking. But I think SC also has sunday banking now ?

[schellen]

sashimi chose OCBC for DD2, sthg abt not liking StanChart but can’t rem the details now. The child’s account is opened automatically when you open a CDA account with them but we can’t be bothered to put anything inside the normal child’s account. They even mailed me a letter to ask me to collect the bankbook/card, can’t rem which, but what for? We opened an account with UOB way back for DD1 so naturally, for DD2, we used UOB too, for convenience, and we like their service. The OCBC CDA account is just for us to pay for vaccinations, etc. I’m sure if UOB had a CDA account, we’ll choose that instead.