CDA account

[Kissgurami]

Daddy

Zhen De Ma?
I thought my DD's baby bonus was fully paid out (I think Yr 2007?) before the bank change... or it wasn't?
Remember vaguely on the letter informing the bank change... but don't remember requiring us to update... or did it?

*Just checked online... baby bonus is 4 instalments of $750 only right?

:faint: :faint: :faint:

Yup! 4 installments of $750

[SAHM_TAN]

There’s a difference between baby bonus and CDA.


Baby bonus for the first child was started in Aug 2004 I think, previously baby bonus only for 2nd child onwards.

Baby bonus money will be credited into parents’ bank account and to be used for whatever purpose the parents wished. Though the spirit of the baby bonus was to spend on baby stuff like milk powder, etc.

CDA was not applicable for kids born in 2005. It was only applicable for 2nd child onwards. It is a co-savings plan up to a cap. For example for the 2nd child if I remembered correctly it was $6000. So parent save $6000 and gvt give $6000. The money can only be used for paying authorised expenses such as CC, kindy, certain medical bills.

Now CDA is applicable for first child onwards.

Now back to what is happening now. As part of the budget, our kids rec some money into their CDA. But because for 2005 kids, CDA was not applicable at that time, so now we need to open a CDA for them. BUT unlike our other kids, CDA for 2005 kids does not have the co-saving from gvt element.

The form that we have is just an application form, when we submit the form, we will rec an authorisation form that we take to the bank, either OCBC or standard charter depending on your indication on the application form, and other documents in order to open the CDA for our 2005 kid.

So Daddy D,

You did not have a CDA when your DD was born in 2005, yours was the baby bonus credited to yours / your wife’s account.

[Daddy D]

SAHM_TAN:

So Daddy D,

You did not have a CDA when your DD was born in 2005, yours was the baby bonus credited to yours / your wife's account.

OIC.... thanks for the explanation.
I thought they also use CDA for baby bonus?
Yes, the baby bonus was credited to our bank acct... (I thought auto-link from CDA)

So have to open CDA with a new bank account... just to take this $300?

Still sibei EXTRA.... :razz:

[Castle House]

Daddy

Castle House:

[quote=\"Daddy D\"]
Orh... I think I know why liao... (after digging my archive files)
My dd is Yr2005 end... so she got the baby bonus thingy... CDA was DBS...
now CDA is only OCBC and SC... so have to apply CDA again...
And this Child Development Credit thingy is for 6 yrs and below... so dd is only getting 1 instalment...
So... SIBEI EXTRA... :stupid: :stupid:

Hm.. Daddy D.. my understanding is if your yr2005 has a CDA account with DBS then, you have to changed over when they no longer provide such facility and that was 2-3years ago?

My 2 other kids had already transferred to or with 1 of the 2 banks as mentioned..

:? :?

Zhen De Ma?
I thought my DD's baby bonus was fully paid out (I think Yr 2007?) before the bank change... or it wasn't?
Remember vaguely on the letter informing the bank change... but don't remember requiring us to update... or did it?

*Just checked online... baby bonus is 4 instalments of $750 only right?

:faint: :faint: :faint:[/quote] :laugh: alamak.. that was baby bonus.. CDA account is different.. :faint:

[Castle House]

SAHM_TAN:

There's a difference between baby bonus and CDA.


Baby bonus for the first child was started in Aug 2004 I think, previously baby bonus only for 2nd child onwards.

Baby bonus money will be credited into parents' bank account and to be used for whatever purpose the parents wished. Though the spirit of the baby bonus was to spend on baby stuff like milk powder, etc.

CDA was not applicable for kids born in 2005. It was only applicable for 2nd child onwards. It is a co-savings plan up to a cap. For example for the 2nd child if I remembered correctly it was $6000. So parent save $6000 and gvt give $6000. The money can only be used for paying authorised expenses such as CC, kindy, certain medical bills.

Now CDA is applicable for first child onwards.

Now back to what is happening now. As part of the budget, our kids rec some money into their CDA. But because for 2005 kids, CDA was not applicable at that time, so now we need to open a CDA for them. BUT unlike our other kids, CDA for 2005 kids does not have the co-saving from gvt element.

The form that we have is just an application form, when we submit the form, we will rec an authorisation form that we take to the bank, either OCBC or standard charter depending on your indication on the application form, and other documents in order to open the CDA for our 2005 kid.

So Daddy D,

You did not have a CDA when your DD was born in 2005, yours was the baby bonus credited to yours / your wife's account.

BINGO..

[Castle House]

Daddy

SAHM_TAN:

So Daddy D,

You did not have a CDA when your DD was born in 2005, yours was the baby bonus credited to yours / your wife's account.

OIC.... thanks for the explanation.
I thought they also use CDA for baby bonus?
Yes, the baby bonus was credited to our bank acct... (I thought auto-link from CDA)

So have to open CDA with a new bank account... just to take this $300?

Still sibei EXTRA.... :razz:

:laugh: you ah... want $$ yet still want to complain.. :rotflmao:

You can treat it as opening this account as her saving account as well.. or future education fund account..

[Kissgurami]

the letter came today!! not to me but my ex LOL, think he was surprised and buzzed me


Will only be looking at the forms this sat when I picked them up

[SAHM_TAN]

Daddy

SAHM_TAN:

So Daddy D,

You did not have a CDA when your DD was born in 2005, yours was the baby bonus credited to yours / your wife's account.

OIC.... thanks for the explanation.
I thought they also use CDA for baby bonus?
Yes, the baby bonus was credited to our bank acct... (I thought auto-link from CDA)

So have to open CDA with a new bank account... just to take this $300?

Still sibei EXTRA.... :razz:

:lol: That's because baby bonus and CDA serve different purpose.

[Daddy D]

SAHM_TAN:

:lol: That's because baby bonus and CDA serve different purpose.

$$ in the bank is still $$ right?
If I use the CDA $$ to buy iPad... they will know meh? :razz:

[daddy2007]

[quote]
$$ in the bank is still $$ right?
If I use the CDA $$ to buy iPad... they will know meh? :razz:[/quote]It will be in a special bank account and unfortunately you can't anyhow use this money

I just treat this as extra money and will use it to pay for Private HealthShield rider. Should able to last 3-4 years :boogie: