Club 2005 Kids

[Kissgurami]

Castle House:

Oh.. is it.. thought all CDA accounts can be shifted? :?

Yup, just called them again to verify.

If you child is born between 2005 - 2007, a letter will be sent to you to close the account and you have the option to withdraw or have the monies transferred to PSEA (Post Secondary Education Account)

For babies born after 2007, the acount will be automatically closed and the monies will be transferred to PSEA (Post Secondary Education Account)

[Tokidoki]

Kissgurami:

Castle House:

Oh.. is it.. thought all CDA accounts can be shifted? :?

Yup, just called them again to verify.

If you child is born between 2005 - 2007, a letter will be sent to you to close the account and you have the option to withdraw or have the monies transferred to PSEA (Post Secondary Education Account)

For babies born after 2007, the acount will be automatically closed and the monies will be transferred to PSEA (Post Secondary Education Account)

kissgurami, thanks for clarifying with MCYS. :udawoman:

[bigsnoopy]

:scratchhead: I am clueless with wat u all r saying about the CDC account. The letter still in front of me and I too engross in P1 reg to read it.

[Daddy D]

Kissgurami:

Can I withdraw the remaining Credit from my child's CDA when his CDA is closed (the year he turns 6 years old)?

You can opt to withdraw the monies in your child's CDA when your child's CDA is closed if your child is born in 2005 to 2007. If your child is born after 2007, the balance of the Credit top-up in the CDA will be transferred directly into his Post-Secondary Education Account.

TQ!
More EXTRA than I thought...
so I open the CDA now... then CDA will be closed by end 2011 (turn 6yrs)...
Am I missing something here?

:stupid: :stupid: :stupid: :stupid:

[Kissgurami]

Tokidoki:

kissgurami, thanks for clarifying with MCYS. :udawoman:

Most welcome love the magic button called \"Redial\" :rotflmao:

[Kissgurami]

Daddy

TQ!
More EXTRA than I thought...
so I open the CDA now... then CDA will be closed by end 2011 (turn 6yrs)...
Am I missing something here?

:stupid: :stupid: :stupid: :stupid:

:skeptical: you are right....

[Tokidoki]

Daddy

Kissgurami:

Can I withdraw the remaining Credit from my child's CDA when his CDA is closed (the year he turns 6 years old)?

You can opt to withdraw the monies in your child's CDA when your child's CDA is closed if your child is born in 2005 to 2007. If your child is born after 2007, the balance of the Credit top-up in the CDA will be transferred directly into his Post-Secondary Education Account.

TQ!
More EXTRA than I thought...
so I open the CDA now... then CDA will be closed by end 2011 (turn 6yrs)...
Am I missing something here?

:stupid: :stupid: :stupid: :stupid:

extra work for parents and banks! why can't MCYS send us cheque instead?

[Kissgurami]

bigsnoopy:

:scratchhead: I am clueless with wat u all r saying about the CDC account. The letter still in front of me and I too engross in P1 reg to read it.

CDC = Child Development Credit
CDA = Child Development Account

CDC:-
The government will give Child Development Credits from time to time to share surpluses.

CDA:-
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age.

so CDC will be banked in to CDA

[Castle House]

Kissgurami:

bigsnoopy:

:scratchhead: I am clueless with wat u all r saying about the CDC account. The letter still in front of me and I too engross in P1 reg to read it.

CDC = Child Development Credit
CDA = Child Development Account

CDC:-
The government will give Child Development Credits from time to time to share surpluses.

CDA:-
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age.

so CDC will be banked in to CDA

jia you.. reaching Master soon.. :rahrah:

[bigsnoopy]

:thankyou: Now I am clear. But my DD turning 6 this year alrdy. Y still ask me to open account? :siao: open in July n close in dec. Think I am so free?