<![CDATA[CDA account]]>hi all,


Is CDA account very benefit for our children? We havent opened it yet for our 1st child.

Do you know which bank gives more benefit for children saving? It’s for saving purpose only. Not for investment or anything else…

Thank you in advance

]]>https://forum.kiasuparents.com/topic/21004/cda-accountRSS for NodeSat, 18 Apr 2026 02:28:08 GMTThu, 07 Apr 2011 05:04:16 GMT60<![CDATA[Reply to CDA account on Thu, 28 May 2020 14:53:38 GMT]]>Is there a limit to the amount in PSEA?

Received a letter saying that there is excess fund to be refunded. If bank details are not submitted, it’ll be treated as unclaimed fund. This is not interest accruable.

]]>https://forum.kiasuparents.com/post/1978289https://forum.kiasuparents.com/post/1978289Thu, 28 May 2020 14:53:38 GMT<![CDATA[Reply to CDA account on Mon, 14 Jan 2019 15:40:51 GMT]]>The interest inside not too bad

]]>https://forum.kiasuparents.com/post/1894487https://forum.kiasuparents.com/post/1894487Mon, 14 Jan 2019 15:40:51 GMT<![CDATA[Reply to CDA account on Tue, 18 Dec 2018 05:35:12 GMT]]>Which bank gives the highest interest rate for a CDA Account?

Thank you.

]]>https://forum.kiasuparents.com/post/1889447https://forum.kiasuparents.com/post/1889447Tue, 18 Dec 2018 05:35:12 GMT<![CDATA[Reply to CDA account on Wed, 17 Feb 2016 05:41:44 GMT]]>Thank you jetsetter…i need to top up because no more $ inside liao. Never made use if it all these years

]]>https://forum.kiasuparents.com/post/1643643https://forum.kiasuparents.com/post/1643643Wed, 17 Feb 2016 05:41:44 GMT<![CDATA[Reply to CDA account on Wed, 17 Feb 2016 02:22:25 GMT]]>

terry:
How does one deposit $ into cda ac? Do i just walk in to the branch?

You mean new CDA account opening for your newborn baby or deposit/top-up for your older child(ren)?

Newborn should be quite straight-fwd. You'll get all the brochures from the approved banks that entice you to park your BB bonus with them (for Govt to match dollar-to-dollar). You can open the acct before the EDD or after.

If you want to top up after drying up your CDA (including the Govt's dollar-to-dollar matching), you can just walk into any bank with the passbook or ATM card. I think you can deposit via ATM machines too. But no more dollar-to-dollar matching by the Govt which is one-off if you've already maxed out the bonus sum ($6k+$6k for 1st/2nd bb, etc.).

If you've maxed out and used up every dollar before your child turns 12yo, I personally think you need not to top up too much into this CDA (which is valid till 12yo only) because ultimately every dollar will go into his PSEA (post-sec education account valid till 18yo) then into the OA of the child's CPF account when he turns 30yo. But if the prevailing interest rate of 2% offered by many banks is very attractive to you, by all means.

]]>https://forum.kiasuparents.com/post/1643536https://forum.kiasuparents.com/post/1643536Wed, 17 Feb 2016 02:22:25 GMT<![CDATA[Reply to CDA account on Wed, 17 Feb 2016 01:50:55 GMT]]>How does one deposit $ into cda ac? Do i just walk in to the branch?

]]>https://forum.kiasuparents.com/post/1643521https://forum.kiasuparents.com/post/1643521Wed, 17 Feb 2016 01:50:55 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 17:23:39 GMT]]>

crm:
scang:

[quote=\"crm\"]may i know what is Edusave account? different from CDA or the same?


Edusave are for those kids in primary level onwards.

CDA is meant for babies and toddlers between 1-6yrs old, but now extend to 12yrs old.


Wonder how to check Edusave ac balance?[/quote]You will be given a number to call to find out the balance by keying the child's birth cert or nric when your child is in primary 1 onwards

]]>https://forum.kiasuparents.com/post/1558364https://forum.kiasuparents.com/post/1558364Wed, 12 Aug 2015 17:23:39 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 06:45:54 GMT]]>

scang:
crm:

may i know what is Edusave account? different from CDA or the same?


Edusave are for those kids in primary level onwards.

CDA is meant for babies and toddlers between 1-6yrs old, but now extend to 12yrs old.


Wonder how to check Edusave ac balance?

]]>https://forum.kiasuparents.com/post/1558044https://forum.kiasuparents.com/post/1558044Wed, 12 Aug 2015 06:45:54 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 06:34:08 GMT]]>

micollh:
from this statement:

the balance money will be transfer to the kid CPF ordinary account when he/she turn 30 years old. During PSEA, the money will be held in MOE

so. it's not that good as savings right.. if we can find elsewhere higher than 2% it's betetr and more flexible than keep in CDA that's only for education-related usage and have to keep until they turn 30 to go to cpf which again stuck..
For CDA ,you use as much as possible when the child /sibling is young, for pre sch fees, cc fees, doc fees, children supplement /medicine etc - i had fully matched my dd acct, drying up soon coz of the above mentioned usage. Good that G extend to usage to 12yo for child.

As for Edusave, it is another acct for enrichment prg fr pri to sec education
run by sch eg edusave can use for overseas trip, dance prg organised by sch but run by external vendor etc

so the extras fr CDA and Edusave all will channel to PSEA (so far i din hear of any interest paid ? ) then when not in used ,will channel to ordinary acct , but at 30yo .

]]>https://forum.kiasuparents.com/post/1558043https://forum.kiasuparents.com/post/1558043Wed, 12 Aug 2015 06:34:08 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 05:15:59 GMT]]>

crm:
may i know what is Edusave account? different from CDA or the same?

Edusave are for those kids in primary level onwards.

CDA is meant for babies and toddlers between 1-6yrs old, but now extend to 12yrs old.

]]>https://forum.kiasuparents.com/post/1558004https://forum.kiasuparents.com/post/1558004Wed, 12 Aug 2015 05:15:59 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 02:17:34 GMT]]>So moe will hold the balance money for us from 19 years old until it gets transferred to cpf account at 30 years old? At what savings interest rate ( if any)?

]]>https://forum.kiasuparents.com/post/1557795https://forum.kiasuparents.com/post/1557795Wed, 12 Aug 2015 02:17:34 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 00:55:05 GMT]]>may i know what is Edusave account? different from CDA or the same?

]]>https://forum.kiasuparents.com/post/1557701https://forum.kiasuparents.com/post/1557701Wed, 12 Aug 2015 00:55:05 GMT<![CDATA[Reply to CDA account on Wed, 12 Aug 2015 00:37:28 GMT]]>from this statement:

the balance money will be transfer to the kid CPF ordinary account when he/she turn 30 years old. During PSEA, the money will be held in MOE

so. it’s not that good as savings right… if we can find elsewhere higher than 2% it’s betetr and more flexible than keep in CDA that’s only for education-related usage and have to keep until they turn 30 to go to cpf which again stuck…

]]>https://forum.kiasuparents.com/post/1557694https://forum.kiasuparents.com/post/1557694Wed, 12 Aug 2015 00:37:28 GMT<![CDATA[Reply to CDA account on Thu, 16 Jul 2015 06:19:24 GMT]]>The PSEA account and the upcoming SkillsFuture account may be correlated in the near future as they are meant for investing in education, skills and lifelong learning.

]]>https://forum.kiasuparents.com/post/1540156https://forum.kiasuparents.com/post/1540156Thu, 16 Jul 2015 06:19:24 GMT<![CDATA[Reply to CDA account on Thu, 16 Jul 2015 06:12:33 GMT]]>The CDA will be closed in January of the year when the child turns 13 years old. Any unused balance in the CDA will be transferred to the child's Post-Secondary Education Account (PSEA).


You may continue to save in the PSEA until your child is 18 years old and receive the remaining Government matching contribution if you have not saved up to the maximum matching contribution in the CDA.

The PSE scheme helps parents save for their children’s post-secondary education by maintaining a Post-Secondary Education Account (PSEA) for each eligible child. This is part of the Government’s efforts to encourage every Singaporean to complete his post-secondary education. It also underscores the Government’s commitment to support families in investing in the future education of their children, and to prepare them for the economy of the future. PSEA is not a bank account. It is administered by the Ministry of Education and is opened automatically for all eligible Singaporeans.


-------------------
I just called MSF, say after end of all education and there are still $$ left in PSEA, the balance money will be transfer to the kid CPF ordinary account when he/she turn 30 years old. During PSEA, the money will be held in MOE.

Thus there is no point in time where you can cash it out in CASH ... :moneyflies:

]]>https://forum.kiasuparents.com/post/1540155https://forum.kiasuparents.com/post/1540155Thu, 16 Jul 2015 06:12:33 GMT<![CDATA[Reply to CDA account on Thu, 16 Apr 2015 07:01:08 GMT]]>

bumbum:
hi, can i withdraw the balance cash from the CDA account if the child reach p1 next year?

You probably can't withdraw the amount in cash, but can use it for payment at approved providers or services.

]]>https://forum.kiasuparents.com/post/1490781https://forum.kiasuparents.com/post/1490781Thu, 16 Apr 2015 07:01:08 GMT<![CDATA[Reply to CDA account on Thu, 16 Apr 2015 06:01:51 GMT]]>hi, can i withdraw the balance cash from the CDA account if the child reach p1 next year?

]]>https://forum.kiasuparents.com/post/1490749https://forum.kiasuparents.com/post/1490749Thu, 16 Apr 2015 06:01:51 GMT<![CDATA[Reply to CDA account on Tue, 04 Mar 2014 01:22:46 GMT]]>Tks Linlin . I too was confused on the dollar to dollar matching.

]]>https://forum.kiasuparents.com/post/1229329https://forum.kiasuparents.com/post/1229329Tue, 04 Mar 2014 01:22:46 GMT<![CDATA[Reply to CDA account on Sat, 22 Dec 2012 18:21:49 GMT]]>

Zax13:
Can anyone enlighten me.... A bit confuse about this CDA account thing. My only son was born in 2006 and I received a letter to extend or opt out from the CDA account. My question is

1) Does my child qualify for the dollar to dollar matching scheme by the govt?
2) If he qualify then how much is the caps by the govt?
3) His CDA account only got $400 and is it too late to deposit money to get the dollar to dollar matching from govt if he qualify?
I received the same letter.
1) n 2) for 1st child there is no dollar to dollar matching. Govt already given 2006 child $400
3) u can choose to keep in cda to get interest and also use it for all those approval clinic, optical etc till he reach 12 but no matter how much u put there won't be dollar to dollar.

]]>https://forum.kiasuparents.com/post/922450https://forum.kiasuparents.com/post/922450Sat, 22 Dec 2012 18:21:49 GMT<![CDATA[Reply to CDA account on Sat, 22 Dec 2012 17:25:22 GMT]]>Can anyone enlighten me… A bit confuse about this CDA account thing. My only son was born in 2006 and I received a letter to extend or opt out from the CDA account. My question is

1) Does my child qualify for the dollar to dollar matching scheme by the govt?
2) If he qualify then how much is the caps by the govt?
3) His CDA account only got $400 and is it too late to deposit money to get the dollar to dollar matching from govt if he qualify?

]]>https://forum.kiasuparents.com/post/922445https://forum.kiasuparents.com/post/922445Sat, 22 Dec 2012 17:25:22 GMT<![CDATA[Reply to CDA account on Thu, 13 Dec 2012 02:59:43 GMT]]>Bump. To extend or not to extend?

]]>https://forum.kiasuparents.com/post/917805https://forum.kiasuparents.com/post/917805Thu, 13 Dec 2012 02:59:43 GMT<![CDATA[Reply to CDA account on Sat, 08 Dec 2012 23:00:57 GMT]]>Hi parents


R’cd letter from MSF,option to extend CDA another 6 years or withdraw balance in cash.which is better option ???or tranfer to PSEA which interest rate is now 2.5%per annum!

PSEA only for EDUCATION???
This is the only time parents can withdraw cash from CDA by closing the ac???

Thanks

]]>https://forum.kiasuparents.com/post/915987https://forum.kiasuparents.com/post/915987Sat, 08 Dec 2012 23:00:57 GMT<![CDATA[Reply to CDA account on Mon, 05 Dec 2011 09:33:07 GMT]]>Hi,


Just like to check. For the CDA account. Is it of any use after we have received the full matching sum from government?

Does it have any advantages over normal saving accounts?

]]>https://forum.kiasuparents.com/post/655543https://forum.kiasuparents.com/post/655543Mon, 05 Dec 2011 09:33:07 GMT<![CDATA[Reply to CDA account on Wed, 16 Nov 2011 04:06:49 GMT]]>For those who are born in year 2005, you can either withdraw cash or transfer your CDA funds to the PSEA. By now, parents should have received the letter informing them of this matter.


From 15 November 2011 onwards, you can log-in to http://www.babybonus.gov.sg/html/eService.html to make your option if you want to withdraw the CDA cash. You need your SINGPASS to log into this e-Service. And you have upto 18 December 2011 to make your option.

And for saving upto the max, you have till 29 December 2011 to do so to benefit from the gvt matching contribution.

Hope this helps 🙂

]]>https://forum.kiasuparents.com/post/636740https://forum.kiasuparents.com/post/636740Wed, 16 Nov 2011 04:06:49 GMT