CDA account

[NaNaAYie]

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

[haido80]

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?

[Fat cello]

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

[jedamum]

Bump. To extend or not to extend?

[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?

[Linlin]

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.

[Blue Pearl]

Tks Linlin . I too was confused on the dollar to dollar matching.

[bumbum]

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

[scang]

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.

[aloyboy]

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.


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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: