CDA account
-
Zax13:
I received the same letter.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?
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. -
Tks Linlin . I too was confused on the dollar to dollar matching.
-
hi, can i withdraw the balance cash from the CDA account if the child reach p1 next year?
-
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. -
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: -
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.
-
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… -
may i know what is Edusave account? different from CDA or the same?
-
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)?
-
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.
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login