4 Replies
By Baby Savings do you mean setting aside money for your child's future use? The money inside the CDA account can only be used for medical, education, some insurance for the child. You can refer to the full list here https://www.babybonus.msf.gov.sg/AI/documents/List%20of%20Approved%20CDA%20Uses.pdf You can top up the CDA account by transferring money to the account, but the money cannot be withdrawn. So if you are looking at a savings account where the money is accessible, then it won't be the CDA account. You can create a children's account at most banks or set aside an account (that has better interest) for your child. Another option for saving for your child's future is the savings plans offer by insurance companies. Hope this helps!
You don't have to create another account. MSF will submit documents and will open for you the CDA account at your preferred bank. Both my kids CDA are link to my OCBC. Their acct number respectively different. However, their cash gift are transferred to me. Therefore, afterwhich, Ill transferred to CDA or transfer to other account which will be use for them in case of emergency. Do take note that CDA are not able to do withdrawal, any amount inputted in CDA can only be used for medical, approved institutions like school. So, cash gift creditted to you are the only amount that can be withdraw.
thank you πππ»
when you register for the cda, a kids saving acc will automatically be done for your kid too.
kids acc can withdraw. it is also linked to your bank account. you can easily transfer fund with ibanking. cda can only deposit through ATM(confirmed)or ibanking transfer(not confirmed) so becareful when you intend to deposit into kids saving account. many parents accidentally deposited into the cda account which can still be withdraw, have to request with bank.
yes, another acct for kidz savings coz CDA acct cannot be accessed readily
Anonymous