deposit into cda

I deposited $3K as soon as I could - if you're married you should have baby bonus, so just dump that straight in - I deposited later because it was from the red packets given (not eligible for baby bonus) during my son's first month. You can read about why you should below! Deposit as fast as you can, but just enough to reach the maximum cap for dollar-to-dollar matching. This is a small hack, but you can earn much more interest if you make a full deposit right from the beginning! Here’s an example to illustrate. The CDA First Step would give you a $3,000 headstart. If you do not do any deposit of your own, your interest per annum would be 2% x $3000 = $60. Note that per annum = per year, so you’re taking only around $5 in interest every month! On the other hand, if you were to make a deposit of $3,000 on your own, the Government would match dollar-to-dollar for another $3,000 - giving you a total of $9,000 in your CDA. Your interest per annum would then be 2% x $9,000 = $180. That’s 3 times more per year, or $10 more per month - and it’s just the base amount because it’ll increase as your balance increases from all the additional interest per month. Stop at the maximum cap (depending on your child’s birth order) because the Government won’t do dollar-to-dollar matching after, so you’re better off leaving that extra cash for daily expenses or putting them into a savings account that you can still withdraw from when necessary.

It's up to you how much you would like to deposit. For convenience you can deposit a lump sum into the CDA account, and the preschool can slowly GIRO out of the account. Otherwise you can also deposit monthly into the account the exact amount of school fees. Remember, there's a govt matching for CDA up to 6k and the amount you deposit will be matched by the govt within 2 weeks.

i put in what will be just enough. unless you need to use it for thier childcare needs, otherwise what i have recieved from the 1st credit still have a balance of 600+ till date my LO at 15mth

Me too just dump $6K in there right from the start after I opened the CDA, so that I don't need to check every time whether the government will match the amount or not.

I just deposit the baby bonus in that to match the cap govt giving.. will need alot in the cda for medical or cc sch fees..

Whatever baby bonus i received, i will put inside the CDA. So they can use for school fees or any doctor visits.

I will California will depends on how much is my LO one school fees. I will just put enough for deduction

i deposit exact fees monthly or Abit extra than next monthly will be lesser.

I just TOP up 3k. The remaining baby bonus deposit into his own account

I will top up to the max for government dollar to dollar matching. :)