Comments on: Baby Bonus CDA Account

By: Sue2312

Sue2312 — Mon, 06 Feb 2012 03:35:45 +0000

I have an ex-colleague who’s son turned 7 last year, so in Nov/Dec 2010, she deposited $6k to her son’s CDA account to enjoy the govt’s dollar to dollar matching contribution. Then sometime in end Jan or early Feb 2011, she told me that $12k has already been deposited in her POSB savings account. So i guess its true.

But how can we choose that option instead of the money being transferred to our child’s Post-Secondary Education Account (PSEA)?? Will there be any notification letter (from MCYS or Bank) send to us?? Who should we call to get more info? The MCYS or the bank? The MCYS website doesn’t seem to state that. My ex-colleague told me not everyone knows about this option….

By: SITI AISAH 29

SITI AISAH 29 — Mon, 30 Jan 2012 04:25:39 +0000

I,M SITI I HEARD TAHT MY DAUGTER BALANCE 3000 HOW DO I WITDRAW 3000 TO MY ACCONUT . I CHEK THAT MY BANK 400 BUT THE 3000 HOW .TO TEKE THAT IS THE BALANCE.

By: Lynn

Lynn — Wed, 18 Jan 2012 03:26:24 +0000

Further to my reply above. This only applies if you have top up the balance by the due date of 29 Dec 2011. Then the credit by third week of Jan 2012 is excluding the Govt matching contribution (for the mth of Dec 2011) otherwise if you have top up way earlier …. u will get all the balances + govt contribution

By: Lynn

Lynn — Wed, 18 Jan 2012 03:08:02 +0000

Hi Naylimd… did u check that u only receive the balances in the CDA account in the bank but not the matching Govt contribution. According to MCYS they will credit the matching Govt contribution later. Will get our deposit in the CDA account and ultimately MCYS will credit the matching Govt contribution by end of Jan 2012 or early Feb 2012.

By: Naylimd

Naylimd — Tue, 17 Jan 2012 23:25:49 +0000

Hi juli, yes for those who opt to withdraw will received by 3rd week of Jan and infact its already been credited to my acct this morning Have check n confirm. *wink*

By: Juli

Juli — Mon, 16 Jan 2012 17:47:57 +0000

Hi, i opt to withdraw cash out of my child cda when he reach 7. Heard mcys will credit the cash by 3rd week january, is it true?

By: to shwe

to shwe — Tue, 03 Jan 2012 03:56:22 +0000

yes, i think so. easiest way is to deposit a few hundred dollars into your CDA and see if the government tops up your account after 1 month.

By: Shwe

Shwe — Tue, 03 Jan 2012 02:41:14 +0000

I already opened CDA account for my son who was born on july 2007 . He is my first son and he became singapore citizen on feb 2010.So can he eligible to get dollar for dollar match?

By: Lin

Lin — Wed, 21 Dec 2011 08:46:43 +0000

Pls be refer to below, maybe it can be useful for you.

Unused Savings in the Child Development Account (CDA)

1.
What happens to unused savings in the CDA?

The usused balance in your child’s CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government’s matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE’s website at: http://www.moe.gov.sg.

For children born from 2001-2007, the trustees will receive an option at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.

By: Ifah

Ifah — Sat, 17 Dec 2011 01:35:24 +0000

It abit confusing when some of the reply stated that we are able to withdraw the full amount when the child reach 7 years old and some reply stated we are NOT ABLE TO withdraw the funds as it will onlyto be used for the child education. So can you help me to clear my confusing about this matter? Btw i have 7 children are they entilted for the govement one to one contribution?