
DollarsAndSense.sg
2022-06-13 11:00:29
7 Ways For Singapore Parents To Maximise The Child Development Account (CDA)
Welcoming your child into this world is one of the greatest joys a parent can experience. Celebrating alongside you is none other than your government in Singapore. And with the country’s fertility rate at 1.12 (as of 2021), it is not difficult to see why.
The Government welcomes your child with a Baby Bonus cash gift of $8,000 or $10,000 depending on the child’s birth order (payable over a period of 18 months). This money is given to help lighten the financial costs of raising your child.
In addition to the baby bonus cash gift, your child will also qualify for a Child Development Account (CDA), which you can choose to open with one of the local banks – OCBC, DBS/POSB or UOB. Parents can choose to save money in the Child Development Account (CDA) until their child turns 12.
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