KiasuParents - Parenting in Singapore

WCW wrote: wait till Nov then opt to withdraw :-p

i was thinking of that... coz so troublesome to get the form n sign n wait giro approval then after need make sure the following mth back to normal account. aiyo, so troublesome... it's not $3000 which is $300 not even enough for CC fees...[/quote]

that was what I told the lady at Baby Bonus

I told her that Giro for CC isn't as simple , the process takes around 5 weeks.. Giro is already stagnant with DD2 CDA.. it would be messy to do one time deduction... and yes the money barely covers CC

Oh...
I was told that the monies frm CDA will be transferred to Edusave account? No? Then this sum of money is "wasted" for my girl cuz she doesn't attend child care.

Castle House wrote: Oh.. from what I understand.. the $$ can be withdrawn out in this case..

But even can't can use for his Primary or Secondary..education..

I being using my #2 CDA acct for both her and #1 pap school fees.
Scare later law change here ChangE there dunno $ go where... My cousin who is 1 yr older than ds can withdraw out lor... Dd 3 yrs younger go straight to edusave

found this on moe website on unspent CDA balance:

http://www.moe.gov.sg/initiatives/post- ... and-usage/

i received the letter that i will be given a form to do the withdrawal for the $300 given to my elder girl. The money can be withdrawn. my son CDA account, i never use the money even though he is attending childcare cos the amount can be withdrawn when he reached 7 years old. I read from MCYS site that for babies born fromm 2005 to 2007 and is a 2nd child, the money can be withdrawn when child reaches 7 years old. Those born after 2007, the money will be transferred to edusave or PSEA

For those who are born in year 2005, you can either withdraw cash or transfer your CDA funds to the PSEA. By now, parents should have received the letter informing them of this matter.

From 15 November 2011 onwards, you can log-in to http://www.babybonus.gov.sg/html/eService.html to make your option if you want to withdraw the CDA cash. You need your SINGPASS to log into this e-Service. And you have upto 18 December 2011 to make your option.

And for saving upto the max, you have till 29 December 2011 to do so to benefit from the gvt matching contribution.

Hope this helps :-)

Hi,

Just like to check. For the CDA account. Is it of any use after we have received the full matching sum from government?

Does it have any advantages over normal saving accounts?

Hi parents

R'cd letter from MSF,option to extend CDA another 6 years or withdraw balance in cash.which is better option ???????or tranfer to PSEA which interest rate is now 2.5%per annum!

PSEA only for EDUCATION??????
This is the only time parents can withdraw cash from CDA by closing the ac???

Thanks

Bump. To extend or not to extend?

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?