You can use the savings in the CDA to pay for educational and healthcare expenses of your children. At Neo Smiles, you can use your child's CDA to pay for all your children's dental costs, including braces packages. Simply bring your CDA card (similar to a NETS card) when making payment. Learn more about Baby Bonus here. 3. Pioneer Generation.
Baby Bonus And The Best CDA Account For Your Newborn. The fact that Singapore is facing a declining birth rate is a well-known problem. The government has been trying everything it can to address this issue and that includes throwing in the proverbial kitchen sink. Well, it is indeed throwing something at the problem and that is money. It has increased monetary incentives to all parents-to-be.
Gotta start the habit of saving those cents! Photography: Rawpixel via Unsplash. If you’re considering banking with OCBC, or are already banking with them, you might’ve heard of its OCBC Mighty Savers account for kids. The little ones can earn up to 0.20% interest a year on their entire account balance and enjoy priority queue service with the Mighty Savers Fast Track on Sundays at OCBC.
Comprising a cash gift and a Child Development Account (CDA), the Baby Bonus Scheme is designed to help families lighten the financial load of raising a child. The CDA is a special government.
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However, please note that CDA is not an ordinary bank savings account where you can simply withdraw money anytime for any child-related expenses. CDA is a special saving account for Singapore children up to the age of 12 years old where the money can only be used for specific child-related expenses under a restricted list of organisations.
Part of living in a CDA kitchen is knowing that everything, including the cleaning, can easily be taken care of at the press of a button. Our laundry and dishwasher models keep everything looking new with plenty of extra features and functions to get the best results in the wash. We understand that life is busy and you need your kitchen to work brilliantly and look fantastic. Find out where to.
However, note that funds in the CDA account is locked up and can only be used for education and healthcare expenses for your child, and only at Baby Bonus approved childcare centres, kindergartens, hospitals, clinics, etc. So, if you anticipate cash flow problems, don’t be in too much of a hurry to max out your Baby Bonus just yet.