It is a type of a savings account that is specially meant for your newborn. With this account, you’ll receive dollar-for-dollar matching from the Singapore government. Let’s take a look at the features and benefits of this account one by one.
Things You’ll Love About This Savings Account : Dollar-for-Dollar Matching From Singapore Government
- If your baby was born after 24 May 2016, you’ll get Child Development Account (CDA) First Step grant of up to S$3,000 when you open a POSB Smiley Child Development Account. In addition, the Singapore government will provide dollar-for-dollar matching for every dollar you deposit into this savings account.
- You can deposit your savings in the Child Development Account till 31 December in the specific year during which your child will turn 12 years old.
- The untouched balance in your kid’s Child Development Account will be moved to his/her PSEA (Post-Secondary Education Account) in the successive year. You can use this unused funds to pay for your child’s or his/her siblings’ post-secondary education fees.
- When you use your PAssion POSB Debit Card and POSB Everyday Card for your local medical expenses, you’ll earn a cash rebate of 3%.
- You can use the POSB Baby Bonus NETS Card to pay for medical or childcare bills at Approved Institutions. You can make a payment via interbank GIRO or NETS.
- When you open a POSB Smiley CDA, you’ll simultaneously get a joint POSBkids Account too in case you don’t have one already.
- You’ll enjoy an interest of 2% per annum without any minimum spend criteria.
- In case you already have internet banking and your official email address is present in the bank’s records, your POSB Smiley Child Development Account, as well as your POSBkids Account, will get enroled with eStatement automatically.
- Under the Supplementary Retirement Scheme, all Singapore Dollar deposits made by non-bank depositors will be provided with insurance by the SDIC (Singapore Deposit Insurance Corporation). Insurance will be given for up to S$50,000 in total for every depositor per Scheme member by law.
Promotional Offers You Don’t Want to Miss: 5% Discount When You Shop on My Greatest Child
With a POSB Baby Bonus NETS Card or a POSB debit or credit card, you’ll qualify for a wide range of promotions. These offers are applicable at qualifying merchants only. Transactions made via the POSB Baby Bonus NETS Card are eligible only if the seller has been approved by the Ministry of Social and Family Development (MSF). Take a look at a few promotions that are listed below.
- For parents (Valid till 31 December 2018)
- S$20 discount when you spend a minimum of S$100.
- You need to use the promo code 'DBSCDA20' during checkout to get the discount.
- You can use the promo code only for one redemption.
- You’ll get a 30% discount when you spend at least S$50.
- You need to key in the promo code 'POSB30' during checkout to get the discount.
- Enjoy a 25% discount when you shop on Lazada.
- Use promo code “LAZCDA25” during checkout to get the discount.
- Applicable only to initial 200 customers.
- 10% discount.
- For a 15% discount, you need to spend at least S$250.
- Applicable only for regular-priced items.
- Mother Garden
- 50% discount storewide.
- Use promo code “DBSCDA” during checkout to get the discount.
- Valid for regular-priced items only.
- For babies (Valid till 31 December 2018)
- Babies Culture Organic
- Enjoy “buy one get one free” offer on organic clothing.
- Apply promo code 'DBSCDA' during checkout to get the offer.
- Applicable only for regular-priced products.
- GAIA - Pure, Natural, Organic Skincare
- Enjoy $20 discount when you spend at least S$100.
- Use promo code “DBSCDA20” during checkout to get the discount.
- You can use the promo code to make only 1 redemption.
- Magic Forest
- 50% discount.
- Key in promo code 'magixcodePOSCDA' during checkout to get the discount.
- Mimos pillow
- 15% discount
- You need to use promo code “DBSCDA” in order to get the discount.
- Offer is valid only for pillows.
- My Baby Gift
- 10% discount with a minimum spend of S$100.
- 'CDABABY' is the promo code.
Interest Rates: 2% Per Annum
Annually, you will earn 2% on your Child Development Account balance.
Who Qualifies to Open This Savings Account?
You can apply for a POSB Smiley Child Development Account (CDA) when you enrol yourself for the Baby Bonus Scheme.
- If you’re a parent of a kid and you’re either a Singapore citizen or a permanent resident, you can apply for the Child Development Account online.
- When you sign in to BBO page (Baby Bonus Online) in order to enrol yourself to the scheme, you’ll have to indicate the trustee for your Child Development Account.
- If you choose to nominate yourself as the trustee for your CDA, you can go ahead and choose POSB as your preferred CDA bank and acknowledge the terms and conditions accordingly.
- In case you choose your spouse as the trustee for your CDA, your spouse will be the trustee for your CDA and she or he will get a Baby Bonus link via an email wherein he or she can agree to the terms and conditions of the chosen CDA bank accordingly.
- In case you indicate a foreigner or a third party as the trustee for your CDA, MSF will send him or her a letter of authorization in order to open the Child Development Account at the bank’s branch that was chosen during the application process.
The trustee you’ve nominated will have to produce the following documents:
- An authorisation letter (original) issued by the Singapore government;
- Passport or NRIC;
- Birth certificate of the child (copy) or Certificate of Singapore citizenship (a document that is applicable)
Ways to Apply for This Savings Account
You can apply for this savings account in the following three ways:
- Online: If you’re either a Singapore citizen or a permanent resident trustee, you can apply via the Singapore government’s official website for Ministry of Social and Family Development (Baby Bonus Scheme).
- At any of the POSB Bank branch: If you’re a foreign trustee, you can apply by visiting the POSB Bank directly. You’ll need to submit an authorisation letter that is issued by MSF (the Ministry of Social and Family Development), your passport or NRIC, and passport or birth certificate of your child.
- In case you’re already a Child Development Account trustee, you can change to POSB Smiley Child Development Account through MSF’s official website.
Some Questions You Might Have
Q. How can I start saving in my POSB Smiley Child Development Account (CDA)?
A. You can save in your POSB Smiley Child Development Account in the following ways:
- digibank Online
- POSB Cash Machine
- digibank Mobile
- Set up a recurring funds transfer via digibank Online (standing instruction)
Q. How can I check my POSB Smiley CDA transaction details?
A. You can check your transactions via digibank Mobile and digibank Online.
- digibank Mobile:
- Sign in to your digibank Online account with your user credentials (User ID and PIN).
- Choose deposits under the “My Accounts” section.
- Sign into your account using the 6-Digit iB Secure PIN.
- Choose your Child Development Account to access your latest transactions.
- With this option, you can view your past transactions of up to 6 months. At a time you can choose a 3-month range.
- digibank Online:
- Sign into digibank Mobile using your “User ID” and “PIN”.
- Select your Child Development Account under the “Deposits” section.
- Sign in by entering your 6-Digit iB Secure PIN.
- With this option, you can access account transactions of up to the previous 2 months.
Q. How can I view my eStatements?
A. The details of your eStatement will be retained for 7 years. You can access your eStatements starting from your enrolment day. You can follow the steps given below to view your eStatement:
- Sign into digibank Online with your user credentials.
- Under the “My Accounts” section, select “eStatement”.
- Input your 6-Digit iB Secure PIN to log in.
- Select your account and the statement type to view (By default, the bank will populate the eStatement of the present year).
- Click on “Go”.
Q. Will I get to choose my eStatement notification preference?
A. In case you’ve registered for eStatements, you’ll be notified via an email when your eStatement is available for you to view. You’ll receive this notification on a monthly basis. You can choose whether your notification has to reach you via email or SMS by logging into digibank Online.
- After signing into digibank Online, go to the “My Accounts” section and choose “eStatement”.
- Click on the option “Manage eStatement” and update your preference under the section “My Preferred eStatement Notification”.
Q. How can I enrol and de-enrol for eStatements?
A. It can be done through digibank Online. You need to follow the steps given below:
- Sign into digibank Online using your login credentials.
- Choose “Request” and click on the option “Manage eStatement”.
- Sign in with the help of your 6-Digit iB Secure PIN.
- Choose the “Statement Type” you intend to sign up for.
- Give your authorisation and then click on “Next”.
- Click on the “Submit” button.
- Also note, you’ll stop receiving paper statements once you’ve enroled for eStatements.
For de-enrolment, you will need to choose the option “Opt-Out for the Statement Type(s)” you had signed up for. Once your request for de-enrolment is processed, you’ll start receiving paper statements from your following statement cycle. Your statement will be mailed to the address that is mentioned in your official records.
Q. What to do when I don’t get my card statements?
A. You’ll end up not receiving your card statement in two scenarios:
- You have not enroled for eStatements
- You can always check whether you’ve enroled yourself for eStatements or not by logging into digibank Online.
- Under the “Manage eStatement” section you can choose to either “Opt-In” or “Opt-Out” for eStatements.
- Your current mailing address has not been updated.
- You can update your mailing address in two ways:
- Through AXS Machine
- Through digibank Online
Q. How can I replace my POSB Baby Bonus NETS Card?
A. In case your POSB Baby Bonus NETS Card was damaged or lost, you raise a request for replacement by visiting any of the POSB Bank branches with your passport or NRIC. The replacement POSB Baby Bonus NETS Card will be sent to the registered mailing address that is provided by the trustee in less than 3 to 5 working days. When you raise a request for a replacement card you’ll not be charged. Also note, your POSB Baby Bonus NETS Card cannot be replaced immediately.