The UOB Child Development Account is a special savings account. With this account, you can save until your kid is 12 years old. You can also utilise your CDA savings to pay for healthcare and educational expenses of all your kids at specific institutions approved by Baby Bonus.
Features and Benefits: Dollar-for-Dollar Matching
- You’ll get dollar-for-dollar matching for your funds in the Child Development Account from the government. The maximum amount for which every dollar in your account will be matched will depend on your child’s birth order.
- You’ll be able to save and utilise the money in your account at any point in time up to 31 December in the year during which your kid turns 12 years old.
- Take a look at the table below for additional details:
|Your child’s birth order||CDA benefits (From the government)||Maximum Child Development Account benefits|
|CDA first step grant||Dollar-for-dollar matching|
|1st and 2nd child||S$3,000||+||Per child you get up to S$3,000||Per child you get S$6,000|
|3rd and 4th child||Per child you get up to S$9,000||Per child you get S$12,000|
|Post your 5th child||Up to S$15,000||Per child you get S$18,000|
UOB Baby Bonus Card
You can utilise your CDA savings to pay for qualifying expenses you’ve incurred at authorised institutions. This payment can be made via GIRO or NETS and is applicable for all your kids. Also, the approved institutions should be registered with MSF (Ministry of Social and Family Development) under the Baby Bonus Scheme. A few of the approved institutions include:
- Child care centres
- Healthcare institutions
- Assistive technology service and device providers
- Schools providing special education
- Optical shops
- Providers of early intervention programmes.
- Medisave or MediShield-approved private integrated plans
CDA First Step Grant
If your kid is born on/post 24 March 2016, he or she will get CDA First Step grant worth S$3,000. This amount will be deposited directly into your kid’s CDA once an account has been opened. This announcement came on Budget Day 2016.
You can store electronic statements of up to 5 years starting from the time you subscribe.
You can do more than 70 kinds of transactions using your personal internet banking account irrespective of time and where you’re located.
You’ll have access to more than 1,200 ATMs to monitor your account balances. You can also use any of the UOB Cash Deposit Machines to deposit cash into your account.
Promotions: Win CapitaVouchers
With this insurance promotion, you can get CapitaVouchers worth up to S$800. To qualify for this offer, you need to buy a policy that provides coverage for you and your child.
For additional details, you can contact one of the UOB personal bankers.
Interest Rate: Earn an Interest of 2% p.a. With No Deposit Cap
With a UOB Child Development Account (CDA), you’ll be able to earn 2% p.a. as your interest and a deposit cap will not be applicable on balances.
Are You Eligible to Open This Account?
- Your child should be a Singaporean.
- If you’re the trustee or parent, you should be a Singapore citizen, Permanent Resident or a foreigner.
- Your child must be below 12 years old.
- If you’re the trustee or parent, you should be above 18 years old.
- An initial deposit is not applicable.
- You’ll not be charged any additional fee in order to maintain your account.
- You need to complete your registration at least 2 months in advance to your child’s EDD (Estimated Delivery Date).
- If you’re a Singapore citizen or a Permanent Resident, you can sign up for CDA only through the MSF Baby Bonus website (Ministry of Social and Family Development Online Form).
- If you’re a foreigner or a 3rd party trustee, you can apply for CDA only by visiting a UOB Bank branch. Also, you’ll need to submit the following documents:
- Letter of authorisation from the Ministry of Social and Family Development.
- Passport copy (foreigners) or NRIC (third-party trustee)
- Child’s birth certificate/citizenship certificate/passport
How to Apply for a UOB Child Development Account
You can apply for CDA either by using the bank’s official website by clicking on the “Apply now” option or by visiting your nearest UOB Bank branch.
- Via monthly e-statements.
- Via internet banking.
- You can also log on to the Baby Bonus Online website by using your SingPass, and view your CDA transaction details under the option “View Statement”.
- A cash gift
- CDA First Step grant
- Dollar-for-dollar matching will be provided from the government to the funds in your child’s CDA.
Q. Can I withdraw the fund in my Child Development Account in the form of cash?
A. No, you’ll not be able to withdraw your funds in the form of cash.
Q. How can I monitor the transactions I’ve made on my CDA?
A. You can view your transactions in the following ways:
Q. What happens to my unused balance in the CDA?
A. After your child’s age is more than 12 years, the unused funds in your account will be moved to your kid’s PSEA (Post-Secondary Education Account) to aid his/her higher education.
Q. How many years can I save in my kid’s CDA?
A. You can save until your child is 12 years old.
Q. What all is covered under the Baby Bonus Scheme?
A. The scheme comprises:
Fees and Charges removed since no specific information related to this account was found.