Celebrate every first with POSB Child Development Account (CDA)

Either parent may join the scheme at LifeSG with his/her SingPass.

Both parents will have to agree on the person (either parent and/or a third party) to:

• Receive the cash gifts
• Manage the Child Development Account (as a CDA trustee).

The Cash Gift bank account holder and CDA trustee must be the same person.

The CDA trustee has to be above the age of 18 and not a bankrupt.

For documents required to join Baby Bonus Scheme at LifeSG, the documents will be stated as part of the application process, which will guide parents along. If in doubt, there will be FAQs in LifeSG for such info as well.

You can open the CDA online. Upon successful enrolment through LifeSG, you will be notified by LifeSG to proceed to the website of your chosen bank to complete the CDA opening. You will need to:

• Login with your IB credentials at selected bank official website.
• Follow the steps for CDA opening.
• Check Trustee and Child’s information and submit the application.

A CDA and CSA will be automatically opened instantly after the CDA trustee accepts the Terms and Conditions of the selected CDA bank online.

The CDA trustee (including third party trustee) can apply through your preferred bank’s official website. Log in with your IB credential login via your preferred bank’s official website to submit a request for change of CDA bank, using <"Change CDA bank"> service. Existing CDA will be closed and the funds will be transferred to the new CDA. A new CSA will be opened automatically with the new CDA. Any remaining Baby Bonus Cash Gift will be paid into the new CSA as scheduled. The request will take around 6 working days to complete

You will have to:

• Update your Approved Institution (AI) of the new CDA number by completing a new 'Application for Interbank GIRO for Child Development Account (CDA)' and submit it to your AI. You may find the form at go.gov.sg/bbai.
• Ensure that there are sufficient funds in the new CDA in the interim period while the funds are being transferred.

The CDA trustee (including third party trustee) must log in with their IB credential login via POSB official website to submit a change of trustee using the <"Change CDA Trustee"> service.

Note:

• A new CSA will be automatically opened with the new CDA Trustee, any remaining Baby Bonus Cash Gift will be paid into the new CSA.
• The existing CSA will be converted to a normal joint savings account under the bank’s standard terms. Any balance will remain in the account.
• If you are a 3rd party Trustee and changing CDA Trustee to another 3rd party. please email go.gov.sg/contact-bb for assistance.
• The request will take around 3 working days to complete.

Yes. Please email to go.gov.sg/contact-bb, with copies of the deed poll or Certificate of Extract from Registry of Births.

The CDA trustee will also need to update the CDA bank separately by bringing the original deed poll or Certificate of Extract from Registry of Births to the bank branch, as the bank would need to see the original document(s).

You can receive the Government's matching contribution within 2 weeks after depositing savings into your child's CDA. You can also track your child Baby Bonus benefits and payment schedule at go.gov.sg/bbfamilyview.

When parents save in the CDA, the Government will match dollar-for-dollar in the CDA for up to:

• $4,000 for the first child*
• $7,000 for the second child
• $9,000 for the third and fourth child
• $15,000 for fifth and subsequent child*.

You will receive the Government co-matching within 2 weeks (excluding public holidays) after saving into the CDA, if the CDA has not exceeded the Government co-matching cap.

You can save in the CDA in any of the following ways:

• Cash, cheque or by Standing Order
• Funds transfer through the local ATMs or internet banking.

You can use funds from the POSB Smiley CDA to pay for childcare or medical expenses via NETS or interbank GIRO. Check out the list of Approved Institutions (AIs).

You can view the transactions with Internet Banking. Alternatively, you can also track your child Baby Bonus benefits and payment schedule at go.gov.sg/bbfamilyview.

The unused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) up to a cap, any excess balance above the cap will be transferred to the CSA. These funds can then be used to pay for post-secondary education fees in Singapore for your child and his or her siblings.