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POSB Smiley Child Development Account (CDA)
At a Glance
Enjoy up to 2% p.a. interest rate
For amounts S$50K and below
Exclusive merchant deals
Exclusive merchant deals at selected retailers with your POSB Baby Bonus NETS card
Grow with an auto-bundled kids account(s)
Your child’s CDA will be bundled with your Reserved Account(s), being My Account (Personal and/or Joint Alternate).
As Singapore's first and largest local bank, we’ve been there for all your firsts. Now we want to help you celebrate all your baby’s firsts, starting with POSB Smiley CDA as their first bank account.
Features & Benefits
About Smiley CDA
The POSB Smiley Child Development Account (CDA) is a special savings account for your newborn, with dollar-for-dollar matching from the government. With this account, you’ll be able to enjoy:
|Enjoy up to 2% p.a. interest rate |
Enjoy up to 2% p.a. interest rate for amounts S$50k and below.
Get exclusive merchant deals
|Grow with an auto-bundled kids account |
Your child’s CDA will be bundled with your Reserved Account(s), being My Account (Personal and/or Joint-Alternate). if you have digibank online/mobile and an email address with us, your account will be automatically enrolled with eStatement.
Here’s what you can look forward to with CDA
Begin this new journey with your little one, with more benefits from POSB Smiley CDA.
CDA Interest Rates
Enjoy up to 2% p.a. interest rate for amounts S$50k and below.
|Balances||Interest Rates (% p.a.)|
CDA First Step & Government Dollar-For-Dollar Matching
Babies born on or after 14 February 2023 will receive S$5,000 of CDA First Step grant when you open the POSB Smiley CDA. The Government will match every dollar you put in this account.
* The Government will increase its dollar-for-dollar matching cap from S$3,000 to S$4,000 for all Singaporean children who are a first child, from S$6,000 to S$7,000, for all Singaporean children who are a second child and whose date of birth is on or after 14 February 2023. This will take effect from 1 Jan 2024.
You will be able to deposit savings in the CDA until 31 December in the year your child turns 12 years old. The unused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the following year. These funds can then be used to pay for post- secondary education fees in Singapore for your child and his or her siblings.
More for your little one, from the government.
Usage of CDA funds
Use funds from the POSB Smiley CDA to pay for childcare or medical expenses at Approved Institutions (AIs) registered with the Ministry of Social and Family Development (MSF) via NETS or interbank GIRO.
A child is eligible for the CDA if he or she is eligible for the Baby Bonus Scheme.
Baby Bonus Scheme Eligibility
- He/She is a Singapore Citizen and
- His/Her parents are lawfully married.
Children of unwed parents may be eligible for CDA benefits only if they are born on or after 1 September 2016.
You can check your child’s eligibility via Baby Bonus Online - Check Eligibility
You can apply for CDA via Baby Bonus Online.
Note: Foreigner/3rd party Trustees will be required to follow the instructions on the Letter of Authorisation sent by MSF to complete the CDA opening process.
To Switch to POSB
For Existing CDA Trustees, you can switch to POSB Smiley CDA via MSF website.
Reserved Account(s) Activation
One-Step SMS Instant Activation (For Singapore Tax Resident Only) NEW
CDA Trustee can perform an One-Step Instant Activation via SMS to activate both POSB Baby Bonus NETS Card & Reserved Account(s) now!
For Trustees who are existing DBS/POSB account holders:
SMS to 77767:
Activate <space> card's last 4 digits <space> SG
For Trustees who are new to bank:
SMS to 77767:
Activate <space> card's last 4 digits <space> SG <space> SG
Please note: this activation service is only available for Trustee & Child who are Singapore Tax Resident Only. By performing the one-step SMS instant activation, you acknowledge and agree that your child and you are tax resident of Singapore only.
Online Activation Form
Alternatively, you may activate the Reserved Account(s) via our Online Form below:
CDA Reserved Account Activation Follow-up
For customers who received an SMS on your reserved account activation request, please email the required documents as indicated in the SMS to our functional mailbox: CDAPOSBKids@dbs.com
Join Our Online Community
Take the next step and be part of an awesome and supportive community with like-minded parents. Learn a tip or two when you participate in discussions focused on money management as a family in this digital age. Learn more.
With you at every step of your parenting journey
Raising a family is never easy, whether you have a toddler, teenager, or both. Explore a world of parenting content and tips at POSB Home, from helping your child make sense of money and enrichment, to holiday and financial planning for the family. Learn more.
Frequently Asked Questions
Opening a POSB CDA
How do I join the Baby Bonus Scheme?
Either parent may join the scheme at www.babybonus.msf.gov.sg 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 (as a Nominated Bank Account Holder)
- Manage the Child Development Account (as a CDA trustee).
The Cash Gift bank account holder and CDA trustee can be the same person or different persons. The CDA trustee has to be above the age of 18 and not a bankrupt.
What documents do I need to join the Baby Bonus Scheme?
If your child is a Singapore citizen at birth and joins the scheme 1 working day after the birth registration, we will have the details of both you (parents) and your child. You will need to complete an online form and provide your bank account number to receive the cash gift.
Additional information required for third party Cash Gift bank account holder and CDA trustee are:
- Personal particulars
- Bank account details
I need some help to join the Baby Bonus Scheme online. Who can I approach?
You can approach:
- [After your child's birth registration] Baby Bonus One-stop Centres at the Immigration & Checkpoints Authority of Singapore (ICA) and maternity hospitals*
- Citizen Connect Centres (CCCs) at Community Centres# and IRAS Service Centre
- MSF Family Services Division at 512A Thomson Road, #02-01/09 SLF Podium, Singapore 298137
*Note: Gleneagles Hospital, KK Women's and Children's Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital, National University Hospital, Parkway East Hospital, Raffles Hospital, Singapore General Hospital, Thomson Medical Centre.
#List of community centres with CCCs can be found at http://www.ecitizen.gov.sg/Topics/Pages/Citizen-Connect-Centre.aspx
How can I open a CDA?
If you are the parent of the child and a Singaporean, you can open the CDA online. When you log in to Baby Bonus Online (BBO) to join the scheme, you will need to indicate the CDA trustee. If you are the CDA trustee, you can proceed to select POSB/DBS Bank and accept the Terms and Conditions of the selected CDA bank.
If you indicate that your spouse is a CDA trustee, your spouse (CDA trustee) will receive a Baby Bonus link by email to accept the Terms and Conditions of the selected CDA bank online.
The CDA will be automatically opened within 3 working days after the CDA trustee accepts the Terms and Conditions of the selected CDA bank online.
If the CDA trustee is a foreigner or a third party trustee, we will send him or her an authorisation letter to open the CDA at any CDA bank branch.
The trustee must produce:
- The original authorisation letter
- Trustee's NRIC or passport
- A copy of the child's birth certificate or certificate of Singapore citizenship (whichever is applicable).
Can I open a new CDA directly with any of the CDA banks?
You will have to log in to Baby Bonus Online to open a new CDA or change a CDA bank online.
For a foreigner or a third party trustee, you will receive an authorisation letter from MSF to open a new CDA directly with the selected CDA bank.
Switching to a POSB CDA
How can I change my CDA bank?
The CDA trustee (including third party trustee) can log in with their SingPass to submit a request for change of CDA bank, using <"Change CDA bank"> service. Funds will be transferred from the old CDA to the new CDA within 3 weeks.
Note: A CDA trustee who is not a Singapore Citizen must submit request for change of CDA bank in writing to email@example.com. A Letter of Authorisation will be sent to CDA trustee to open the CDA at the new CDA bank.
Can my GIRO arrangements be transferred to the new CDA?
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 www.babybonus.msf.gov.sg.
- Ensure that there are sufficient funds in the new CDA in the interim period while the funds are being transferred.
Changing my existing CDA information
How can I change the CDA trustee?
The CDA trustee must log in with the SingPass to submit a change of trustee using the <"Change CDA Trustee"> service.
Note: If the CDA trustee is a 3rd party, only the parent can log in to submit the request. If the CDA trustee is not a Singapore Citizen, he/she must submit request for change of CDA trustee in writing to firstname.lastname@example.org.
I have changed my name/child's name. Do I need to inform MSF and my CDA bank?
Yes. Please email to MSF_Babybonus@msf.gov.sg, 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).
Interest earned and dollar-for-dollar matching
When can I receive the Government's matching contribution in my child's CDA?
You can receive the Government's matching contribution within 2 weeks after depositing savings into your child's CDA. You can also select 'View Account Summary' under Services, to check your child's CDA transactions.
How much can I save in the CDA?
When parents save in the CDA, the Government will match dollar-for-dollar in the CDA for up to:
- $6,000 for the first child* and second child
- $12,000 for the third and fourth child
- $18,000 for fifth and subsequent child*.
For example, if you deposit $10 into the CDA in July 2015, the Government will match $10 within 2 weeks after you begin saving in your child's CDA.
*Note: Children born between 1 Jan 2006 to 16 Aug 2008, who are the first child or fifth child (and above), are not eligible for Government's matching contribution in the Child Development Accounts (CDAs).
How can I save in the CDA?
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.
How can I view my CDA transactions?
You can view the transactions with Internet Banking. Alternatively, you can also select 'View Account Summary' under Services, to check your child's CDA payment.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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