Kids saving plan

[neanea]

Is there savings plan for kids?

 

[JuniorLion]

Is there savings plan for kids?

Definitely... 5 years, 10 years, 15, years, 40 years, 50 years.. you name it.
What specific type you looking for?

 

[neanea]

Not insurance plan. I am referring to bank accounts or fix deposits

 

[JuniorLion]

See this list:
https://www.diyinsurance.com.sg/por...Best+Savings+Accounts+For+Kids+2018&art_id=47

 

[Mecisteus]

CIMB Junior Saver.

This is a no brainer.

 

[nautilus]

Depends on your time horizon. For medium term, the CDA is a good option at 2%pa, then up to 2.5%pa when transferred to PSEA at 12 years of age.

 

[terryhoho]

Depends on your time horizon. For medium term, the CDA is a good option at 2%pa, then up to 2.5%pa when transferred to PSEA at 12 years of age.

It will later go to cpf and forever not coming out. So don't over contribute to it.

 

[nautilus]

It will later go to cpf and forever not coming out. So don't over contribute to it.

It all depends whether you’re in the camp who thinks that your cpf money belongs to you.

 

[Opps-gal]

It will later go to cpf and forever not coming out. So don't over contribute to it.

If age 55, and amount over minimum sum, can withdraw for education?

 

[Opps-gal]

Is TS asking for education fund or saving account?

 

[ixoral]

Is this the best no-frills kid account in the market now? I went to check and it’s giving 0.8%, not bad I agree.

Posb kids account or OCBC mighty savers are giving close to nothing as like any other traditional savings acct

CIMB Junior Saver.

This is a no brainer.

 

[BBCWatcher]

For medium term, the CDA is a good option at 2%pa, then up to 2.5%pa when transferred to PSEA at 12 years of age.

The Child Development Account (CDA) is a ridiculously great deal to the extent you grab every matching dollar available from the government. That’s definitely worth doing.

Same question, though: what’s the time horizon? If this is allowance money to save for the next Lego purchase, that’s one thing. If it’s for a child’s future retirement 50+ years into the future, that’s another thing.

 

[Idolmister1995]

You may want to consider AXA Early Saver. Higher Guaranteed returns and usually used for education or retirement planning for my clients. Cheers

Is there savings plan for kids?

Cheers Idolmister1995 HardwareZone Forums app

 

[seannyboiboi]

Sorry quick question, why should I open a kids savings account when I can reap greater interest from my own DBS multiplier / UOB One / OCBC 365 account?

 

[henrylbh]

If age 55, and amount over minimum sum, can withdraw for education?

Sadly no, only percentage of allowable amount. (Forget the percentage). You need to withdraw if the amount allowed is not enough.

Edited to include CPF FAQ -

You can use your OA savings up to the Available Withdrawal Limit under the Education Scheme. The Available Withdrawal Limit is either 40% of your accumulated OA savings1, or your remaining OA balance2, whichever is lower. The amount that can be used is also subjected to the tuition fees payable.

If you are 55 years old or older, you need to set aside the Full Retirement Sum or the Basic Retirement Sum with sufficient property charge/ pledge in the Retirement Account, before you can use the remaining savings in the OA up to the Available Withdrawal Limit.

The Available Withdrawal Limit will change if there is a new withdrawal, repayment or refund in your OA. To check your Available Withdrawal Limit and its working details, you can log in to the CPF website using your SingPass and view under My Statement.

 

[BBCWatcher]

Sorry quick question, why should I open a kids savings account when I can reap greater interest from my own DBS multiplier / UOB One / OCBC 365 account?

If that's the comparison for those particular dollars, you shouldn't.

 

[jywy2005]

Depends on your time horizon. For medium term, the CDA is a good option at 2%pa, then up to 2.5%pa when transferred to PSEA at 12 years of age.

How to open this PSEA account?

 

[Mecisteus]

Is this the best no-frills kid account in the market now? I went to check and it’s giving 0.8%, not bad I agree.

Posb kids account or OCBC mighty savers are giving close to nothing as like any other traditional savings acct

Share with us if you can find any account that is giving better rates. Apart from the CDA matching contribution.

Sorry quick question, why should I open a kids savings account when I can reap greater interest from my own DBS multiplier / UOB One / OCBC 365 account?

1 simple reason. Segregation.

If you are able to manage the interests due from your children's angpow and your own money, then go ahead and combine.

 

[pohw0008]

Actually interest not much for 0.8%..
Maybe one way is to transfer a fixed amount like $10k then you can calculate the interest every year and transfer them back to child account if really need to be so segregated..

Share with us if you can find any account that is giving better rates. Apart from the CDA matching contribution.



1 simple reason. Segregation.

If you are able to manage the interests due from your children's angpow and your own money, then go ahead and combine.

 

[nautilus]

How to open this PSEA account?

It’s automatically opened when your child turns 12. All monies from CDA will go into PSEA. At 30, all unused PSEA will be transferred to OA.