withdraw money from CDA account

[compro_1975]

wrote to the ministry before on this to use the money which is close to 10k to invest in SSB but was rejected by some follow the books scholars.... i mean the money is sitting there doing nothing and only getting 1.2% interest or so... how best i can draw down the money? dont understand why the government want to keep people poor or not to be self sufficient.

 

[reddevil0728]

wrote to the ministry before on this to use the money which is close to 10k to invest in SSB but was rejected by some follow the books scholars.... i mean the money is sitting there doing nothing and only getting 1.2% interest or so... how best i can draw down the money? dont understand why the government want to keep people poor or not to be self sufficient.

There's always an intention behind the policy, where got sukah sukah let you decide what you do with it?

How does giving money keep people poor? Can you imagine if such money is freely accessible, people just go have kids to get the money then withdraw out and do whatever they want meh?

Anyway for your context, you are looking at ways to make it work harder. Fair enough. But unless you can find enough support in parliament to change the rules, you can only toe the line.

You can use the CDA funds at the Baby Bonus Approved Institutions (AIs) to pay for the following expenses of your child:

• Fees for registered childcare centres, kindergartens, special education schools and early intervention programmes
  
  
• Medical expenses at healthcare institutions such as hospitals and General Practitioner clinics
  
  
• Premiums for MediShield Life or MediSave-approved private integrated plans
  (Note: If premium is paid by MediSave, there must be cash top-up to MediSave before the CDA can be used to reimburse the parent.)
  
  
• Assistive technology devices
  
  
• Eye-related products and services at optical shops
  
  
• Approved healthcare items at pharmacies

https://www.babybonus.msf.gov.sg/Pages/AboutUs.aspx

 

[burgerdeel]

How come you accumulate so much? Send to private school very fast gone the cda is really to help people cope with child raising costs, if you didn't use it then good, but wasn't your money to begin with.

 

[wifi_18Z]

The money is given for a specific purpose, not for you to invest and possibly lose it all.

 

[chill_lax]

If send to PG in childcare like mine, will finish by the time the kid enter N2、K1.

 

[luffix7]

If send to PG in childcare like mine, will finish by the time the kid enter N2、K1.

mine cannot even last till N1 already finished

 

[subprimelive]

There is a Child Savings Account (CSA) which is automatically opened when I open CDA account with the local banks. Anyone know if there is a minimum balance to maintain for Child Savings Account (CSA), to prevent fall below fee?

 

[burgerdeel]

There is a Child Savings Account (CSA) which is automatically opened when I open CDA account with the local banks. Anyone know if there is a minimum balance to maintain for Child Savings Account (CSA), to prevent fall below fee?

If POSB, then no minimum balance required. My dotter had $1 in the acc for 4 years

 

[subprimelive]

Thanks. I looking at other two banks, but not clear if got minimum balance for CSA