Several banks in Singapore offer the Child Development Account (CDA) as part of the Baby Bonus Scheme. The choice of the bank for a CDA account can depend on various factors such as convenience, benefits, accessibility, and the specific services they offer. Here are some popular banks offering CDA accounts:
- DBS Bank: Known for its comprehensive services and extensive branch and ATM network, DBS is a popular choice for CDA accounts. They offer online services and have various branches across Singapore.
- OCBC Bank: OCBC also offers CDA accounts, providing a range of benefits and services for parents. They have multiple branches and online banking facilities.
- UOB Bank: United Overseas Bank (UOB) is another bank participating in the CDA scheme. They provide various benefits and have a network of branches in Singapore.
When selecting a bank for a CDA account, consider these factors:
- Interest Rates: Some banks offer attractive interest rates on the CDA balance.
- Accessibility: Choose a bank with branches or ATMs conveniently located for easy access.
- Online Services: Consider a bank that offers robust online banking facilities for convenient management of the CDA.
- Additional Benefits: Some banks may provide extra perks or promotions, so compare the offerings to see which aligns best with your preferences and needs.
DBS (Development Bank of Singapore) was one of the more commonly used banks for Child Development Accounts (CDAs) in Singapore due to its wide network, accessibility, and comprehensive banking services. OCBC (Oversea-Chinese Banking Corporation) and UOB (United Overseas Bank) were also quite popular choices for CDAs.
However, without specific statistics or up-to-date figures, it’s challenging to provide an accurate estimate of the most used bank for CDAs in Singapore. The popularity of banks for CDAs might vary based on factors like promotional offers, convenience, customer service, and individual preferences of parents or guardians.
You might find that different banks have competitive offerings or unique features that cater to specific needs, so it’s recommended to explore the options available from various banks offering CDAs and choose based on the specific benefits and services that align with your preferences and requirements as a parent or guardian. Checking recent statistics or contacting the respective banks might provide more updated information regarding the current usage patterns for CDAs among different banks in Singapore.
It’s advisable to visit the banks’ websites, review their CDA offerings, and perhaps even visit the branches or contact their customer service to inquire further about the specific terms, benefits, and facilities associated with their CDA accounts. Ultimately, choose a bank that aligns with your preferences and makes managing the CDA convenient for you as a parent.