If you are the parent of the child and a Singaporean or Permanent Resident (PR), 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 indicate yourself as the CDA trustee, you can proceed to select The 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.
The CDA is a savings account so you will need to choose a bank that you prefer for the CDA to be opened at. This will be done online, so you do not have to physically head down to any banks. You can select from OCBC, UOB and POSB.
While most banks are pretty homogeneous when it comes to the CDA, there are two factors you should consider when choosing a bank.
Firstly, banks sometimes give you a little extra perk if you open a child’s savings account with them, along with the CDA. Hence as far as possible, try to open the CDA with the bank that you intend to open a savings account for your child in the future.
Secondly, it’s better for you to choose a bank that you already have an existing Internet banking relationship with. This will make it convenient for you to monitor the CDA, since the account will be tied to your name. This way, you wouldn’t need another Internet banking login to access the account.
Step 5: Wait For The Money To Come In
The CDA will be opened by the bank you select in a few days with an initial balance of $3,000. You will receive a notification once this has been done. A NETS card will be issued under your child’s name and sent to your home address. You can then use it to pay for eligible products and services at CDA approved institutions.