Child Development Account

  • child development account

    Highlights

    • 2% p.a. interest on your child’s UOB Child Development Account (CDA)
      with no deposit cap on all balances
    • CDA First Step grant as announced on Budget Day 2016
    • Dollar-for-dollar matching from the Government, up to Total CDA benefits
      of up to S$6,000 for your 1st and 2nd child

     

Benefits

child grant

CDA First Step Grant

If your child is born on or after 24 March 2016, he/she will receive an upfront CDA First Step grant of S$3,000 paid into the UOB CDA upon account opening, as announced on Budget Day 2016.

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Dollar-for-dollar

matching from the Government
 

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Every dollar in the CDA is matched by the Government, up to a maximum amount depending on the birth order of your child.

 

Child Order  CDA Benefits from Government   Maximum CDA Benefits
First Step Grant
  Dollar-for-dollar matching
1st & 2nd Child

 

 

S$3,000

 

 

 

+

 

Up to S$3,000 each S$6,000 each
3rd & 4th Child Up to S$9,000 each S$12,000 each
5th child onwards Up to S$15,000 S$18,000 each

You can save and use the funds in the CDA any time until 31 December in the year your child turns 12 years of age.

After which, the unused balance in the CDA will be transferred to your child's Post-Secondary Education Account (PSEA), to pay for his or her tertiary education.

 

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UOB Baby Bonus Card

Use the savings in the CDA to pay for permitted expenses incurred at Approved Institutions via NETS or GIRO, for all your children.

 

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24hrs

24/7 access

Access your account via UOB Personal Internet Banking and 24-hour phone banking service.

UOB Baby Bonus Card

 

Use the savings in the CDA to pay for permitted expenses incurred at Approved Institutions via NETS or GIRO, for all your children.

Approved Institutions, which must be registered with the Ministry of Social and Family Development (MSF) under the Baby Bonus Scheme, include:

  • Child care centres
  • Kindergartens
  • Special education schools
  • Pharmacies
  • Optical shops
  • Healthcare Institutions
  • Early intervention programme providers
  • Assistive technology device providers
  • MediShield or Medisave-approved private integrated plans

 

The funds in the CDA cannot be withdrawn in cash.
For the full list of Approved Institutions and permitted expenses, please refer to www.babybonus.msf.gov.sg

 

Interest Rates

Earn 2% p.a. interest on your UOB Child Development Account with no deposit cap on all balances.
Insurance Promotion

Purchase an insurance policy to protect yourself or your child and receive up to S$800 worth of CapitaVouchers*.

*Terms & Conditions Apply.

To find out more, speak to a UOB Personal Banker today.

Access & Track

payments

Convenience of a monthly statement

View your transactions with a paper statement or go paperless with 5 years of stored electronic statements from the time you subscribe.

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Internet Banking

Perform more than 70 types of transactions at your convenience from the comfort of your home or office.

 

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ATMs

ATMs

View your account balances at more than 1200 ATMs island-wide and deposit cash at any UOB Cash Deposit Machines.

 

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Other ways to access your account

Simpler, Smarter. Be the first to try new online banking experience.

 

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Eligibility and fees

Eligibility

  • Child must be a Singaporean, with parent / trustee who is a Singaporean, Singapore PR or Foreigner.
  • Child's Age <12 years old
  • Parent / Trustee >18 years old

Fees

Register as early as 2 months before the Estimated Delivery Date (EDD) of your child.

Apply now

Documents required

Via Ministry of Social and Family Development (MSF) Online Form

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For Singaporeans / PRs only.

Parents who are Singaporeans and PRs can only apply for a CDA via the MSF Baby Bonus website. Please visit www.babybonus.msf.gov.sg for more details.

Via branch

location

For Foreigners / Third Party Trustees only, please bring along:

  • Authorisation letter from MSF
  • NRIC or Passport of parent / third party trustee
  • Birth Certificate or Citizenship Certificate or Passport of child
Find a branch

Important Notices

Important information on the use of UOB Accounts and Services

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Deposit Insurance Scheme

Providing limited compensation to selected eligible deposits

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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$50,000 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$50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Please refer to UOB/FEB Insured Deposit Register for a list of UOB accounts/ products that are covered under the Scheme.

More Information

Call our 24-hour hotline at 1800 222 2121