- DBS Bank Limited (DBS), which will start providing CDA services from the second quarter of 2015
- United Overseas Bank (UOB), which will start providing CDA services from the second quarter of 2015
- Standard Chartered Bank (SCB), which will continue to manage its existing CDAs until end 2018. Parents can continue to open CDAs with SCB until the second quarter of 2015.
You can save in the CDA any time until 31 December in the year your child turns 12 years of age. The savings will be matched dollar-for-dollar by the Government in the following month up to the cap of
While you may not withdraw the savings in the CDA in cash, it can be used to pay for approved expenses for all your children at Approved Institutions which includes
- child care centres licensed by MSF,
- kindergartens and special education schools registered with the Ministry of Education (MOE) or the Council for Private Education (CPE),
- early intervention programmes registered with the National Council of Social Service (NCSS) or SG Enable,
- healthcare institutions licensed under the Private Hospitals and Medical Clinics (PHMC) Act,
- pharmacies registered with the Health Sciences Authority (HSA),
- optical shops registered with the Accounting and Corporate Regulatory Authority (ACRA) and
- assistive technology devices providers registered with ACRA or known to either the Ministry of Health (MOH) or SG Enable.
- MediShield or Medisave-approved private integrated plans
If a child has unspent balance in his CDA, a Post-Secondary Education Account (PSEA) will be opened for him in the year he turns 13 years old for a child born in or after 2006.
If the parents have not saved up to the CDA contribution cap, they can continue to contribute to PSEA and receive the government’s matching grant until the contribution cap is reached, or when the child turns 18 years old, whichever is earlier.
Just as the CDA, PSEA funds cannot be withdrawn in cash but can be used to pay for all your children fees and charges for approved programmes conducted by the institutions indicated in the table below
If the parents have not saved up to the CDA contribution cap, they can continue to contribute to PSEA and receive the government’s matching grant until the contribution cap is reached, or when the child turns 18 years old, whichever is earlier.
Just as the CDA, PSEA funds cannot be withdrawn in cash but can be used to pay for all your children fees and charges for approved programmes conducted by the institutions indicated in the table below
| Approved Institutions | Approved Programmes |
|---|---|
Autonomous Universities
| Undergraduate and postgraduate programmes |
| SIM University (UniSIM) | Undergraduate and postgraduate programmes |
| Singapore Institute of Technology (SIT) | Undergraduate programmes |
Polytechnics
| Diploma and Poly-FSI degree programmes Polytechnic Foundation Programme |
| Institute Of Technical Education (ITE) | Nitec, Higher Nitec and ITE-FSI diploma programmes |
| LaSalle College of the Arts Nanyang Academy of Fine Arts (NAFA) | MOE-funded diploma and degree programmes |
| Singapore Workforce Skills Qualification (WSQ) Continuing Education and Training (CET) Centres (42kb .xls) (as at 30 Dec 2013) | Singapore Workforce Skills Qualification (WSQ) courses from July 2008 (include WSQ Statement of Attainments (SOAs) and full qualification programmes) |
| Government-supported Special Education (SPED) Schools | Students’ own fees and charges in SPED Schools from Jul 2008 |
The PSEA balance will earn interest pegged to the CPF Ordinary Account (CPF-OA) which is 2.5% per annum currently. (Note - The extra 1% interest on the first $20,000 in the CPF-OA will not apply to the PSEA.)
The PSEA will be closed when the account holder turns 30. Any unused funds in the PSE will be transferred to the account holder’s CPF Ordinary Account (CPF-OA).
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