Once your child is enrolled in the Baby Bonus Scheme, you’ll need to open the Child Development Account (CDA) for your child. The Child Savings Account (CSA) will be automatically opened with their CDA.
The CSA is a joint savings account, held by the CDA trustee and the child. It’ll be the default account
to receive:
- Baby Bonus Cash Gift
- Financial assistance
- Education bursaries, grants, or awards
- Excess CDA balance above the Ministry of Education’s (MOE) Post-Secondary Education Account (PSEA) cap, if applicable
Please keep the CSA open to avoid delays in receiving government payments. There are no minimum balance, fees, or charges to keep the account open. If you choose to close your CSA, it cannot be re-opened.
Check your child’s eligibility to see if they’re eligible to join the Baby Bonus Scheme and open a CDA and CSA.