Child Development Account: Who Qualifies and What You Get
Learn how the Child Development Account provides government matching for savings to help cover your child's early childhood expenses.
The Child Development Account is a savings scheme designed to help families manage the costs associated with a child's early years. It is a way for parents to grow their savings through government assistance to support their child's development.
Who it's for
This scheme is available for Singaporean children. It is intended to provide financial support for the needs of children who hold Singaporean citizenship.
What you get
The primary benefit of this account is the government matching component. When you save money into the account, the government provides a matching amount for your savings. This helps increase the total funds available in the account to assist with your child's development and related expenses.
What it costs you
There is no direct cost to participate in the scheme itself. However, to use the scheme, you must take the time to open a bank account with one of the participating financial institutions. To access these matching funds, you will need to set up an account with UOB, OCBC, or DBS.
The catch to know
While the account grows through matching funds, the money is not for unrestricted use. Funds in the account can only be used at approved institutions, such as childcare centers. You should check the list of approved providers to ensure your expenses are covered.
How to apply
- Visit a participating bank to open an account for your child.
- Choose between the participating banks: UOB, OCBC, or DBS.
- Deposit money into the account to receive the government matching.
- Use the funds at approved institutions for your child's needs.