Sorry, looks like there are no results for this.
How about asking Aima instead?

Which bank should I use to open my baby's CDA account?

2312 moms shared how they navigated this decisionRight on time for 🧒 0-3-months

3 approaches by moms

POSB Smiley45% moms chose this path

Choosing the most common bank for convenience and merchant discounts.

Suits parents who already use DBS or POSB for their daily banking needs. You get decent interest and lots of discounts at places like Kiddy Palace.

MT

Melissa T.. · First-time mom · Baby at 2 months

We just went with POSB since our joint account is there, making it super easy to transfer the dollar-for-dollar matching funds.

OCBC Mighty35% moms chose this path

Opening an account to maximize interest rates and healthcare benefits.

Suits moms looking to maximize interest yields on the government's dollar-for-dollar matching scheme. The app interface is very intuitive and they often partner with pediatric clinics.

JL

Janice L.. · Experienced mom · Baby at 3 months

I chose OCBC because the interest rate was slightly better for us, and I use their app to track all the baby bonus payouts easily.

UOB CDA10% moms chose this path

Sticking with your primary bank to consolidate all family finances together.

Suits parents who already hold UOB credit cards or mortgage accounts for easy tracking. The interest rate is standard but sign-up gifts can be quite attractive.

SK

Shirley K.. · First-time mom · Baby at 1 month

Honestly just picked UOB because my salary gets credited there and I didn't want another banking app cluttering my phone.

Expert guidance

Your CDA (Child Development Account) bank choice affects how easily you top up funds and manage approved baby expenses. MSF states the Baby Bonus Scheme lets parents open the CDA with DBS/POSB, OCBC, or UOB, with government co-matching tied to the scheme rather than a superior bank. What matters most is choosing one of the 3 approved banks that fits your daily transfers, branch access, and account setup.

Official sources

DollarsAndSense

MSF

Parenting decisions are personal, and every child is different. The information shared here includes real experiences from moms and guidance from expert and public sources, but should not replace professional medical or healthcare advice.

0 of 5 decisions made 0-3-months

0% complete5 remaining

Which approach is best to help my baby sleep?

How strict should I be about visitors after delivery?

Should I give my baby a pacifier?

How should I handle my newborn's jaundice?

Which bank should I use to open my baby's CDA account?