Wednesday, October 14, 2015

Child Development Account (CDA) Comparison

So we have a baby and since Standard Chartered has this priority banking feature for the whole family, i thought let's sign up the whole family to be under the scheme and along with it came the Standard Chartered Child Development Account (CDA). A few weeks later, they announce they were exiting this business which coincidentally, many local banks started to come up with a slew of promotions to entice one to sign up for their CDA accounts.

POSB CDA 
UOB CDA
OCBC CDA
Summary
POSB - 5 year guarantee of 2% pa for first $12,000 and 0.05% pa, thereafter.
UOB - 1.7% pa for first $20,000 amd 2 % thereafter.
OCBC - 2% pa for first $36,000 and 0.05%pa thereafter.

Seriously, UOB can go fly kite, since who in their right mind will put in so much money to be locked up in a CDA account just to reach that "promotional" 2% pa.  For a single baby family, the optimum amount to put in will be $12,000 ( i place in $6000 + the maximum government matching of $6000). POSB and OCBC is similar for the optimal amount but i went for POSB instead for their transparent guarantee of 5 years.
Thankfully, the process to switch CDA account was painless and surprisingly quick as our fabulous government made it easy to switch online through this link.

Time to look for a breast pump as the hand me down medela swing ( this only pumps one breast at a time) took more than one freaking hour to use, which makes Wifey very frustrated which results in a not that great time for the Hubby. Buy a double pump one(pumps two breasts concurrently) instead as it takes half the time. 

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