If you are the parent who logs in to BBO to join the scheme and a CDA trustee, you can accept the Terms and Conditions of the selected CDA bank (DBS, OCBC or UOB) online. If your child has already joined the scheme but has not opened the CDA, you should use the "Services login" on the BBO homepage, and select "Opening of CDA" service to open the CDA and accept the Terms and Conditions of the selected CDA bank.
If you are the parent who logs in and your spouse is a CDA trustee, your spouse (CDA trustee) will receive a Baby Bonus link by email to accept the Terms and Conditions of the selected CDA bank online. The CDA will then be automatically opened within 3 working days after the CDA trustee accepts the Terms and Conditions of the selected CDA bank online. Note: If the CDA trustee is a foreigner or a third party CDA trustee, we will send the trustee an authorisation letter to open the CDA at any CDA bank branch. The trustee must produce:
I have submitted a request to change CDA bank through Baby Bonus Online. Can I cancel my request?
Baby Bonus Online services provides for convenience and fast service delivery. Given the instructions are sent to the banks directly through the system, we are unable to cancel your request to change CDA bank. If you wish to change back to the original CDA bank, please submit a fresh application after 3 weeks, when the process (i.e. opening of the new CDA, closure of the old CDA and transfer of funds from the old CDA bank to the new CDA bank) is completed.
Please note that as the old CDA has been closed, the original CDA bank will give you a new account number when the CDA is opened.
If you are using the CDA for fees payment through GIRO, do note that you have to set up new GIRO arrangement with the Baby Bonus Approved Institution when you change back to the original CDA bank.
My child's CDA is with SCB and he will be below 12 years of age by 31 December 2018. What should I do, since SCB will stop to offer CDA services after 2018? Can I switch to another bank before then?
You should transfer your child's CDA from SCB to DBS Bank, OCBC or UOB before 31 December 2018 using the Baby Bonus Online (BBO) system. You can take your time to consider and make the switch any time before 31 December 2018.
My child's CDA is with SCB and will be 12 years of age in 2018. Is there a need for me to switch to another bank?
If your child reaches 12 years of age by 31 December 2018, you can continue your child's CDA with SCB. The balance in his/her CDA will be transferred to the Post-Secondary Education Account (PSEA) in the year he/she turns 13 years old.
The CDA will be closed in January of the year when the child turns 13 years old. Any unused balance in the CDA will be transferred to the child's Post-Secondary Education Account (PSEA).You may continue to save in the PSEA until your child is 18 years old and receive the remaining Government matching contribution if you have not saved up to the maximum matching contribution in the CDA. More information on PSEA can be found at MOE's website at http://www.moe.gov.sg/initiatives/psea