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 ...
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