With Chinese New Year fast approaching, it means that it’s time to wrap some angpaos if you’re a parent. Source: The Asian Parent But you’re a parent, this also means that your damage is not that huge because… Your money will be re-routed into your children’s pockets instead. If you’re looking for somewhere to place your child’s money, why not look into starting a savings account for them? Kids Savings Account vs Child Development Account (CDA) Source: Tenor You might be familiar with the Child Development Account (CDA), which is a special savings account which provides government matching to savings, grants and cash gifts which can be spent on approved uses. It can be opened at POSB/DBS, OCBC or UOB. The CDA can be used to offset baby expenses including, but are not limited to:

• Child Care Centres
• Kindergartens
• Special Education Schools

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