It has been 3 years since my last article on Baby Bonus benefits and a comparison of which Child Development Account (CDA) was best to go with. Now that I’m pregnant with our second child, I realized that there has been several changes – some good, some bad. While this post is an update on CDA, you may also want to read this post for the latest changes on how much baby bonus (and other monetary incentives) you can get from the government if you’re now pregnant or giving birth this year.
Back in 2018, we opened Nate’s account with POSB Smiley CDA because we felt it was the best among the 3 local banks as it:
- offered 2% p.a. interest upfront with no limit,
- had attractive merchant tie-ups for discounts (we’ve been using it to get 5% off at My Greatest Child)
- had a promotion for a free SIA Infant ticket on economy class (which we used for a family trip