Embarking on the journey of parenthood in Singapore comes with its unique set of challenges and joys, especially when it comes to financial planning for your little ones. After speaking to our partner financial advisors, hours of research, and speaking with many of our readers, I’ve come to appreciate the lifeline the Child Development Account (CDA) offers. It’s like discovering a secret financial toolkit designed specifically for your child’s early years. In this post, you’ll uncover:

• The essentials of the Child Development Account and how it benefits your child
• Insights into eligibility criteria, including for adopted children
• A breakdown of interest rates and how to maximise your CDA
• Guidance on withdrawals and the strategic timing for opening a CDA
• Practical tips on making payments with your CDA

Whether you’re a new parent feeling a bit lost in the maze of financial products or you’re on your way to welcoming another member to your family, this guide...