24 June 2015

Standard Chartered Bank No Longer Accepting New CDA Account

Yesterday I opened my mailbox and saw the authorization letter from MSF to open the CDA account, the letter is dated 17 Jun 2015, it stated that I can bring the letter, my ID card and baby's birth cert to OCBC or Standard Chartered Bank to open the account.

So this morning I went to the Holland Village branch, since today I am on childcare leave, thanks to government for the 6 days haha, anyway I wanted to open the account with OCBC but that branch opens at 11am, I was there at around 9.30am, so I thought I might as well try SCB since it's just beside and it opens at 10am. I waited until 10am and went in, the teller told me they no longer open CDA account, I was so surprised, so I asked her if other SCB branch can open and she said all no longer open, ok, so I called the baby bonus hotline at 1800 253 7707, the lady apologized to me and told confirmed that SCB no longer accept new account request, she told me to try OCBC and said that there will be new agent bank for the CDA account.

So I waited until 11am and tried the OCBC branch, managed to open the account and I deposited $500.

Also I found the news article on the change, seems like it's a recent change, but they should at least update the letter lah, I login to baby bonus website it's still telling me that I can open account at SCB, lucky for me the 2 banks are side by side so still okay.

http://www.straitstimes.com/news/singapore/more-singapore-stories/story/dbs-and-uob-appointed-new-managing-agents-child-developm

I intend to deposit the baby bonus into the CDA account, I find that it's a very good deal, put $6000 and government top-up $6000, total baby get $12000, I'm really not sure if baby can use finish, but by 12 years old there's still money left, it will be transferred to her post-secondary education account, can be used for her school fees, but I think maximum I will put only $6000, if really want to save money for her own use, better open a normal savings account but I don't see a need now, I might as well invest the money in stocks.

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