Tick this box off your to-do list: All about the Baby Bonus and CDA Account

You’ll have a million decisions to make once your baby arrives; choose the right savings account now so you can start earning, mama

Expecting your first baby? We’ll spare you the sleep while you still can advice, but we do want to give you another hot tip from mamas who’ve been there: start researching your child’s savings account and the baby bonus now, like before they’re born. For one thing, kids are expensive, and it is never too early to start saving for their education.

For another, even if you somehow manage to grab a decent night’s sleep every now and then once bub arrives, you will suddenly be faced with an infinite array of decisions big and small: What bottle to use? Which vaccination schedule should I follow? When do I start introducing solid foods? Facebook groups and message boards (and, we hope, resources like Sassy Mama!) will suddenly play a much more prominent role in your life, because it’s always good to do your research.

While a lot of these decisions will depend on your baby’s individual preferences and behaviours, a savings account is more than just common sense, it’s essential. If you’re a Singapore citizen, you’ve got even more incentive to set up a Child Development Account (CDA) since the government will match your savings (up to $6,000 for your first and second child) with what’s fondly known as the baby bonus!

A strong CDA choice is the POSB Smiley CDA, which not only helps you save with 2% p.a. interest, it also helps you start parenthood off on the right foot with perks like a free Grab ride, 20% off Kids Care for personal accident protection, and exclusive discounts at over 50 merchants (including Sassy Mama faves like Mothercare, Playeum, and Ben & Jerry’s) with the POSB Baby Bonus NETS card.

What’s more, when you sign up for the POSB Smiley CDA you’ll also get a free POSBkids Account for when your little one is ready to start saving on his or her own. You can even teach your bub how to save from the start with a free Smiley coin bank – cute!

As one of Singapore’s oldest banks, POSB has a reputation as a local, community bank with a mission of helping families and children save for the future. So what are you waiting for, mama? You can apply for an account up to 8 weeks before your baby’s birth, and start saving the moment everything’s made official with a birth certificate. Take it from us, the more decisions you make ahead of time, the more your frazzled, tired brain will thank you later!

www.posb.com.sg/cda