LOOK TO POSB FOR THE BEST INTEREST RATES ON CHILD DEVELOPMENT ACCOUNTS
If you are looking for best interest rates on Child Development Accounts (CDAs) then you need to take a look at POSB, read on to find out more. POSB are to reward parents with an industry-leading interest rate of 2% p.a. on their CDAs as well as offering a wide variety of benefits too. 12,000 parents have already registered their interest to open CDAs with POSB – will you join them?
As the bank of choice for generations of parents in Singapore, POSB will be offering parents an interest rate of 2% p.a. for the entire duration on their CDAs opened with the bank. This is believed to the highest interest rate accorded by a bank on CDAs in Singapore! So if you, like many parents, are looking for best interest rates on Child Development Accounts, you just need to drop by your local POSB where parents can start enjoying the interest rate when they open their CDAs with POSB from 13 July onwards.
The interest rate will apply to the parents’ first and second child, up to a maximum of SGD12,000. For their third and fourth child, it will be up to a maximum of SGD 24,000 while the limit for their fifth child and beyond is SGD 36,000. This interest rate will be available to all new CDAs opened with POSB, including CDAs that parents choose to switch from other banks. Customers simply have to apply or switch to the “POSB Smiley CDA” at the MSF Baby Bonus Online Portal at www.babybonus.msf.gov.sg/parent
From 13 July onwards, POSB will be setting up designated booths at KK Women’s and Children’s Hospital and Thomson Medical Centre to assist parents with their CDA applications.
As part of POSB’s plans to help parents save for their children’s future, a joint POSBkids account will be provided as an option to parents with the opening of a “POSB Smiley CDA”. While parents start to plan for their children’s university education, the bank will also be giving away a special edition “Smiley Gold Bar” for the first 1,000 parents who sign up for any of DBS/POSB’s education savings plans. Children will also be able to enjoy comprehensive insurance coverage when they take up POSB Kids Care, a personal accident protection plan with over SGD 100,000 coverage.
As part of POSB’s plans to reward parents, they will receive a POSB Baby Bonus NETS Card where they can get to enjoy discounts and privileges at various online, retail and dining merchant partners like Mothercare, My Gym, VitaKids, etc. Parents will be able to use the card to pay for their childcare and medical expenses at Approved Institutions (AIs) registered with the Ministry of Social and Family Development.
The “POSB Smiley CDA” value proposition includes the following:
- 2% p.a. interest on their “POSB Smiley CDA” for the entire duration they are with the bank
- Discounts and privileges with POSB Baby Bonus NETS Cards Free Smiley Play Tent with every POSBkids account opened
- Special edition Smiley Gold Bar for the first 1,000 parents who sign up for any of the bank’s education savings plans
- Personal accident protection with POSB Kids Care with over SGD 100,000 in coverage
- Benefits at over 1,500 merchants with PAssion POSB Debit Card and daily savings with DBS/POSB credit/debit cards
- SGD 10 rebate into DBS PayLah! for online purchases on Qoo10, until September 2015
If you are looking for best interest rates on Child Development Accounts, contact POSB for more information POSB Smiley CDAs