Best Baby Bonus Scheme Interest Rates For Singapore CDA Account
For Singaporeans who are eligible for the Baby Bonus Scheme, two banks in Singapore are offering very high savings deposit interest rates for the Children Development Account (CDA) to attract parents to sign-on. OCBC and Standard Chartered Bank are two banks, who won the right to take over from DBS Bank, offering some of the highest and best interest rates on the savings deposit in CDA deposit accounts that parents will open / transfer for their babies, kids and young children.
These promotional high deposit interest rates on Baby Bonus Scheme Children Development Account (CDA) on their savings deposit account are available at OCBC and Standchart only. Note that the rates apply for a limited time period only. Freebies and extras are also being offered to woo parents to sign up with them. For the current 107,000 CDA savings deposit account holders, this current state of interest rate competition is music to their ears.
The interest rates on children development account are shown here (in alphabetical order):
(1)
OCBC CDA Rate = 2.05% p.a. (1.00% p.a. + bonus rate of 1.05% p.a. )
OCBC website. Check here:
http://www.ocbc.com.sg/personal-banking/mightysavers/babybonus/ocbc-cda/index.html
(2)
Standard Chartered Bank CDA Rate = 2.00% p.a.
Standard Chartered Bank website. check here:
http://www.standardchartered.com.sg/cda/faq.html
Both these promotional interest rates for Baby Bonus Scheme Children's Development Account (CDA) will be valid from 1 August 2008 to 30 September 2008. Promotional interest rates are subject to change without prior notice.
We predict that the rates will not drop too much after this period as the banks still need to compete to get NEW baby bonus scheme parents on board. As a comparison, DBS gave an interest rate of 0.25% p.a. on the same baby bonus scheme for children development account (CDA).