I'm planning to set aside $500 every month for my kid future education expenses (eg primary school tuition fee, ballet). Any suggestions or recommendation on savings plan that can cater to my need?

Go for high interest bond

Personally i would suggest to work your way backwards.

Reasons on why:

1. Kid education expenses will be a definate thing you would incure in the future

2. If you plan without considering the inflation rate, you may fall short of the amount required.

3. Consider the inflation you will be looking at for example a boy would enter uni at 21 and a girl at 19

4. Is the savings plan catered to your needs, i.e you want it to help suppliment for your kid's tuition and at the same time save for their university fees or just for the tuition

I would also suggest to look on endowments that provides significant coupons annually that would suppliment your kid's expenses (tuition, textbooks, pocket money) and at the same time save for their university fees which would be greatly inflated in the time to come. Otherwise, the money saved could also be used for your own leisure / savings / retirement planning.

Hope that my suggestion will be useful for you:)

How's your risk appetite like? If you don't want to worry about stock market movements, get into high interest savings accounts like cimb's fastsaver, or citibank's maxi gain account. Or consider Singapore savings bonds as well. If you are ok with stocks and have a fairly long horizon, look into dividend aristocrats and kings. Or if US market is not your cup of tea, basket of s-reits (with strong sponsors) with distributions reinvested until you need to start using the funds.

Do take note of the time horizon that you are planning to save as well (how many years and how much did you want to save ??)