Should we use our kids CDA or our bank accounts for their preschool (toddler, pg, K1, K2) fees and visits to the doctor in view of CDA having higher interest rates compared to a normal bank account?

Our kids CDA gives a higher interest rates as compared to our bank accounts or even the kids bank account.

Which would you actually use?

Discussion (1)

What are your thoughts?

Learn how to style your text

Davin

24 Feb 2020

CDA only can be used for kids purpose, in another words it's not fully liquid.
The 2% interest is slightly higher than other high yielding saving account (UOB one 1.85%), but not justifiable for me to keep too much money inside CDA.

Save

Write your thoughts

Which bank account should I use after the changes to UOB One account on 1st August 18 (interest rate decreased to 2.03%)?

If I have $10,000 in savings which I'm storing in my multiplier account, is it a good idea to use 50% of them to buy SSB, which offers higher interest rates?

Should I put money into the MSA since it has better interest rate as compare to the 'normal' savings account?

With so many banks revising their interest rate, which is the best account to use to credit our salary ?

Money market funds’ interest rate is always better and higher than saving accounts in banks. Is this always true regardless of the global economic situation?

Standard Chartered JumpStart Account

4.8

778 Reviews

Maximum Interest: 2.50% p.a. for balances up to S$50,000

INTEREST RATES

MIN. INITIAL DEPOSIT

MIN. AVG DAILY BALANCE

DBS/POSB Multiplier Account

4.4

321 Reviews

OCBC FRANK Account

4.7

211 Reviews

Which bank account should I use after the changes to UOB One account on 1st August 18 (interest rate decreased to 2.03%)?

If I have $10,000 in savings which I'm storing in my multiplier account, is it a good idea to use 50% of them to buy SSB, which offers higher interest rates?

Should I put money into the MSA since it has better interest rate as compare to the 'normal' savings account?

With so many banks revising their interest rate, which is the best account to use to credit our salary ?

Money market funds’ interest rate is always better and higher than saving accounts in banks. Is this always true regardless of the global economic situation?