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Monday, April 25, 2016

The Best Child Development Account (CDA) in Singapore

Hey! If you are here because you are thinking of which bank to open a Child Development Account (CDA), then congratulations! You will soon be welcoming your bundle of joy to this world!

First off, let me explain what the CDA is all about. The Baby Bonus Child Development Account (CDA) is a co-savings scheme, where savings deposited by parents into the CDA are matched dollar-for-dollar by the Government, up to a specified ceiling, depending on the child's birth order. The CDA monies can be used at Approved Institutions (AI), such as Child Care Centres, kindergartens, Hospitals, Clinics, Pharmacies  and Optical shops. 

Yes! You can even use the money for your Pediatrician visits and for Vaccinations.

This article will compare the CDA from each of the 3 local banks and help you make the best choice, to give your child a head-start he/she deserves!

CDA First Step Grant (NEW!)

If your child is born on or after 24 March 2016, he/she is eligible for the CDA First Step grant of S$3,000 (announced on Budget Day 2016). To receive the grant, parents must wait until 1 July 2016 before saving in the child’s CDA. Since the CDA First Step Grant is a government initiative, the benefit is the same across all 3 banks!

1. POSB (Smiley CDA)

Interest Rate: 2% (Up to a max. of S$12,000 for 1st & 2nd Child)
Remaining balance: 0.05%p.a


- 2% interest is guaranteed for 5 years
- Baby Bonus NETS Card ( Discounts on various online, retail and dining merchants).


Interest Rate: 2% (Up to a max. of S$36,000)
Remaining balance: 0.05%p.a


- 3% Cashback on medical spend, on top of existing benefits with OCBC 365 Credit Card. 
- Discounts with the OCBC Baby Bonus Card at bookstores, optical shops, enrichment courses and other merchants like MindChamps and Kinderland.

3. UOB (CDA)

Interest Rate: 2% (With no deposit cap on all balances)

Remaining balance: N.A


- Kungfu Panda gift set promotion*


Regardless of your choice, the CDA is a must to give your child a head-start in life. Whether you intend to use the money for enrichment, education and heathcare (at approved institutions), the government will provide a dollar-for-dollar matching up until the cap, based on the order of your child.

Hopefully this article has helped you in your parenting journey!


*Singaporean parents do not need to make a trip to the bank to open a CDA.
*The funds in the CDA cannot be withdrawn in cash.
*All banks will issue a Baby Bonus NETS card to the parents.
Credits: Babybonus

Thursday, April 07, 2016

Shipping Amazon Purchases to Singapore using ezBuy (Formerly 65Daigou)

The U.S dollar has weakened slightly from the highs of S$1.45 to about S$1.35 (As of writing of this article). Perhaps it is time to consider making that Amazon purchase that you have always wanted (Don't forget to get your Cashback!). Whilst Amazon does provide shipping to Singapore on certain purchases (e.g Books, Clothing and Shoes), there are also some really good deals on items that do not ship direct (e.g Electronics, Tech. Gadgets and Health Products). 

If you are interested to get a product that does not ship directly to Singapore, you can use a freight forwarding service like ComGateWay, Borderlinx or ezBuy!

In this article, we will explain and provide a step-by-step guide on how to buy and ship an item from Amazon to Singapore using ezBuy.

Our experience with ezBuy has been positive and it has one of the most competitive freight forwarding rates in the USA.

1. Create an ezBuy Account

Create an ezBuy account (if you have not) and select "Ship-For-Me"->"Forwarding Address" to get your unique forwarding address.

This is the address that you would be shipping your Amazon purchases to. 

2. Setup the Address in Amazon

Login to Amazon, Go to "Your Account->Manage Addresses" to setup your ezBuy address (it should look like the screenshot below).

3. Browse for the item

Start Shopping!

Search for the item that is available in Amazon (In this example, the product is unavailable in Singapore and its variant is significantly cheaper if bought from the US/Amazon).

Certain electronics are also comparatively cheaper in the US than in Singapore, Example, this PS4 Slim would typically cost >$450 in Singapore. But buying it on Amazon (On Cyber Monday - US$212) Would likely cost you about $340 inclusive of freight from a forwarder. Do note about the warranty of these products. Some provide global warranties while others are only applicable in the US.

Do note that certain items are eligible for global shipping (direct from Amazon). If that is the case, you can ignore the remainder of this article and ship direct instead of using a freight forwarder.

4. Checkout and select the ezBuy Address

Make your payments and select the ezBuy address that you have just created. The items will be delivered to that address. Once the purchases have been shipped by Amazon, you can proceed to step 5.

5. Inform ezBuy of your purchases

Login to ezBuy and click "+ Submit New Order".

Copy and paste the product URL and Tracking No. This will facilitate the processing of your package when it arrives at the USA Address (Warehouse).

6. Pay and Receive

Login to ezBuy and select "Ship-For-Me -> Arrived".

Under the "USA" tab, you will see the total chargeable weight of the package. The rates (at time of article) are charged at S$ 3.99 per 500g (no base charge).

Choose your preferred delivery method, pay, receive the goods and enjoy!

For more help on the ezBuy purchasing guide.

* This is NOT a sponsored or paid article.