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

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

2. OCBC (CDA)

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

Remaining balance: 0.05%p.a

Others: 
- 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

Others:
- Kungfu Panda gift set promotion*

Summary

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!

Notes:
*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*The funds in the CDA cannot be withdrawn in cash.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

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.

Best Savings Accounts in 2016

The New Year has arrived! With all the gloom and negativity about the global economy, rising interests rates and potential financial crisis, i thought it would be a good time to share some of the best savings account in Singapore. So that you can stretch your interest income without experiencing the risks and volatility of other financial products like stocks or REITs.

I have shared my technique on earning that additional 1.0% on my savings. In essence, i move my spare savings around different banks, thereby qualifying it as 'fresh funds', to enjoy the promotional interest rates - which definitely beats leaving it in a traditional savings account.

Since i have benefited from this, i would also highly encourage you to leverage on the current fresh savings deposit promotions in the coming new year and enjoy the promotional interests on your savings now!

1. e$aver Account (Standard Chartered Bank)

The Standard Chartered Bank's eSaver account gives the best interest rates for deposits of fresh funds less than $200,000. Enjoy a 1.5% p.a interest for fresh deposits during the promotion period. 

2. Uniplus Account (UOB)

The 2016 Chinese New Year promotion for Uniplus features a bonus interest rate of 1.0% to 1.4%, depending on the amount of fresh funds deposited and held in the account for the period till 29-FEB-16.

In addition to the bonus interest, you can also enjoy (while stocks lasts) a 24K gold-plated RISIS Bountiful Monkey Figurine* (worth S$238) when you deposit Fresh Funds of S$108,000.

3. iSAVvy Savings Account (Maybank)

For people who are disciplined savers, Maybank iSAVvy Savings Plus Account is a step up savings account that will reward you for consistancy. With this savings account, you will not only earn an interest of 0.30%-0.38% a year but you will also be rewarded with additional interest on interest as high as 6%, credited at the end of the 6th month. 

The current CNY promotion also includes an additional 1% interest on fresh funds. *Do note that the promotion ends on the 31-JAN-16.

4. 360 Account (OCBC)

For those who still haven't opened a 360 Account, 2016 is the time to do so. It is by far the best savings account (Especially if you are an OCBC credit card user) for up to $60,000.

You can refer to our article on the Best Interest Rates products here!.

A Quick Comparison

	SCB		UOB		Maybank		OCBC *
<S$50,000	1.45%	<S$50,000	1.10%	<S$50,000	1.30%	Up to $60k	Up to 3.35%
S$50,000 to <S$200,000	1.50%	S$50,000 to <S$100,000	1.30%	S$50,000 to <S$200,000	1.38%
≥S$200,000	1.60%	≥S$100,000	1.40%	≥S$200,000	1.50%		*With conditions

Taobao Direct Step by Step Guide (淘宝直送)

During the recent wildly successful Singles Day 11.11 sales, which recorded a whooping $14 Billion worth of sales for Alibaba, i made some purchases using the Taobao Direct (淘宝直送). The purchases were made with the intention to share some of my personal experience with you guys, especially those looking to choose between the various shipping options.

So here's the guide to share some of my experience with this relatively new method of purchasing from Taobao. For the purpose of the review, i would assume that you are already familiar with Taobao shopping. 

For my other guides on freight forwarding and 4PX, you can refer to the Taobao Related Links on the menu.

Lets start with the shopping cart check out process... 

*(refer to this link if you need help on the Taobao account creation).

1) Choose Direct Shipping (淘宝直送)

You will be prompted to select a method of shipping. "淘宝直送" is a seamless service provided by the freight company ZTO (CN), in partnership with DPEx (SG) for delivery of packages to Singapore. Read more about it here.

2) Pay for your purchases INCLUSIVE of freight

So here's the great thing about using Taobao Direct. Your shipping costs are fully calculated during check-out. For my purchases, i was charged a total of 39RMB. 

Complete the payment process via Alipay (eNETs or Credit Card).

3) Check the consolidation process (Optional)

Once you have completed the payment process, you can either track the flow of your purchases or move on to step 4 - "Receive your package". 

To track the consolidation process at the ZTO warehouse, select 淘宝集运-> 国际物流订单. You will be brought to the screen below, which shows the status (订单状态) of your purchases.

Clicking on the individual items will show the flow of goods. Typically Ordered->Domestic Shipping -> Arrived at Warehouse -> Overseas Shipping -> Delivered.

The last of my purchases reached the ZTO warehouse on the 19-Nov. It took a total of 9 days for the packages to be consolidated and sent out from the warehouse on the 28-Nov. When the packages are sent from the ZTO warehouse, the status will be updated to "已出库"

4) Receive your package

Wait for your package to be delivered to your doorstep. There is NO additional consolidation/payment step that is typically required for the 3rd party or Taobao appointed forwarders (e.g 4PX, 65daigou, peeka, etc).

Summary

PROS

I was quite impressed by the fact that Direct Shipping is able to provide the cost of freight at check-out. This definitely helped me make my decisions and prevent shipping bill shocks.

CONS

ZTO strives to consolidate and send packages between 3-5 working days, for all SG orders. However, i was left disappointed by the amount of time it took for them to do it. My last of my orders reached the warehouse on the 19-NOV, but the whole package was only sent out on 28-NOV. It took a grand total of 7 working days!

Perhaps it was the busy 11.11 sales period which caused the logistic backlogs. Nevertheless, unless there is another promotion on the shipping price for 淘宝直送, i would very much prefer to stick faster and perhaps more reliable freight forwarders like 4PX or 65Daigou.

Updates (4 Dec):
Packages arrived to my doorstep. The air freight from China to Singapore took 6 days (or 4 working days). My items were packed in a gunny sack and secured together using clear tape. The 2nd package arrived 2 days later, on the 6th Dec, containing one of the purchase that was omitted in the gunny sack that arrived on the 4th DEC.

Related: Taobao Direct Shipping, Pros and Cons

Taobao Direct Shipping

Online shopping on Taobao has become more common place among the young and tech savvy. With the amazing amount of deals available, it is no surprised that Taobao has become one of the largest eCommerce site in the world.

When shopping online, it is important to find a right seller, but equally important to know the options you have for shipping. A right mix between value, timeliness and reliability would enhance your shopping experience. So without further ado, let us discuss the methods of shipping available on Taobao:

Option 1: Direct Shipping

Option 2: Taobao Consolidate and Ship (Eg. 4PX Forwarding)

Option 3: Independent Freight Forwarders (Eg. Peeka, 65Daigou)

This article will focus on the relatively new "Taobao Direct Shipping" method. 

Taobao Direct Shipping is a fully integrated freight forwarding service provided by ZTO in partnership with DP EX (For Singapore). It works similar in method to the other 2 options, except that the cost of freight is calculated and charged during check-out.

Why Direct Shipping ?.

Immediate Cost Estimates

The main advantage of Direct Shipping is the immediate cost calculation at check-out. This will help in making your purchase decisions and prevent bill shocks - Imagine buying an item online and having to pay for shipping that costs many times more than the item!

No additional consolidation and check-out

Once you have paid for the order, you will not be required to log-in to consolidate and pay for shipping again (unlike Option 2 and Option 3). Taobao will consolidate, pack and send the order as per the check-out cart.

Delivery Guarantee

According to the official Taobao site, it usually takes 5-7 working days to ship from China to Singapore. A nice touch provided by Taobao is a delivery service guarantee*:

• 50% (Capped at 50RMB) for deliveries that are later than the guaranteed delivery time. 
• Full refund of item and freight (Capped at 2000RMB) for failure to deliver in 15 days

* Warehouse-to-end delivery time: 10 working days during Nov 11 - Nov 25.

Summary

We have tried Direct Shipping once. It took in total of 7 days from check-out to delivery. Not exactly the fastest, but definitely more convenient and NO shocks from shipping costs.

If you haven't already tried the Direct Shipping option, now is the perfect time ! With the upcoming 11.11 (11-November) singles day promotion, you will be able to enjoy a discount on your shipping costs (First 25000)! Happy Shopping!

Do read more of our Taobao Direct Shipping experience and Step-by-Step guide here.

Credit: Official Taobao direct shipping guide