Both kids got their saving accounts opened & activated finally. This will be useful for them to learn how to save & withdraw money for the neccessary.
I have just found out that depositing money into their account does not require any ATM card & password. Keying in the account number will do. But what about withdrawal? So ATM card is still neccessary right?I have applied an ATM card for Lionel & will be applying another one for Rachel.
Prior to this, Lionel's CDA (child development account) has been closed & his balance being transferred to his PSEA (post secondary educational account).
** I have received a letter from MOE indicating that the balance in Lionel's CDA has been transferred to his PSEA which was created for him on 27 Jan 2012.
Whereas for Rachel, we can still continue to deposit money into her CDA where it will matched up to a cap of $6000, she being the 2nd child.
Scenario 1: if she has $6000 in her acct, it will be matched to the max. of $6000, so she has a total of $12000
Scenario 2: if she has $8000 in her acct, it will be matched to the max. of $6000, so she has a total of $14000
Correct me if i am wrong here.
I have just deposited some $$ into her CDA so by next month, i shall received the dollar for dollar matching.
Right nw, my priority is their savings account where all the $$ that they received will be banked in. This is a joint account under my name so any withdrawals needed will have to go thru me. Haha... i am so in control.
Still have not find time to count the kid's Chinese New year ang bao money yet. Anyway, will divide the total by 2 & deposit into individual accounts.
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