To provide greater convenience for parents, all Baby Bonus Scheme applications can be made through the LifeSG mobile app or website from 1 July 2024. Newborns registered under the scheme will now have a Child Savings Account (CSA) to conveniently receive Government disbursements like Baby Bonus Cash Gift, education awards, and financial awards through electronic payments. The CSA is set up in addition to the Child Development Account (CDA).
Greater Convenience and Faster Services
2. The transition of Baby Bonus Scheme applications to LifeSG provides a one-stop app/portal for parents to apply for Baby Bonus and access a comprehensive range of services and information for newborns and young children, including the recently announced preschool search on LifeSG. With the new enhancements, parents who apply for Baby Bonus separately from birth registration get to enjoy an improved form-filling experience tailored to their individualised profile.
3. All parents can also complete account-related services at the CDA banks more quickly. For example, parents’ request for change of CDA banks will now only take six working days to complete, a significantly shorter turnaround time from around 21 days previously. A request for change of CDA trustee can be completed in three working days, a process which could take up to 10 days previously. These services can be performed directly using the CDA banks’ internet banking application or online portal.
Launch of Child Savings Account
4. The Ministry of Education (MOE) previously announced that it would provide every child with a personal bank account to facilitate government disbursements over the growing up years (including bursaries, awards, financial assistance given by MOE and Baby Bonus cash gifts by MSF). In line with this, a CSA will be automatically opened for children who are registered for the Baby Bonus Scheme from 1 July 2024 onwards. The CSA is a regular savings account held jointly by the CDA trustee and the child, with no restrictions on the usage of the monies. With the CSA, parents can conveniently receive Government cash payments and manage their child’s finances.
Supporting Families in their Parenthood Journey
5. These enhancements underscore the Government's commitment to support Singaporean families in improving the convenience and accessibility of child-related services, allowing parents to spend more quality time with their child.
6. Ms Sun Xueling, Minister of State for Social and Family Development and Home Affairs said, “Through the improved Baby Bonus services, we hope to support and help parents to focus on what matters most – bonding with their newborns. The new Child Savings Account also gives parents a headstart on saving for their child's future, providing valuable peace of mind during this precious time."
For more information on the Baby Bonus Scheme, please visit https://www.life.gov.sg/services/baby-bonus or refer to the eDM attached in Annex A.
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About the Baby Bonus Scheme
The Baby Bonus Scheme supports couples in managing the costs of raising children as part of the Marriage and Parenthood Package. Enhanced in February 2023, it provides cash gifts and Child Development Account (CDA) benefits to support parents in their child's early years. The CDA offers co-savings opportunities and government co-matching for eligible deposits. Funds from the CDA can be used for various child-related expenses at approved institutions. Parents can check eligibility and join the scheme at LifeSG at https://www.life.gov.sg/services/birth-registration.
Annex A