Children Development Co-Savings “Baby Bonus” Scheme - Singapore

Singapore offers a comprehensive system of savings accounts from birth to retirement. First, every child receives a Baby Bonus, with $3,000* for the first and second child and $6,000 for the third and fourth child deposited directly in to a savings account. In addition, families can save into a Children’s Development Account for their second, third, and fourth child and have these savings matched up to a maximum of $6,000 for their second child and up to $12,000 each for their third and fourth children. These savings can then be used for child care, kindergarten or other early education expenses for any of the family’s children. Any remaining savings once the child reaches school age are rolled over into a Post-Secondary Education Account.
*all figures are in Singaporean dollars
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