Hence, it is important that you go with a bank that will hopefully minimize your regrets later on, even if rates change. Unlike your own high-yield savings account(s), parents cannot simply switch their child’s CDA provider at whim it can only be closed when government instructions are received. From being the worst to open your child’s CDA account with in 2021 ( given their rates of 0.6% – 0.8% back then, as captured here), OCBC is now officially the best CDA account to open if you’re looking at current rates. I was thus curious, what about for the kids, particularly on the Child Development Account where we don’t spend as much or as frequently on?Īs it turned out, OCBC is the only bank to have raised their interest rates so far. Most of the local banks have also been keeping up, and rewarding consumers who continue to bank and spend with them by increasing the interest rates on high-yield interest savings accounts. What a difference a year makes! It has been only 1 year since I last revised my article on Baby Bonus benefits and a comparison of which Child Development Account (CDA) was best to go with, and that was back in 2021 as we prepared for the birth of our second child.Īnd yet, in a single year alone, our world has ushered in an era of higher interest rates and inflation.

Ocbc fixed deposit rate 2023 calculator