Who is eligible
If a Singaporean is eligible for a Child Development Account (CDA) and has unspent balance in their CDA, a PSEA will be opened for them:
- In the year they turn 7 years old for a child born between 2001 and 2005, or in the year they turn 13 years old for a child born after 2005.
- For parents who have not saved up to the CDA contribution cap, they can continue to contribute to PSEA and receive the government’s matching grant until the contribution cap is reached, or when the child turns 18 years old, whichever is earlier. We will send a letter to inform parents of the amount transferred, how much more they can co-save and how to make further contributions, if applicable.
If your child’s CDA balance has been transferred to PSEA and the contribution cap has not been reached, you can continue to contribute to your child’s PSEA through the following payment channels:
- Click on DBS or POSB icon.
- Select ‘Services'.
- Select ‘PSEA Services'.
- Select ‘Top Up PSEA Account'.
- Cash at any DBS or POSB, OCBC, or UOB Bank Branch.
- UOB Cash Deposit Machine.
- Cheque at any OCBC or UOB cheque drop boxes.
- The cheque must be crossed and made payable to ‘Ministry of Education Post-Secondary Education Account’.
- The payee has to write the following information on the reverse of the cheque:
- Their name and contact information.
- Their child or ward’s Birth Certificate Number or Citizenship Certificate Number or Identity Card Number.
Parents who are account holders of the following banks
- OCBC ATM
- Select Bill Code 6001 for ‘MOE PSEA Contribution’.
- UOB ATM
- DBS or POSB or UOB Internet Banking
- DBS or POSB Mobile Banking
- Funds transfer at any OCBC or UOB bank branch
As announced at Budget 2019, a top-up will be provided to Singaporeans’ PSEA to assist households in saving for tertiary education.
The amount will depend on the Annual Value of Home. For children 17 to 20 years old with an Annual Value of Home (as at 31 December 2018) of:
- Up to $13,000, they will receive $500.
- More than $13,000, they will receive $250.
If a Singaporean is eligible for the PSEA top-up, a PSEA will be opened for them if they do not already have one. The top-up will be done automatically in mid-2019.
If a Singaporean has an Edusave account, the balance will be transferred to PSEA in the year they turn 17 years of age or is no longer studying in a MOE-funded school, whichever happens later. We will send a letter to inform the account-holder when the transfer is effected.
If a Singaporean is eligible for the first payment of the National Service Housing, Medical and Education (NS HOME) Awards, a PSEA will be opened for them if they do not have one.
Learn more about the NS HOME Awards. Select your user group and type “NS HOME Awards” under the search function.
If a Singaporean is eligible for the annual education bursary under the Home Ownership Plus Education (HOPE) Scheme, a PSEA will be opened for them if they do not have one yet.