What is it:
You would most likely have heard of the Baby Bonus Scheme, which gives out bountiful cash grants to married couples. Although unwed mothers are not eligible for cash grants under the Baby Bonus Scheme, they can still open a Child Development Account (CDA) to enjoy special interest rates with their banks.
Currently, both POSB and OCBC bank are offering an interest rate of up to 2% per annum for CDAs (as of Jan 2016). For the latest interest rates and offers, please contact either POSB or OCBC directly.
On top of that, some unwed mothers are also eligible for a one-time CDA fund of either $300 or $600 depending on their property annual value, provided they open their CDAs before 30 Jun 2016. These mothers would have already been informed by MSF via a letter before Dec 2014.
You can use savings in the CDA to pay for educational and healthcare expenses at all Baby Bonus Approved Institutions.
Update (13 April 2016): According to MSF, children of unwed mothers will be included in the CDA scheme from the third-quarter of 2016. This includes the dollar-to-dollar match as well as the $3K CDA First Step Grant.
To be eligible:
All Singapore citizen parents are eligible to open a CDA.
How to apply:
To apply, click on this link. Enter your Singpass details and fill up the online form.