Check Edusave Balance: A Comprehensive Guide for Parents

Importance of Edusave

Edusave is a savings account created by the Singapore government to support the educational expenses of all Singapore Citizens (SC) and Singapore Permanent Residents (PR) studying in local schools. The primary goal of Edusave is to encourage parents to save for their children's education and to supplement the financial assistance provided by the government through various education schemes.

According to the Ministry of Education (MOE), Edusave had a total balance of S$1.76 billion as of December 2021, with over 1 million student accounts.

How to Check Edusave Balance

There are several methods to check your child's Edusave balance:

1. Edusave Online Portal: Visit the MyEdusave portal at www.medu.gov.sg and log in using your SingPass. You will be able to view your child's account balance, account details, and transaction history.
2. Mobile Banking: If your bank offers mobile banking services, you can check your child's Edusave balance through the bank's mobile app. Simply add your child's Edusave account as a linked account.
3. Postal Mail: You will receive a Statement of Edusave Account regularly by post. This statement provides a summary of all transactions and the current balance.
4. Schools: Some schools provide parents with access to their child's Edusave account balance through the school's online platform or mobile app.

Edusave Accounts for Different Stages

There are two types of Edusave accounts: Primary Edusave Account and Secondary Edusave Account.

Primary Edusave Account

• Open for students from Primary 1 to Primary 6
• Receives government contributions and Edusave matching grants

Secondary Edusave Account

• Open for students from Secondary 1 to Secondary 5
• Receives government contributions, Edusave matching grants, and top-ups from parents

Government Contributions

The government makes annual contributions to Edusave accounts, depending on the student's level of education:

Edusave Matching Grants

Parents who contribute to their child's Edusave account will receive a matching grant from the government. The matching grant is 50% of the amount contributed, up to a maximum of S$300 per year.

Benefits of Edusave

Encourages Savings: Edusave encourages parents to save for their children's education by providing matching grants and incentivizing regular contributions.

Supports Educational Expenses: Edusave can be used to cover a wide range of educational expenses, including tuition fees, school fees, and other educational materials.

Supplements Government Funding: Edusave complements the various education schemes and subsidies provided by the government, ensuring that all students have access to quality education.

Strategies for Maximizing Edusave

Start Saving Early: Open an Edusave account for your child as early as possible to maximize the government's contributions and matching grants.

Contribute Regularly: Make small but consistent contributions throughout the year to qualify for the maximum matching grant.

Take Advantage of Year-End Top-Ups: The matching grant period ends on December 31 each year. Make a lump sum top-up before the deadline to maximize the grant.

Effective Techniques for Edusave Management

Track Expenses: Keep a record of all expenses paid from your child's Edusave account to avoid overspending.

Explore Educational Discounts: Some merchants offer discounts on educational products and services for students with Edusave accounts.

Withdraw Funds Responsibly: Withdrawal of funds from an Edusave account is subject to certain conditions. Avoid unnecessary withdrawals to preserve the account's balance for future educational expenses.

Comparing Edusave Accounts

Edusave Accounts vs. Child Savings Accounts

Edusave Accounts vs. Fixed Deposits

Conclusion

Edusave is an important scheme that supports the educational journey of all Singaporean students. By understanding how to check the Edusave balance, maximize the benefits, and manage the account effectively, parents can ensure that their children have the financial resources necessary to pursue their educational aspirations. Remember to check your child's Edusave balance regularly and explore the various strategies for maximizing the account's potential.