How to Check EduSave Balance Online and Benefits of EduSave Contributions

Checking Your EduSave Balance

EduSave is a savings scheme for primary, secondary, and post-secondary students in Singapore. It was launched in 2000 to encourage parents to save for their children's education. Contributions to EduSave are topped up by the government, making it an attractive option for saving for education.

There are two ways to check your EduSave balance:

1. Online: You can check your EduSave balance online through the SingPass website. To do this, you will need to:
   • Log in to SingPass using your NRIC/FIN number and password.
   • Select the "EduSave" tab.
   • Click on the "View Balance" button.
2. ATM: You can also check your EduSave balance at any OCBC or POSB ATM. To do this, you will need to:
   • Insert your ATM card into the machine.
   • Enter your PIN number.
   • Select the "EduSave" option.
   • Click on the "Balance Inquiry" button.

Benefits of EduSave Contributions

There are several benefits to contributing to EduSave, including:

• Government top-ups: The government will top up EduSave contributions by up to S$300 per year.
• Tax relief: EduSave contributions are eligible for tax relief of up to S$7,000 per year.
• Interest earnings: EduSave accounts earn interest at a rate of 0.5% per annum.
• Withdrawal flexibility: You can withdraw funds from your EduSave account at any time without penalty.

Why You Should Contribute to EduSave

There are several reasons why you should consider contributing to EduSave, including:

• The cost of education is rising: The cost of education in Singapore has been rising steadily in recent years. By contributing to EduSave, you can help to offset these costs.
• You can get a head start on saving for your child's education: The earlier you start saving for your child's education, the more time your money will have to grow.
• You can take advantage of government top-ups and tax relief: The government top-ups and tax relief available for EduSave contributions make it an attractive option for saving for education.

How to Contribute to EduSave

You can contribute to EduSave in several ways, including:

• Online: You can contribute to EduSave online through the POSB Internet Banking website. To do this, you will need to:
  • Log in to your POSB Internet Banking account.
  • Click on the "Accounts" tab.
  • Select the "EduSave" account you want to contribute to.
  • Click on the "Transfer Money" button.
  • Enter the amount you want to contribute.
  • Click on the "Submit" button.
• ATM: You can also contribute to EduSave at any OCBC or POSB ATM. To do this, you will need to:
  • Insert your ATM card into the machine.
  • Enter your PIN number.
  • Select the "EduSave" option.
  • Click on the "Deposit Money" button.
  • Enter the amount you want to contribute.
  • Click on the "Submit" button.
• Bank teller: You can also contribute to EduSave at any OCBC or POSB bank teller. To do this, you will need to:
  • Bring your child's NRIC/FIN number to the bank.
  • Tell the bank teller that you want to contribute to EduSave.
  • Provide the bank teller with the amount you want to contribute.
  • The bank teller will process your contribution.

Effective Strategies for Maximizing EduSave Contributions

There are several effective strategies you can use to maximize your EduSave contributions, including:

• Start saving early: The earlier you start saving for your child's education, the more time your money will have to grow.
• Contribute regularly: Make regular contributions to your child's EduSave account, even if it is just a small amount.
• Take advantage of government top-ups: The government will top up EduSave contributions by up to S$300 per year. Make sure to contribute enough to receive the full top-up.
• Claim tax relief: EduSave contributions are eligible for tax relief of up to S$7,000 per year. Claim this tax relief on your income tax return.
• Consider a Supplementary Retirement Scheme (SRS) contribution: You can also use your SRS contributions to top up your child's EduSave account. This can help you to save even more for your child's education.

FAQs about EduSave

1. What is EduSave?

EduSave is a savings scheme for primary, secondary, and post-secondary students in Singapore. It was launched in 2000 to encourage parents to save for their children's education.

2. How do I contribute to EduSave?

You can contribute to EduSave online, at an ATM, or at a bank teller.

3. How much can I contribute to EduSave?

You can contribute up to S$300 per year to your child's EduSave account. The government will top up your contributions by up to S$300 per year.

4. What is the interest rate on EduSave accounts?

EduSave accounts earn interest at a rate of 0.5% per annum.

5. Can I withdraw funds from my EduSave account at any time?

Yes, you can withdraw funds from your EduSave account at any time without penalty.

6. What are the tax benefits of EduSave contributions?

EduSave contributions are eligible for tax relief of up to S$7,000 per year.

7. Can I use my SRS contributions to top up my child's EduSave account?

Yes, you can use your SRS contributions to top up your child's EduSave account.

8. How do I check my EduSave balance?

You can check your EduSave balance online or at an ATM.

Conclusion

EduSave is a valuable savings scheme that can help you to save for your child's education. By contributing to EduSave, you can take advantage of government top-ups, tax relief, and interest earnings. You can also use effective strategies to maximize your EduSave contributions and help your child to get a head start on their education.

Additional Resources

• EduSave website
• POSB Internet Banking website