How to Check Your Edusave Balance: A Comprehensive Guide

Introduction

Edusave is a national education savings scheme in Singapore that helps parents set aside funds for their children's education. The scheme offers various benefits, including dollar-for-dollar government matching and tax relief on contributions. Parents can use the funds to pay for education expenses such as school fees, uniforms, and enrichment courses.

Checking your Edusave balance is crucial to track your savings and plan for your child's education. This guide will provide you with detailed instructions on how to check your Edusave balance through multiple channels.

Checking Edusave Balance Online

1. Visit the MyEdusave website at: https://myedusave.moe.gov.sg/
2. Log in to your account using your SingPass or National Registration Identity Card (NRIC) and password.
3. Once logged in, you will be directed to the MyEdusave Dashboard.
4. Your Edusave balance will be displayed prominently on the dashboard.

Checking Edusave Balance via SMS

1. Type EDUBAL and send it to 79792.
2. You will receive an SMS with a link to access your Edusave balance online.
3. Click on the link and follow the prompts to create a temporary 4-digit password.
4. Enter the temporary password to view your Edusave balance.

Checking Edusave Balance via Phone

1. Call the Edusave Contact Centre at 1800-333-0666.
2. Provide your NRIC number or SingPass login ID to verify your identity.
3. The customer service representative will confirm your Edusave balance with you.

Understanding Your Edusave Statement

Your Edusave statement provides a detailed overview of your account activity, including:

• Contributions made by you and the government
• Withdrawals made for education expenses
• Investment earnings accrued on your savings

You can request an Edusave statement by:

• Logging into your MyEdusave account and selecting 'Statement' from the menu.
• Calling the Edusave Contact Centre at 1800-333-0666.

Additional Information

• Minimum contribution: S$20 per year
• Maximum contribution: S$360 per year (excluding government matching)
• Government matching: Dollar-for-dollar matching up to S$360 per year
• Tax relief: Up to S$8,000 per year (subject to prevailing tax rates)

Strategies for Maximizing Edusave Savings

• Start early: The sooner you start contributing, the greater your savings will be over time.
• Contribute regularly: Set up an automatic transfer from your bank account to your Edusave account.
• Take advantage of government matching: Contribute up to the maximum amount to receive the full government matching.
• Consider investing your savings: Edusave offers various investment options that can potentially grow your savings faster.

Pros and Cons of Edusave

Pros:

• Government matching: Dollar-for-dollar matching up to S$360 per year
• Tax relief: Up to S$8,000 per year
• Flexibility: Funds can be used for a wide range of education expenses
• Long-term savings: Edusave is designed to help families save for their children's future education

Cons:

• Low contribution limit: The maximum annual contribution excluding government matching is only S$360
• Investment risk: Edusave offers investment options, but there is always some risk involved
• Income restrictions: Only parents with a gross household income of S$12,000 or less are eligible for government matching

Stories and Lessons

Story 1:

A parent named Alice started contributing to her son's Edusave account when he was born. She set up an automatic transfer of S$30 per month. Over the next 10 years, her son's Edusave balance grew to over S$5,000, including government matching and investment earnings.

Lesson: Starting early and contributing regularly can significantly boost your Edusave savings.

Story 2:

A family with a modest income took advantage of the government matching offered by Edusave. They contributed the maximum amount of S$360 per year, receiving an additional S$360 from the government. This enabled them to save over S$10,000 for their children's education.

Lesson: Government matching programs can be a valuable way to increase your savings for education.

Story 3:

A parent named David invested his daughter's Edusave savings in the Edusave Supplementary Scheme (ESS). Over the long term, his investment grew at an average annual return of 5%. This significantly increased his daughter's Edusave balance, providing her with a strong foundation for her future education.

Lesson: Investing your Edusave savings can potentially grow your savings faster and secure your child's educational future.

Call to Action

If you have not yet started contributing to your child's Edusave account, it is highly recommended that you do so. By taking advantage of the government matching, tax relief, and investment options, you can significantly increase your savings for their education. Visit the MyEdusave website today to create an account and start saving for your child's future.

Additional Resources

• Edusave Website
• Edusave Contact Centre
• Edusave FAQs

Table 1: Edusave Contribution and Matching Limits

Table 2: Edusave Investment Options

Table 3: Edusave Withdrawal Limits