Check EduSave Balance: A Complete Guide

EduSave is a government-funded savings scheme that helps Singaporean students save for their future education. The scheme was launched in 1993, and has since helped over 1 million students save over S$1 billion.

How to Check EduSave Balance

There are several ways to check your EduSave balance:

• Online: You can check your EduSave balance online through the EduSaver portal. You will need to create an account with your SingPass to access the portal.
• ATM: You can check your EduSave balance at any ATM in Singapore. Simply insert your ATM card and select the "Balance Inquiry" option.
• Bank statement: You can also check your EduSave balance on your bank statement. The balance will be listed under the "Deposits" section.

How to Top Up EduSave Balance

There are several ways to top up your EduSave balance:

• Bank transfer: You can top up your EduSave balance via bank transfer from your personal bank account. The bank account number for EduSave is: DBS Bank (7171) 0000000100.
• GIRO: You can set up a GIRO deduction from your personal bank account to your EduSave account. This will allow you to automatically top up your EduSave balance on a regular basis.
• Cash: You can also top up your EduSave balance with cash at any DBS/POSB branch.

EduSave Withdrawals

You can withdraw your EduSave balance when you need to use it for education expenses. Withdrawals can be made online, at an ATM, or at a DBS/POSB branch.

EduSave Interest Rates

The EduSave interest rate is set by the Monetary Authority of Singapore (MAS). The current interest rate is 2.5% per annum. Interest is compounded annually.

EduSave Benefits

There are several benefits to saving with EduSave, including:

• Tax exemption: Contributions to EduSave are tax-exempt.
• Government matching: The government matches contributions to EduSave up to S$300 per year.
• Interest earnings: EduSave balances earn interest at a rate of 2.5% per annum.
• Withdrawal flexibility: EduSave balances can be withdrawn for education expenses at any time.

EduSave Usage

EduSave balances can be used for a wide range of education expenses, including:

• Tuition fees
• School fees
• Books and materials
• Transportation costs
• Accommodation costs
• Examination fees
• Music lessons
• Sports activities
• Enrichment classes

EduSave Alternatives

There are several other savings schemes that you can use to save for your child's education, including:

• Supplementary Retirement Scheme (SRS): The SRS is a voluntary savings scheme that allows you to save for your retirement and your child's education. Contributions to the SRS are tax-exempt, and withdrawals are taxed at a concessional rate of 5%.
• Children's Development Account (CDA): The CDA is a savings account that is specifically designed for children. Contributions to the CDA are not tax-exempt, but withdrawals are tax-free.
• Fixed deposits: You can also save for your child's education by opening a fixed deposit account with a bank. Fixed deposits offer a higher interest rate than savings accounts, but your money is locked in for a fixed period of time.

Which Savings Scheme is Right for You?

The best savings scheme for you will depend on your individual circumstances. If you are looking for a tax-exempt savings scheme that offers a high interest rate, then EduSave is a good option. If you are looking for a more flexible savings scheme, then the SRS or CDA may be a better choice.

Additional Tips

Here are a few additional tips for saving for your child's education:

• Start saving early. The earlier you start saving, the more time your money will have to grow.
• Contribute regularly. Even small contributions can add up over time.
• Take advantage of government matching. The government matches contributions to EduSave up to S$300 per year.
• Shop around for the best interest rates. Different banks offer different interest rates on EduSave accounts. Shop around to find the best rate for your needs.
• Consider a fixed deposit. Fixed deposits offer a higher interest rate than savings accounts, but your money is locked in for a fixed period of time.
• Get professional advice. If you are not sure which savings scheme is right for you, consider getting professional advice from a financial planner.

By following these tips, you can start saving for your child's education today.