How can I change my bank account to receive cash gift(s)?
The Baby Bonus cash gift will be paid to the Child Savings Account (CSA) as a default.
You can change the bank for your Child Development Account (CDA) and CSA. When you change to a new bank, the existing CSA will be converted to a normal joint savings account. Any balance will remain in the account. A new CSA will be opened automatically with the new CDA by the new bank. Any remaining Baby Bonus Cash Gift will be paid into the new CSA as scheduled.
The process to change bank will take around 6 working days.
Related questions
Can I change bank for the Child Development Account (CDA) and Child Savings Account (CSA)?
My child's Baby Bonus Cash Gift is currently paid into my nominated bank account. If I proceed to change Child Development Account (CDA) trustee or bank, what happens to my Baby Bonus Cash Gift?
I prefer to receive the Baby Bonus Cash Gift in my nominated bank account, instead of the Child Savings Account (CSA). Can I do so?
When do I need to change the Child Savings Account (CSA) joint account holder and Child Development Account (CDA) trustee?
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