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?

Question

Accepted Answer

A new Child Savings Account (CSA) will be automatically opened by the CDA bank under the nominated CDA trustee.

Any remaining Baby Bonus Cash Gift will be paid into the new CSA opened for the new CDA trustee.

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?

Topics:

Related questions

How can I change my bank account to receive cash gift(s)?

What can I use the Baby Bonus cash gift for?

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?

What happens if the Child Development Account (CDA) trustee is changed?

Need more help?