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?

Question

Accepted Answer

For an eligible child who is enrolled for the Baby Bonus Scheme on or after 1 July 2024, a CSA will be opened automatically at the same time when a CDA is opened. The Baby Bonus cash gift will only be paid into the CSA. There will be no minimum balance requirement, fees or charges imposed on the CSA.

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?

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