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What happens if the Child Development Account (CDA) trustee is changed?
If the CDA trustee is changed, the existing Child Savings Account (CSA) will be converted to a normal joint savings account under the bank's standard terms. Any balance will remain in the account. A new CSA will be automatically opened with the new CDA Trustee, any remaining Baby Bonus Cash Gift will be paid into the new CSA.
Related questions
How do I request a change in the Child Development Account (CDA) Trustee and Child Savings Account (CSA) Joint Account Holder?
I just found out that my child has joined the scheme without my agreement. Can you change the Child Savings Account (CSA) and Child Development Account (CDA) trustee to me?
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Can I change bank for the Child Development Account (CDA) and Child Savings Account (CSA)?
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When do I need to change the Child Savings Account (CSA) joint account holder and Child Development Account (CDA) trustee?
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