Last Updated: 24 May 2022
Post-Secondary Education Account (PSEA): Overview
The Post-Secondary Education Account (PSEA) is opened automatically for all eligible Singaporeans. Find out when that happens and what the account is about.
What the PSEA is about
The Post-Secondary Education Account (PSEA) is part of the Post-Secondary Education Scheme to help parents save for their children's post-secondary education. The PSEA is administered by MOE and is opened automatically for all eligible Singaporeans.
The PSEA funds can be used to:
- Pay for your child's or their siblings' approved programmes at approved institutions.
- Repay government education loans and financial schemes.
Find out where and how the funds can be used.
The PSEA balance will earn interest pegged to the CPF Ordinary Account (CPF-OA), which is currently 2.5% per annum.
When the PSEA will be opened
A PSEA will be opened for Singaporeans who have a balance in either their:
- Child Development Account (CDA) in the year they turn 7 years old for children born between 2001 and 2005, or the year they turn 13 years old for children born after 2005.
- Edusave Account in the year they turn 17 years old, or no longer studying in an MOE-funded school, whichever is later.
It will also be opened for Singaporeans who are eligible for:
- PSEA top-ups by the Government.
- The first payment of the National Service Housing, Medical and Education (NS HOME) Awards.
- The annual education bursary under the Home Ownership Plus Education (HOPE) Scheme.
Learn more about fund transfers and contributions to a PSEA. As part of the Household Support Package announced in Budget 2022, the Government will provide a top-up of $200 to the PSEA of Singapore Citizens aged 17 to 20 in 2022 if they are not eligible for the Edusave top-up. You will be notified through the Singpass app inbox on Monday, 30 May 2022. If you do not have the Singpass app, you will be notified via SMS.
Government top-up
If the Singapore Citizens are eligible for the PSEA top-up, a PSEA will be opened for them if they do not already have one. The top-up had been provided on Saturday, 21 May 2022.How you will be notified
Learn how to view messages on Singpass
When the PSEA will be closed
Your child's PSEA will be closed around the middle of the year in which they turn 31. Any unused funds will be transferred to their CPF-OA and subjected to CPF-OA usage rules. Once transferred, the PSEA will be closed.
Alternatively, if their sibling has a PSEA, they can transfer the balance to their sibling's PSEA when they receive the transfer option letter from us in the year they turn 31 years old.
When you will receive PSEA notifications
You will receive:
- A monthly transaction statement if there are contributions, withdrawals or refund transactions in the previous month.
- An annual statement of account in March each year. This shows the transactions and interest earned as at end-January.
- Letters when the top-ups from government, NS-HOME award and HOPE are made, or when balances are received from CDA or Edusave Account.