How does the Child Development Account (CDA) work? The savings will be matched up to the cap of $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child.he CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age.