After Foolish Chameleon's comment at my last post, it made me realize that public awareness of the Post-Secondary Education Account (PSEA) is abysmal. In fact, I did not know about the PSEA until around 2 years ago. Back then, I was searching for short academic programmes to take and PSEA was one out of many payment options I could use to fund my education.
So what exactly is PSEA? Where did the money come from? Is it related to Edusave? How do I know how much money I have in the account?
The information is quite hard to find, but according to this old article here, the funds from one's Edusave account is transferred to the PSEA once you reach 16 years old or when you leave secondary school (whichever is later).
How do you know how much money you have? Check out the screenshot below (or visit this FAQ page for more information).
Interestingly, the PSEA balance will earn interest rate for you as well! Currently, it is at 2.5% per annum.
Finally, the PSEA will be closed once the person turns 30. The money will be automatically transferred to one's CPF OA.
Hope this helps!