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10% Interest on Savings

July 10th, 2010 at 06:48 pm

One benefit of serving in a combat zone is the opportunity to invest money at 10% interest. Compounded quarterly. Oh. There is a limit of $10,000. Turns out we have that.

Today, DH made our first deposit of $7,000. There are some limits on how much you can put in at a time. However, next week when payday comes around again we can put in the remaining $3K. So the money will be in there right away earning some very nice interest until he comes home.

For any one else in the military that wants to know about this benefit, it is called the SDP, or Savings Deposit Program. Most finance offices can get you information.

I plan on adding the interest earned on this account to our emergency fund goal! Of course, you'll only hear about it once a quarter. Smile

8 Responses to “10% Interest on Savings”

  1. Ladya70 Says:

    I also took advantage of SDP while I was deployed. You can leave it in the account up to 90 days once you returned. I will be withdrawing mine 1 Aug and banking it in the home down payment fund

  2. Looking Forward Says:

    Awesome!

  3. Broken Arrow Says:

    Interesting program! What is that exactly, like a savings program where they guarantee 10% interest?

  4. rob62521 Says:

    That's terrific!

  5. creditcardfree Says:

    BA: It is called the Savings Deposit Program and it is only available to deployed service members while they are in a combat zone. The 10% is guaranteed. It is simply an incentive to build up savings.

    I would say most, but not all, service members are earning more while in the combat zone than while in the states because of hazard pay and tax free earnings, so why not sweeten the pot and offer a great interest rate on those extra earnings.

  6. boomeyers Says:

    Every little bit helps! Sounds like a good program!

  7. Ima saver Says:

    That is a great rate!!

  8. terri77 Says:

    Awesome program. I would definitely take advantage of it.

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