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.
10% Interest on Savings
July 11th, 2010 at 02:48 am
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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.
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