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Only if you don't have debt to pay off.
The SDP only allows you to max it out an $10K, and will pay you 10% after 1 year. After taxes it's only a few hundred bucks. Sure that's an alright return, unless you have debt that would be better served. |
SDP
The Savings Deposit Program pays a guaranteed 10% APY, and will continue to accrue interest a full 90 days after departing the eligible (combat) zone. Assuming you are able to reach the maximum deposit in a relatively short time period, you can make nearly $1,000 dollars in interest per year. This interest is taxable; but, since you are most likely in a tax free zone the tax impact is negligible. An extra 800+ dollars a year is something! (The return is the highest guaranteed rate I've ever seen - I'd call that amazing.)
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You also have to be recieving IDP/HFP to earn the interest. It stops accruing 90 days after you depart. Here's the link if you want to sign up for it: http://militarypay.defense.gov/benefits/SDP.html |
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