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  #21  
Old 02-21-2012, 07:45 AM
Sig600 Sig600 is offline
 
Join Date: Nov 2005
Location: KRTS
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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.
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  #22  
Old 02-22-2012, 05:13 AM
JulietWhiskey JulietWhiskey is offline
 
Join Date: Dec 2011
Location: USA
Posts: 16
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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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  #23  
Old 02-22-2012, 10:49 PM
Sig600 Sig600 is offline
 
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Quote:
Originally Posted by JulietWhiskey View Post
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.)
True but that's still only an 8% return. So unless you're debt free, all your debt/loans need to be at less than 8% or you're losing money.

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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Last edited by Sig600 : 02-22-2012 at 10:53 PM.
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