Story by Andria Allmond 332nd Air Expeditionary Wing
07.29.2009 JOINT BASE BALAD, Iraq - Deployments can certainly enrich a military career, but many service members don't realize how much they can enrich a bank account. Many deployed personnel supporting Operations Iraqi and Enduring Freedom are eligible to take part in the Savings Deposit Program.
"The SDP is a unique financial option available to deployed service members through which they can receive up to 10 percent annual interest on deposits, compounded at 2.5 percent quarterly," said Staff Sgt. Kevin Smith, 332nd Air Expeditionary Wing Financial Management customer service technician. "The average for most financial institutions is 2.4 percent interest. So, SDP is a great short-term financial investment with a guaranteed return on the dollar."
Who is eligible?
Airmen serving in a designated combat zone location for over 30 days and receiving hostile fire pay are entitled to participate in SDP. The program is also available for those who serve at least one day in eligible locations for three consecutive months.
How do I make deposits?
Service members can direct-deposit allotments into the SDP, make a one-time lump-sum deposit not exceeding $10,000, or make monthly deposits, which may vary in amount monthly.
"Making deposits through allotment may be convenient for the person who can't come to the finance office every month to give us the deposit paperwork," said Smith. "But, allotments can take about two or three pay periods to begin. The interest doesn't start until then. For receipt of the current month's interest, which begins the 10th of each month, one would need to go the monthly route."
Deposits made on or before the 10th of the month accrue interest from the 1st of the month, and deposits made after the 10th of the month accrue interest from the first day of the following month.
"I put money in when my wife tells me too," said Staff Sgt. Scott Richard, 332nd Air Expeditionary Wing Flight Safety non-commissioned officer-in-charge of ground safety and SDP participant. "This money is for a vacation to Ireland when I get home." Whether by allotments or monthly deposit, members cannot begin making deposits until 30 days into their deployment, made with the Eagle Cash stored-value card or a personal check.
When can I withdraw my money?
Members can withdraw their interest quarterly if they have deposited over $10,000. Otherwise, the money stays in the SDP for the duration of the deployment and can only be accessed early in an emergency, with squadron commander's approval.
Interested Joint Base Balad service members must bring a personal check or Eagle Cash SVC and plus their common access card and a copy of their CED orders to the financial management customer service office in building 8272. For more information, call 332nd AEW/FM at DSN 443-7482.
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