These days it is almost impossible to find a savings account offering 1% or more on your money and with annual inflation at about 3%, that’s a yearly loss of roughly 2%. The military, however, will help you out while you’re deployed through the Savings Deposit Program (SDP). The SDP will allow you to earn 10% on your money on a max contribution of $10,000. That is a total of $1,000 in interest you can earn.
The catch is that it is only available while you’re deployed but you can continue to earn interest up to 90 days after your return home. You can only deposit an amount up to your current monthly earnings, preventing you from placing a full $10,000 in the first month. That being said, if you have a large amount of savings then already that you would like to earn 10% on, then I have a nice little trick to help you achieve that goal.
Enroll in the SDP through your local finance office first. If you only make $2500 each month then you are only allowed to deposit $2500 each month until you reach $10,000. The problem is most people may only be depositing a lot less than that because they still have monthly expenses that they need their paycheck for. If you have a large sum of money sitting somewhere else earning less than 10% then you can simply set up an allotment from your previous savings account to replace your paycheck while deployed to cover your monthly expenses and then have your entire paycheck deposited into the SDP earning 10% on your money. At $2500 a month, you will reach the $10,000 limit in just four months and will earn $1,000 by moving money around. After the initial set up with the finance office, you can access your SDP through the mypay.gov website.