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Troops can earn 10% interest

Mar- 3-2004 » Filed Under: General Military

Here's a program worth exploring.

[Link to Full Article]
By Sgt. 1st Class Marcia Triggs

WASHINGTON (Army News Service, March 3, 2004) -- A Department of Defense program helps deployed troops tuck up to $10,000 of their income away and earn a guaranteed 10 percent interest on their savings annually.

Troops can participate in the Savings Deposit Program if they are assigned outside the United States and receiving Hostile Fire and Imminent Danger Pay. Service members must serve 30 consecutive days in that assignment before making deposits into the fund.

“We have our Soldiers start the program while in theater,” said 1st Sgt. Edward Menke, from 125th Finance Battalion, Schofield Barracks, Hawaii. Soldiers from the 25th Infantry Division (Light) out of Hawaii are currently serving in Iraq and Afghanistan. Menke said that when he informs Soldiers and their families of the benefits of the Savings Deposit Program he tells them to look at their bank statements. If they are earning less than 10 percent interest on their savings, he tells them to look into the program.


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