DOD offers Airmen another way to save money during deployments

  • Published
  • By 100th Air Refueling Wing Public Affairs
  • Senior Airman Ethan Morgan
RAF MILDENHALL, England --  Deployments can mean a lot of different things to people, but one thing a deployment has come to mean for many Airmen is an opportunity to save money.

Deployments offer this opportunity because Airmen may receive extra pay, such as Hostile Fire Pay, and the fact that all money earned during a deployment is tax free if a person is in a tax-free zone. However, most Airmen don't know that there is another way to save while deployed. A way which the Department of Defense designed specifically for deployed military members.

The DoD Savings Deposit Program provides members of the uniformed services who are serving in designated combat zones the opportunity to increase their financial savings. Airmen serving in an SDP-eligible combat zone can start their SDP account once they have been deployed for a minimum of 30 days, or one day in each of three consecutive months, and they must be receiving Hostile Fire Pay.

Airmen can deposit up to $10,000 into their SDP per deployment or year.

"All money that Airmen put into a SDP has a 10 percent annual accrual," said Senior Airman Keylor Halbur, 100th Comptroller Squadron finance customer service technician. "Airmen are entitled to accrue interest to their SDP for a further 90 days after return from the designated combat zone."

Deposits can be made in cash, check, allotments or via an Eagle Cash Card. Once started, deposits can be increased or decreased as the members financial situation changes. All funds acquired in an SDP, along with the interest earned, will automatically be returned to the member 120 days after returning from their deployment via direct deposit.

Once an SDP account is started, the account cannot be closed until the member has left the combat zone. Funds can be withdrawn early from the SDP based on certain guidelines.

·Once account account reaches a $10,000 balance, members may withdraw funds more than $10,000 on a quarterly basis.
·Emergency withdrawal must be approved by the member's commanding officer who must determine that it is necessary for the health and welfare of the member or his/her family.
·If you want your funds before the 120-day period ends, myPay provides an automated request option for Savings Deposit Program participants.
·Allotments must be stopped before requesting withdrawal.

For more information about the SDP, visit the Defense Finance and Accounting Service website at www.dfas.mil or contact the base Finance center at DSN 238-2387 or commercial at 01638 542387.