Comments on: Awesome Military Savings Program Guarantees 10% http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/ Moving beyond the basics Mon, 01 Dec 2008 20:27:50 +0000 http://wordpress.org/?v=2.2.2 By: Rose http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-27113 Rose Tue, 13 May 2008 13:14:44 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-27113 I was looking all over for this information, but you brought it all to me. Thanks! I was looking all over for this information, but you brought it all to me. Thanks!

]]> By: Your page is now on StumbleUpon! http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-18455 Your page is now on StumbleUpon! Tue, 26 Feb 2008 00:28:50 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-18455 [...] Your page is on StumbleUpon [...] […] Your page is on StumbleUpon […]

]]> By: Take On Credit! » Blog Archive » Weekly Round Up - Catching Up Edition http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17938 Take On Credit! » Blog Archive » Weekly Round Up - Catching Up Edition Thu, 21 Feb 2008 03:01:37 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17938 [...] Personal Finance - Awesome Military Savings Program Guarantees 10%. I loved taking advantage of this program while I was in the [...] […] Personal Finance - Awesome Military Savings Program Guarantees 10%. I loved taking advantage of this program while I was in the […]

]]> By: Weekly Round Up - Catching Up Edition http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17552 Weekly Round Up - Catching Up Edition Sun, 17 Feb 2008 21:24:31 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17552 [...] Personal Finance - Awesome Military Savings Program Guarantees 10%. I loved taking advantage of this program while I was in the [...] […] Personal Finance - Awesome Military Savings Program Guarantees 10%. I loved taking advantage of this program while I was in the […]

]]> By: Patrick http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17460 Patrick Sun, 17 Feb 2008 03:59:07 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-17460 My wife and I both took advantage of this program during our deployments to the Middle East. I convinced several of my troops to take part as well. This is quite honestly the only place I know where you can get such a high rate of return that is guaranteed. Tim, great additional info! My wife and I both took advantage of this program during our deployments to the Middle East. I convinced several of my troops to take part as well. This is quite honestly the only place I know where you can get such a high rate of return that is guaranteed.

Tim, great additional info!

]]> By: Weekly Hot Topics: Getting Focused Again Edition | MoneySocket http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16698 Weekly Hot Topics: Getting Focused Again Edition | MoneySocket Sun, 10 Feb 2008 16:01:12 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16698 [...] Awesome Military Program Guarantees 10% I have the utmost respect for our military personnel, so if you know anyone that can benefit from a savings account that guarantees 10% interest, please let them know. This sounds like an amazing program. 10% guaranteed, you won’t see that advertised by banks any time soon. [...] […] Awesome Military Program Guarantees 10% I have the utmost respect for our military personnel, so if you know anyone that can benefit from a savings account that guarantees 10% interest, please let them know. This sounds like an amazing program. 10% guaranteed, you won’t see that advertised by banks any time soon. […]

]]> By: KMC http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16165 KMC Wed, 06 Feb 2008 18:19:43 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16165 Good stuff, Tim. Thanks. Some of what you point out, I knew and left out for brevity. Someone considering participating should contact their pay office for full details. Good stuff, Tim. Thanks.
Some of what you point out, I knew and left out for brevity. Someone considering participating should contact their pay office for full details.

]]> By: Tim http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16163 Tim Wed, 06 Feb 2008 18:06:34 +0000 http://advancedpersonalfinance.com/awesome-military-savings-program-guarantees-10/#comment-16163 couple of clarifications: 1. You must submit termination from SDP upon deployment. You can maintain funds for 90 days (i.e. 1 quarter's worth of interest) from the date of redeployment. 2. You CAN withdraw anything over $10k. This means that any interest accrued over the $10k limit is available for withdrawal; however, you can only make withdrawals once a quarter. 3. Interest is compounded quarterly for amounts less than $10k. However, if you have $10k in, interest is compounded monthly (i.e. you get paid interest each month rather than each quarter). Although you will not earn interest on anything over $10k, it shouldn't really matter about the monthly versus quarterly; however, it is a special difference. Please note that it is 10%APY, not 10% each quarter. If you have $10k, this amounts to $83.33 (or $83.34 for 31-day months) of interest every month. 4. Since you don't earn anything over $10k, it is worth it to withdraw the amount over $10k each quarter. You can do this through mypay website. Essentially this means that you will get to withdraw $250 every quarter in interest off of $10k. Not a bad chunk of change that you can continue to earn interest or appreciation investing elsewhere. 5. You can participate if you are in a tax exclusion zone. I say this, because some things like bosnia weren't necessarily combat vice iraq/afghanistan. so long as you are in tax exclusion zone and getting HFP/IDP, you are good to go. 6. Withdrawal requests of your deposited amount has to be done through the chain of command, but it isn't necessarily "extreme" situations although the requirement is for "health and welfare" of the soldier and dependents. That gives a great deal of latitude for commanders to work with in allowing for withdrawals prior to eligibility termination. Which means, it is a great place to stash away an emergency fund. Withdrawals are EFT'd in about a week. couple of clarifications:
1. You must submit termination from SDP upon deployment. You can maintain funds for 90 days (i.e. 1 quarter’s worth of interest) from the date of redeployment.
2. You CAN withdraw anything over $10k. This means that any interest accrued over the $10k limit is available for withdrawal; however, you can only make withdrawals once a quarter.
3. Interest is compounded quarterly for amounts less than $10k. However, if you have $10k in, interest is compounded monthly (i.e. you get paid interest each month rather than each quarter). Although you will not earn interest on anything over $10k, it shouldn’t really matter about the monthly versus quarterly; however, it is a special difference. Please note that it is 10%APY, not 10% each quarter. If you have $10k, this amounts to $83.33 (or $83.34 for 31-day months) of interest every month.
4. Since you don’t earn anything over $10k, it is worth it to withdraw the amount over $10k each quarter. You can do this through mypay website. Essentially this means that you will get to withdraw $250 every quarter in interest off of $10k. Not a bad chunk of change that you can continue to earn interest or appreciation investing elsewhere.
5. You can participate if you are in a tax exclusion zone. I say this, because some things like bosnia weren’t necessarily combat vice iraq/afghanistan. so long as you are in tax exclusion zone and getting HFP/IDP, you are good to go.
6. Withdrawal requests of your deposited amount has to be done through the chain of command, but it isn’t necessarily “extreme” situations although the requirement is for “health and welfare” of the soldier and dependents. That gives a great deal of latitude for commanders to work with in allowing for withdrawals prior to eligibility termination. Which means, it is a great place to stash away an emergency fund. Withdrawals are EFT’d in about a week.

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