How to Make Savings Deposit Program (SDP) Withdrawals
The Savings Deposit Program (SDP) offers deployed military members a savings program at 10% interest. Learn how to make a cash withdrawal from SDP.
Why trust The Military Wallet? We’re a veteran-founded resource that has helped millions make strong financial decisions.
Advertiser Disclosure: The Military Wallet and Three Creeks Media, LLC, its parent and affiliate companies, may receive compensation through advertising placements on The Military Wallet. For any rankings or lists on this site, The Military Wallet may receive compensation from the companies being ranked; however, this compensation does not affect how, where, and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner,” the indicated company is a corporate affiliate of The Military Wallet. No tables, rankings, or lists are fully comprehensive and do not include all companies or available products.
The Military Wallet and Three Creeks Media have partnered with CardRatings for our coverage of credit card products. The Military Wallet and CardRatings may receive a commission from card issuers. You can read more about our card rating methodology here.
Opinions, reviews, analyses & recommendations are the author’s alone and have not been reviewed, endorsed, or approved by any of these entities. For more information, please see our Advertising Policy.
American Express is an advertiser on The Military Wallet. Terms Apply to American Express benefits and offers.
How to Make Savings Deposit Program (SDP) Withdrawals
Guaranteed 10% interest is almost too good to pass up, but before signing up for the Savings Deposit Program (SDP), you should understand how to make contributions and withdrawals.
Contributions are easy, simply visit your finance office, sign a few forms (or it may be done electronically, depending on your location), and you are good to go.
You can contribute up to your base pay in $5 increments until you reach the maximum contribution limit of $10,000. At that point, you can no longer make contributions.
Making withdrawals, however, is a different story. Except in emergency situations, contributions must remain in the SDP until you are no longer eligible to participate (typically until you redeploy to your home station or out of the combat zone).
How and When You Can Close Your Savings Deposit Program (SDP) Account
Participants are only eligible to close their SPD account and make withdrawals after they leave the combat zone. There are some exceptions for emergency withdrawals, and withdrawals of amounts above the $10,000 max. Emergency withdrawals are allowed when the health or welfare of the participant or his/her dependent(s) necessitates withdrawal. Emergency withdrawals must be approved by the participant’s commanding officer. Members can also withdraw amounts over the $10,000 principal while they are in the deployed zone. This can only be done on a quarterly basis, as interest is assessed quarterly. Interest accrues for 90 days after you leave the combat zone. Interest will continue to accrue for 90 days after you redeploy, so unless you need the money right away, it might not be a bad idea to leave your contributions in your SDP account to continue earning interest. You can leave your funds in the account indefinitely, but you will only earn additional interest income for 90 days. So there is no point in leaving it there long term.Savings Deposit Program (SDP) Withdrawal Procedures:
There are four methods for requesting an SPD withdrawal: Online via MyPay, or by e-mail, fax, or mail.- E-mail (SDP mailbox): [email protected]
- Faxed (“Attention: SDP”): (216) 522-5060
- Mail: see address below
Information required for SDP withdrawal:
You must include your name, social security number, and the date you left the combat zone to prove your identity and verify you are eligible to withdraw your contributions. You must also provide information for the bank account you wish to send the money to. Unless you opt for a paper check, your funds will be transferred electronically via an Electronic Funds Transfer (EFT). You will need to provide the bank name, routing number, account number, and the type of account (savings or checking). If you request a paper check you will need to provide a complete mailing address.Tips for SDP withdrawals:
- Close your account and make sure that your allotment has stopped before requesting a withdrawal. You don’t want to continue sending money to the program after you make a withdrawal.
- MyPay is probably the fastest and most secure way to make your withdrawal. MyPay is on a secure internet connection and it limits the possibilities for manual errors made by requesting withdrawals manually via fax, e-mail, or traditional mail.
- MyPay also limits who sees your personal information. Faxes, traditional mail, and e-mail may be handled by several individuals and/or misplaced or routed to the wrong desk.
- Verify contact information before sending your SSN or other identifying information anywhere. Allowing your SSN into the wrong hands is poor OPSEC and opens you to potential identity theft.
- Opt for EFT transfer for withdrawals. Electronic funds transfers are faster and more secure than paper checks.
Additional resources:
Based on how the military finance system operates, the information in this article is subject to change. For more information, contact the SDP Help Line before sending your personal information anywhere: Toll-Free (US Only): 1-888-332-7411 Commercial: 216-522-5096 DSN: 580-5096 Fax: (Attention SDP): 216-522-5060 E-mail: [email protected] 
