1. Why should I buy U.S. savings bonds?
Buying U.S. savings bonds is patriotic; when you lend money to Uncle Sam, you’re helping to finance the country’s borrowing needs. It’s good for America, and it’s good for Americans, too. Here’s why:
2. What types of U.S. savings bonds can I buy?
There are two series of U.S. savings bonds you can buy (Series I and EE). You may have heard about Series E and Series HH/H bonds; the E bonds were superseded by the Series EE and the HH/H bonds are no longer available.
For a comparison of I-bonds and EE bonds, see the U.S. Treasury’s Web page ” What’s the difference between I Bonds and EE Bonds?“
For more on the Series HH bonds, visit the U.S. Treasury’s HH/H Bonds Web page.
3. How much can I buy or exchange?
4. How can my employer set up a savings plan for employees to purchase U.S. savings bonds out of payroll deductions?
The U.S. Treasury Bureau has designated four Federal Reserve banks to serve as “Savings Bond Processing Sites.” They help employers set up payroll savings plans for U.S. savings bonds. The Bureau of Public Debt Web site has a map showing the four districts and the states they serve. It also provides a phone number and e-mail address for each district.
5. How do I cash in my U.S. savings bonds?
Most full-service banks and credit unions will cash your Series EE and Series I savings bonds. They can’t cash Series HH bonds, but can forward them to a Federal Reserve bank that will cash them for you. You can have the funds deposited directly into your checking or savings account by completing the Direct Deposit Sign-Up Form (PDF 5396), which you can download here.
Series I bonds and EE bonds purchased after February 1, 2003 must be held for one year, as opposed to six months for bonds issued earlier, before cashing them in.
For the nitty-gritty on redeeming your bonds, read the Diva’s ” Rules for cashing in U.S. savings bonds.”
|— Updated: Aug. 22, 2006|
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