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Credit score ranges are provided as guidelines only and approval is not guaranteed. Learn how Series EE savings bonds from the government can help grow your savings and when you should cash them out for the maximum return.
By Valencia Patrice Higuera. While you might not be losing money, you are certainly missing out on the opportunity to gain money by investing that money elsewhere or to spend it on something nice for yourself. Maybe a distant relative gave them a savings bond when they were a kid and their parents forgot to remind them when they got older. Or maybe it was part of some company payroll system that got lost in job transitions.
Apparently, there are billions of dollars sitting around as forgotten savings bonds. If you think you might have a savings bond that someone gave to you a long time ago or you want to try your luck , you can fill out FS Form to ask the treasury department to check for you. If they do find one, they can help you reclaim it and cash it in.
That only applies to paper bonds since electronic bonds are automatically redeemed with the interest earned reported to the IRS. It is getting something rather than nothing after all. If you use the interest on qualified higher-education expenses, the interest money can be excluded from your gross income through the education tax exclusion.
Long story short, just cash in your savings bond if it already reached its maturation date. I would much rather have the government give me back my money and put it to work in the stock market instead of letting it sit there losing value to inflation.
To cash in your savings bond, check with your local bank to see if they can help if you have a paper savings bond. They handle all the treasury securities for individual US investors. If you want more info or want to make a final decision, I would check there. Sign up for my newsletter to get weekly money tips for ambitious youngsters. I'll also send you my 60 Minute Financial Planner and Excel Budgeting Spreadsheet to help set your finances straight right now.
Notify me of follow-up comments by email. Notify me of new posts by email. Disclaimer: I may earn commission if you click through some of these links. Series EE bonds purchased since June mature 20 years after the date of issue. They will continue to earn interest until 30 years from the date of issue or until you redeem them.
Bonds purchased before June have already reached maturity but will continue to earn interest until they are 30 years old. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile.
Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Table of Contents Expand. Table of Contents. How Long Should You Wait? How Interest Accrues and Compounds. Alternatives to Series EE Bonds.
Learn about our editorial policies. Reviewed by Thomas J. Article Reviewed October 02, Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning. Learn about our Financial Review Board. Article Sources.
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