for my son's baptism we were given several savings bond, EE and I Bonds. Do we deposit them into a bank account, do we have to wait for a certain amount of time?
2006-07-28 09:22:10 · 5 answers · asked by watson4_27 2 in Business & Finance ➔ Other - Business & Finance
you don't and can't deposit them in a bank. you just need to hold on to them, put them in a safe place so you won't lost them. you have to hold them for minimum of 1 year, and if you withdrew within 5 years, you lost the last 3 months of interest. after 5 years, there aren't any penalties.
they stop earning interest after 30 years. you can cash them at your bank or on www.treasurydirect.gov
you can also convert paper bonds to electronic bonds. you can find all the information you need on www.treasurydirect.gov
2006-07-28 09:39:17 · answer #1 · answered by jean 4 · 1⤊ 0⤋
On the bonds there is a statement that says it will pay interest until a certain date. If the bonds are passed that date,then cash them in and put the money into a income producing account.
2006-07-28 09:40:44 · answer #2 · answered by onelonevoice 5 · 0⤊ 0⤋
You might want to ask a bank manager about that. Put them in a special account where he CANNOT TOUCH IT until he is 18.
2006-07-28 09:25:26 · answer #3 · answered by chrstnwrtr 7 · 0⤊ 0⤋
Ask your bank.
OR Check out this federal website : http://www.publicdebt.treas.gov/sav/sav.htm
2006-07-28 09:25:08 · answer #4 · answered by DEATH 7 · 0⤊ 0⤋
Save them untill he is 21 and give them to him ....they will be worth more then .........
2006-07-28 09:26:29 · answer #5 · answered by Scott c 5 · 0⤊ 0⤋