Can you cash and spend a savings bond ?

Answer 1

YES!

Treasury Securities & Programs
U.S. Treasury securities are a great way to invest and save for the future. Here, you'll find overviews regarding U.S. Treasury bonds, notes, bills, and TIPS. Also, you can obtain basic information about the different types of savings bonds, including EE/E, I and HH/H bonds.

Treasury Securities
Here's what's currently available:

Treasury Bills
Treasury bills are short-term government securities with maturities ranging from a few days to 26 weeks. Bills are sold at a discount from their face value.

Treasury Notes
Treasury notes are government securities that are issued with maturities of 2, 5, and 10 years and pay interest every six months. Treasury discontinued 3-year notes.

Treasury Bonds
Treasury resumed selling 30 year bonds in February 2006. Treasury bonds pay interest every six months.

Treasury Inflation-Protected Securities (TIPS)
TIPS are marketable securities whose principal is adjusted by changes in the Consumer Price Index.

I Savings Bonds
I Savings Bonds are a low-risk savings product that earn interest while protecting you from inflation. Sold at face value. Check out our table that is a comparison of TIPS and Series I Savings Bonds.

EE/E Savings Bonds
EE/E Savings Bonds are a secure savings product that pay interest based on current market rates for up to 30 years. Electronic EE Savings Bonds are sold at face value in TreasuryDirect. Paper EE Savings Bonds are sold at 1/2 face value.

Treasury Securities Programs
If you are interested in electronic or paper payroll savings, or are looking to find out more about auctions, you can also find the necessary details here:

Auctions
Payroll Savings
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A US Government Savings Bond matures in 12 years to get the full face value of the BOND plus interest.

The longer you HOLD it however the greater the value.

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Check out these sites for more resources:

www.savingsbonds.com

Savings Bonds Value
www.Schwab.com - Schwab has fixed-income securities at competitive prices. Learn more.
Savings Bonds
www.optionsXpress.com - Trade stocks, options, futures and Bonds online with optionsXpress.
WEB RESULTS
U.S. Savings Bonds Online
Official US Savings Bonds site from TreasuryDirect with product information, bond calculators, and online services.www.publicdebt.treas.gov/sav/sav.htm - 13k - Cached - More from this site
TreasuryDirect
Manage your U.S. Treasury purchases, redemptions, and savings portfolio.www.savingsbonds.gov - 6k - Cached - More from this site
SavingsBonds.com
Organizes, tracks, and maintains bond portfolio inventory, bond facts, tips, and more.www.savingsbonds.com - 36k - Cached - More from this site
Calculate the Value of Your Paper Savings Bond(s)
Treasury Bills, Notes, Bonds, & TIPS FRB Locator. Treasury Hunt. Estimation Calculators. Savings Bond Earnings Reports. Redemption Tables ...wwws.publicdebt.treas.gov/BC/SBCPrice - 10k - Cached - More from this site

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Have a great day and GOOD LUCK! :-)

Answer 2

Yes, but you won't get the full value of the bond until it matures, so you'll actually lose money.
For example, if it's a $1000 bond that earns you 2% a year for five years, you'll end up with about $1104 (depending on how they calculate the interest). But if you try to take the money out BEFORE the five years is up, they can slap a big penalty on it and you might get LESS than what you put in originally!
Read the fine print, and think it over - is the short-term need/want more than the long-term benefit?

If the bond has already hit it's maturity date, then yes, you can march down to the bank and get the cold hard cash and spend it any way you want. Plan for the future, though, and make sure you're not sacrificing long-term needs for immediate pleasures.

Answer 3

You certainly can. Take it down to your bank and ask to cash it in. They'll cash it in somewhat like a check.

Just be aware that unless it's "mature" -- that is that the amount of time listed on it has past -- that it likely won't be worth the full face value.

Answer 4

Hi, The replaced ones & yours are separate, they cross reference these so there is no mix up & the $$ is yours. You will however be liable to pay the taxes on the interest they earned. The bank should have provided an itemized sheet with cost/interest/total of bonds. That info goes to the IRS for tax purposes. EDIT: Banks now use Treasury Direct to verify the bonds before paying on them.

Answer 5

Sure, if it's in your name. Take it to any bank.