Help with savings bond.... [=?

Question

i have a savings bond that i just got from 12 years ago from my gramma.,.. and it just looks like a 50 dollar bill, but isn;t... and she gave it to me to spend, and on the back it says, "$300 penalty for personal use".... how am i use it????? what does it meaaaan?

Answer 1

It's fine just present it at your bank, with ID, they will cash it in for the $50., ignore the warning.

Answer 2

any bank can help you determine what the bond is worth, and what the current interest rate is. If you want to sell it, you will have to pay taxes on the interest you get in the year you sell the bond. If it is a US savings bond and you do not need the cash now, hold on to it as you can keep it many years after it has matured. It will continue to earn interest, sometimes up to 40 years past the maturity date and will be worth a lot more in the future. Also, you can avoid any tax by giving it as a gift to a child, relative, or friend.

Answer 3

You can cash it in at any bank. It should be worth more than $50 by now. The $300 penalty is for trying to use the envelope without buying a stamp. That has nothing to do with the bond.

Answer 4

I do believe that series EE bonds need to be held 20 years to reach full face value. You can cash it in but it might have some interest penalty and probably won't be worth face value.

http://www.savingsbond.gov/ should be able to help you determine what it's worth more so than going and asking at your bank or credit union.

Answer 5

Hard to tell without seeing the savings bond. Take it to your bank and ask them - they should be familiar with the various forms of bonds.

Answer 6

Go to this site:
www.treasurydirect.gov/indiv/tools/tools_savingsbondcalc.htm
type in the series number and you will find out what it is worth right now. You can take it to the bank and cash it in but it wont' be worth the face value.