Sunday, July 4, 2010
US Savings Bonds and Rate of Interest
US bonds is the term used around here to describe a Savings Bond that is no longer earning interest. As of this morning, this includes all Series US Savings Bonds. The last Series US Savings Bond was issued in June 1980 and paid interest for 30 years. The last interest payment occurred last night.
It's time to cash all Series US bonds and reinvest in something that pays interest. No, there are no rollover options. Yes, you will have to pay income tax on the interest your bonds have earned. No, you can't change the name on the bond. No, you can't give the bond to a charity, although you can cash the bond, give the money to a charity, and take a charitable deduction on your tax return
To find out the interest rate that any Savings Bond is paying this month, use our Savings Bond Calculator.
It will give you both the current rate and redemption value of your Savings Bonds. If the calculator shows your bond paying a different rate than you think it should, make sure you understand how Savings Bond rate periods work.
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