Cashing savings bonds?????

[tiggerlover]

This may seem like a silly question, but to me it isn't because I don't know the answer. Where do I go to cash in savings bonds, the bank? And how long do you have to keep a bond before getting its face value plus interest, is it 7 years or 10 years? And how do we pay taxes on what we get, is there a form we need for tax purposes?

Thanks in advance for your help.

 

[Blondy876]

You have to go to a bank. I tried to cash one a my credit union and they wouldn't do it. I think it is 7 years to maturity and I don't know about the taxes.

Funny story...

I was getting ready to throw some old boxes (10-20 years sitting around)away in our basement but thought I should go through some of the papers first. I was digging around and found a savings bond issued to me when I was born (1974) it was for $25. I was glad I had found it and thought "Gee there's $25 I didn't have before." So I went to cash and and like I said the credit union wouldn't do it, so I went to a regular bank and they did. I didn't realize that it would accrue interest so instead of getting $25 I got $138.07! It was a nice surprise not a huge amount of money but it was still a nice surprise.

 

[Southern4sure]

It depends on what kind of bond you have for the length of maturity. You have to go to the bank to cash it in and have your ID ready. Depending on what kind of bond, if you cash it in before it reached maturity you will get the price you paid for it and a few pennies for interest.

 

[tiggerlover]

It depends on what kind of bond you have for the length of maturity.

The are Series EE and they were purchased in 1996 and 1997. Where do I find out the guidelines, do you know?

 

[Southern4sure]

The are Series EE and they were purchased in 1996 and 1997. Where do I find out the guidelines, do you know?

I hope this helps you out

http://www.publicdebt.treas.gov/sav/savnewee.htm

 

[Southern4sure]

Here is the maturity chart

http://www.publicdebt.treas.gov/sav/savmat.htm

 

[monarchsfan16]

When we were filing the financial aid forms this year for college, the person who gave the talk to us at school gave us a website which was a HUGE help to us. You punch in the serial number of the bond, and it will give you all the information you need about it, including what it's worth. I believe it's savingsbond.gov. I don't unfortunately have that notebook anymore, but if it's not that it's very similar.