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Norm In Norman
6/9/2006, 10:35 AM
So I found some old savings bonds given to us for our wedding that have a date on them of 1994. Do savings bonds accrue interest? Are they bought at the face value or is that what they are worth on the date that's printed on them? Do I just take them to any bank to cash them in?

I can't say i've ever messed with one of those before. I'd forgotten that I even had them.
yermom
6/9/2006, 10:37 AM
do the fields on this make sense?

http://wwws.publicdebt.treas.gov/BC/SBCPrice
JohnnyMack
6/9/2006, 10:37 AM
Those are illegal to own now.

Just give them to me and I'll dispose of them for you and keep it on the DL.
OCUDad
6/9/2006, 10:42 AM
Do savings bonds accrue interest? Are they bought at the face value or is that what they are worth on the date that's printed on them? Do I just take them to any bank to cash them in?
They accrue interest. Purchase price is 1/2 face value, and I think the maturation period is about 10 years, so your 1994 bonds should be mature by now. I think they continue to accrue interest for a while even after the maturation period, so some of your bonds may be worth more than face value (not sure about that). They should be cashable at any bank. The Savings Bond Calculator site yermom provided is a great resource.
Norm In Norman
6/9/2006, 10:46 AM
Cool. I'll have to run them through that site when I get home. I've never messed with them before and there aren't like any instructions on them or anything. I was hoping that they had doubled by now instead of just reaching face value.

i knew someone here would know.
Norm In Norman
6/9/2006, 10:48 AM
Oh, and does the bank get a cut when i cash them in?
1stTimeCaller
6/9/2006, 10:49 AM
nope, all that moolah is yours.

you could also turn them into either F or H bonds instead of cashing them if you wanted to.
BeetDigger
6/9/2006, 11:52 AM
The banks don't cash them (if I remember correctly). You send them in. Talk to your bank, but I seem to remember that Banks don't deal with them anymore. Some Credit Unions may cash them in, if you are a member. Oh, and you don't have to wait for maturity to cash them in. You can cash them in at any time. Its all part of our public debt and they will pay you accrued interest up to the date that you cash them in.
1stTimeCaller
6/9/2006, 11:54 AM
I cashed som in a few years ago, 2003 maybe and I took them to my bank. Things could changed since then.
BeetDigger
6/9/2006, 12:14 PM
I cashed som in a few years ago, 2003 maybe and I took them to my bank. Things could changed since then.


It could be on a bank by bank basis. I've cashed nearly all of mine in so far.
Kimberlyz4OU
6/9/2006, 12:15 PM
We cash them in, and fill out a form for the interest earned that is turned in the IRS.

I think they earn interest for 20 years or so, even after they mature, could be wrong on that tho.
Kimberlyz4OU
6/9/2006, 12:16 PM
Oh, btw, you guys are supposed to know that I work at a bank........duh!
yermom
6/9/2006, 12:19 PM
but do you take change?
1stTimeCaller
6/9/2006, 12:20 PM
:les: It's KEEP THE CHANGE!!!!!!!!!!!
Kimberlyz4OU
6/9/2006, 12:23 PM
you mean like a butter bowl full of pennies, nickles, dimes and quarters.....the answer is "We will supply you with some wrappers and help you count it if'n there is nobody else waiting"......otherwise, wrap 'em up and bring 'em back, heh :)

And to a previous questions, NO the bank does not get a cut from the savings bond redemption value
skycat
6/9/2006, 01:30 PM
you mean like a butter bowl full of pennies, nickles, dimes and quarters.....the answer is "We will supply you with some wrappers and help you count it if'n there is nobody else waiting"......otherwise, wrap 'em up and bring 'em back, heh :)

I can't think of any other reason for bank tellers to exist other than to put my bowlfull of change into that fancy sorting machine. ;)
12
6/9/2006, 01:32 PM
OK Norm, spill it. How much are we talkin' here?
Partial Qualifier
6/9/2006, 01:41 PM
Hmm, yeah. No sign of Norm since he found out he can conveniently cash in his savings bonds.

:D
jeremy885
6/9/2006, 01:44 PM
The banks don't cash them (if I remember correctly). You send them in. Talk to your bank, but I seem to remember that Banks don't deal with them anymore. Some Credit Unions may cash them in, if you are a member. Oh, and you don't have to wait for maturity to cash them in. You can cash them in at any time. Its all part of our public debt and they will pay you accrued interest up to the date that you cash them in.

Every bank I worked at during college cashed them.
Boarder
6/9/2006, 01:50 PM
Oh, so you will take wrapped change? Cool.
yermom
6/9/2006, 01:54 PM
we're still talking about coins here, right?
Norm In Norman
6/9/2006, 03:27 PM
OK Norm, spill it. How much are we talkin' here?
Not much - just $250. nobody likes me enough to give me more than half of that.
12
6/9/2006, 04:25 PM
Yeah, but I get pretty happy when I find a $20 in an old coat. And it was my money to begin with.

Nice haul.
StoopTroup
6/9/2006, 06:51 PM
Why aren't more illegals Bank Tellers?