An old savings bond

May 19, 2006 9:38 AM

I found a $100 Series EE savings bond of mine that matured in 1999. Did it continue appreciating after 1999 or is it limited to $100 forever? None of the resources I've checked tell me the answer. Where can I redeem it locally (U.S.) if I don't have a local bank branch?
posted by rolypolyman to Work & Money (12 answers total)

These bonds continue to mature, so this will be worth more than the $100 face value. I have cashed in many over the years.
posted by genefinder at 9:41 AM on May 19, 2006

Here's a link I found to a calculator
posted by genefinder at 9:42 AM on May 19, 2006

Response by poster: OK thanks. I guess I can just deposit it with my bank via mail the same way I do checks.
posted by rolypolyman at 9:43 AM on May 19, 2006

I guess it will be worth more than $100 eventually. It hasn't matured yet.
posted by genefinder at 9:44 AM on May 19, 2006

Yep, that's an in-person thing. You might be able to do it at a post office, I can't remember.

genefinder: It has a maturation date of 1999, not an issue date of 1999. So it is mature. I believe that bonds like this continue to accrue interest for 14 years after the maturation date, but don't quote me on that.
posted by SpecialK at 10:18 AM on May 19, 2006

Call ahead and ask. Some banks don't cash savings bonds, at all. Others only do it for bank customers. (And yes, still others will do it for anyone.)
posted by cribcage at 10:19 AM on May 19, 2006

Most local bank offices process federal bonds; also, you will need to present it and identification to the bank. Banks at which you don't have an account may redeem up to $1000 in bonds only.

From the U.S. Treasury's Savings Bonds Owner's Manual:

5.2. Where to redeem
You can redeem paper savings bonds in about 40,000 financial institutions nationwide that are authorized as paying agents by the Treasury Department.

...

5.3. How to redeem
To redeem I Bonds and Series EE Savings Bonds, simply take your savings bonds into your financial institution with proper identification. A customer service representative will verify your identification, take your Social Security Number for tax reporting purposes and walk you through the process of redeeming your savings bonds.

posted by yz at 10:23 AM on May 19, 2006

Crap, I was hoping to give you the good news that you could now buy Series HH bonds, designed for those so patient they would wait until a Series EE bond matured because that's the only thing you could buy HH bonds with, but it looks like the fun stopped in 2004.
posted by yerfatma at 10:53 AM on May 19, 2006

You sell savings bonds at a bank. You need ID and your SSN so they can report interest you earned to the IRS, and they'll send you a 1099-INT next January.

But one of the benefits of US Savings Bonds is that they tax-shelter their compounding interest. So unless you need the money immediately, or you've another investment that will reliably pay better than the government-backed, tax-sheltered 4% or so interest you're getting from your bond, why be in a hurry to sell it?
posted by mojohand at 10:56 AM on May 19, 2006

why be in a hurry to sell it?

Because it's 4% or so? Not everyone is after "reliable" in their investments.
posted by trevyn at 11:44 AM on May 19, 2006

EE savings bonds continue to earn interest for a total of 30 years from date of issue. No EE series savings bonds have reached their sunset period yet (source: savingsbond.gov). EE bonds were introduced in 1980, so the first ones to expire would be in 2010.

The government provides a pretty handy on-line calculator to determine the current value of your bond.

You should be able to cash your bond at your bank with no problems at all.
posted by Lame_username at 12:12 PM on May 19, 2006

Corrected link for savinsbond.gov. I even did preview, but I'm dumb.
posted by Lame_username at 12:13 PM on May 19, 2006