Announcements Feedback and Pub

Savings Bonds

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Lunchtime

Joined: 29 Dec 2007
Lunchtime's page
Posts: 127

-25 Magic Points

Subject: Savings Bonds

Tue Jan 29, 2008 11:39 pm

Do you think that buying a savings bond for a child is a good gift and how do you buy them and keep the parents from cashing them in before the child is old enough to do it? I want to buy a few, but want to make sure that the child will have it available later in life. That is what I am going to do with my points from here.

Has anyone purchased them before? Is there a way to just put the child's name on it or do you have to have an adult on it too?

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 609

40 Magic Points

Wed Jan 30, 2008 12:26 am

I think they are excellent gifts, but I do not know how to do what you want.
_________________
I don't dream since I quit sleeping

August

Joined: 09 Jan 2008
August's page
Posts: 143

40 Magic Points

Wed Jan 30, 2008 12:42 am

I would call the bank or go in when you plan to buy them and see what they say about getting the bond with out the parents name.

I know that you can do it, I just am not sure how. You can go to the savings bond web page and all the information is there about purchasing and the different series of bonds. There are several different series on there and it explains them all there.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3172

1091 Magic Points

Wed Jan 30, 2008 3:50 am

Savings bonds are a great for a gift for a kid. I used to have them taken out of my paycheck when I was in the service, I had a ton of them when I got out, cashed them in and bought a small trailer to live in. They add up quickly, what a good idea for you points, for 50 dollars you can purchase a 100 dollar bond and it will take it some time to mature but if the kid is small they won’t even realize what it is building into. I think this is a great idea.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

August

Joined: 09 Jan 2008
August's page
Posts: 143

40 Magic Points

Wed Jan 30, 2008 12:07 pm

You are absolutely right, did not think of the 50 buying 100, I am not real sure how long it takes for them to mature but like you said a kid would not know right?

Like I said earlier if you go on the web page you can find most of the information that you want on there. You can now open an account with the treasury department and do your bonds electronically. It is pretty cool, just came from there. You can then covert your bonds over to bigger denominations once they mature. Sounds like a good way to get started. I am not real sure the details on the account, but you can just google us savings bonds to get started and go from there.

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 609

40 Magic Points

Wed Jan 30, 2008 12:34 pm

Series EE mature in twenty years.
_________________
I don't dream since I quit sleeping

August

Joined: 09 Jan 2008
August's page
Posts: 143

40 Magic Points

Thu Jan 31, 2008 3:05 am

I have not bought a bond in ages, was really surprised at the web page, you can open an account on there, but for some reason they want you bank account information. It may be for you to purchase bonds later, but I don’t want to be registering it, just to register it. No sense in just putting that information out there.
I would think you could still purchase them at the bank, just use the webpage for informational purposes. I did not and will not register on the web page, of course I won’t be buying any bonds any time soon either.

coffeebean

Joined: 03 Jan 2008
coffeebean's page
Posts: 34

0 Magic Points

Thu Jan 31, 2008 3:59 am

I think buying saving bonds for your child is a great gift. They will greatly appreciate it when they recieve them especially if you don't tell them about it. The good thing for you is that you invested over time and it will add up to be nice when the point comes to give it to them. The problem with getting saving bonds for gifts is that you need the child's SSN and that is a touchy subject. So if its someone close it could be ok but if not it may not be so smooth. Another issue I have noticed is that they will offer these bonds overtime with a great interest rate that at the time may sound excellant but eventually becomes nothing. It may make a little money now but as moneys worth becomes more and more by the time they are able to get the bond the interest you agreed to may be itty gritty. However, it does add up, more in the beginning than the end of course, and the thought is what counts.

August

Joined: 09 Jan 2008
August's page
Posts: 143

40 Magic Points

Fri Feb 01, 2008 8:59 pm

Right coffee bean, the social security number can be tricky, I don't know if they will issue them with out it will they?

savings bonds have maturity dates on them. you can find them on the web page.

Dadummy

Joined: 15 Nov 2007
Dadummy's page
Posts: 638

104 Magic Points

Subject: saveings bonds

Fri Feb 01, 2008 9:05 pm

your better to have a saveings and turn them into cds or trust funds, because regular bonds dfont mature for 15 years so consider what you would have in a cd by then. I had bonds for my kids and when they csashed them in they werent even a hundred dollars by then, some of them were 9 years old.

August

Joined: 09 Jan 2008
August's page
Posts: 143

40 Magic Points

Sat Feb 02, 2008 5:49 pm

Yeah if you have that much to save, if you are just doing it now and then, then the bond is a great idea.

Dadummy

Joined: 15 Nov 2007
Dadummy's page
Posts: 638

104 Magic Points

Subject: savings bonds

Sat Feb 02, 2008 9:19 pm

The only time I would buy savings bonds is if they were for a baby because any other way you definately would be futher ahead to go with savings and turn them into cds later when they accumulate enough cash value.


Page 1 of 1

*Email:
*Password:
*Display Name:

	* denotes required field

*Email:
*Password:

	Forgot password?

*E-mail: