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Breaking Dawn | How does a savings bond work? I won a 150$ one at a spelling bee? |
Im 13, and I won a 150$ savings bond at my city's spelling bee. They said they'lll contact me in like 2-3 weeks. They also asked for my social security and stuff. Can i get it in cash? I have some novels I would like to purchase..lol What the heck is a savings bond? Thanks! |
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Joe D
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Hold onto it until due date, or it will only be worth partial face value.
===========================
Savings bonds are treasury securities for individual investors. US Savings Bonds are a registered, non-callable bond issued by the U.S. Government, and are backed by its full faith and credit. About one in six Americans - more than 50 million individuals - have together invested more than $200 billion in savings bonds. However, all savings bond investments together cover only a minor portion - less than 3% - of the U.S. public debt.
Savings bonds have traditionally been issued as paper, or definitive, bonds. In October 2002 the treasury also began to offer electronic, or book, savings bonds through its online service TreasuryDirect. As of 2004, about a quarter of new savings bond investments are now made electronically.
There is no active secondary market for Savings Bonds (but they can be transferred if the taxes due on the accrued interest are paid). After a one-year holding period they can be redeemed with the Treasury at any time, making them very liquid. Since they are registered securities, possession of a savings bond is of no legal consequence; ownership is determined by the names in the Treasury's records, which are also printed on paper savings bonds. Consequently, savings bonds can be replaced if lost or destroyed.
Savings bonds do not have coupons. Interest payments are compounded or accrued, which means they are added to the value of the bond and paid out only upon the bond's redemption. Unlike other treasury securities, income from these interest payments does not have to be reported to the IRS as income until the bonds are cashed, which makes savings bonds tax-deferred investments. Savings bonds redeemed prior to five years forfeit the most recent three months' interest.
The treasury first offered the predecessor to savings bonds, called "baby bonds," in March, 1935. The bonds were issued in denominations from $25 to $1,000. They were sold at 75 percent of face value, and accrued interest at the rate of 2.9% per year, compounded semiannually when held for their ten-year maturity period. |
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Judy1
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You can cash it in early although there is some minimum waiting time like a month. But if you cash it now you'd only get about $75 for it. You could cash it at a bank - you might need to take a parent with you, and go to their bank. If you don't cash it and leave it, it will increase in value.
A savings bond is a US government obligation if that answers that part of your question. The government pays interest on it, that's why the value increases.
Congratulations on your spelling bee success. |
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Spazz
|
Okay a savings bond is like a loan to the government. It takes time for them to fully mature. Anyway your savings bond will only be worth half the amount right now(75$). In a few years though it will reach its full amount. |
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barthebear
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No. You need to keep it and let it mature in about 10 years when it will be worth more. |
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toocan
 |
the savings bond "matures" after a certain period of time (usually years). if you cash it in now you won't get the whole $150, but a lot less. the longer you wait to caSH IT IN THE MORE of the $150 you get. (sorry about the accidental caps) |
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mcmoehring@sbcglobal.net
 |
A savings bond is a agreement between the holder of the bond (you) and the United States Government. The $150 is the "face Value", that's the amount it will be worth when it matures. The bond was purchased at a discount, usually half of the face value.
When you get the bond, take it to a bank and cash it in and get your $75. Savings bonds are the worst investment there is. |
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Cody
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Savings Bonds are made to save you money. You should put it into the bank and in about 10-15 years the bond will be worth the full $150. |
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brianwv64
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The savings bond is not worth the face value until a period of time passes. Usually ten years. It should say on your bond.
If you don't cash it after the ten years, say wait 20, then you get interest on the amount. |
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~WiDmO**
 |
ok look
they put in like 5$ in now
and they wait for it to grow (by the interest)
and when its 150$ u can activate the account
they give u a certain date...
and congratulations |
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imdubdabass
|
it should not be confuse with a trust fund, where a trust fund gives the parents authority over childeren's money.
a saving bond is an account which in this a case 150 dollars would be use at your diposal. if you choose to keep the money at this account, (interest) additional money would be credit/add to your account at a percentage of the money in your account.
hope this helps, congrats! |
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Frodo59
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It is a promise by the US Treasury to pay the bond owner a fixed sum of money and the end of a fixed period of time.
Most bonds cannot be cashed until maturity, which is probably several years in the future. In spite of that, please do not throw it away. Someone had to pay the govt for that bond.
*** |
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Juliet
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Ok, so looks like you have some money to save in the bank. No worries. There are programs (for free) for kids who want to save money in banks. You just have to get your parent to sign you in and everything. It's actually quite cool.
You will probably get your money on a check or in cash. Either way, all you have to do is to slide it into the machine, and it will take care of it for you.
P. S. I strongly suggest that you get a bank account. I once won $100 at my piano competition, but I lost the bill!! |
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