You have money with you right now and looking for ways to save? Then I think nothing can be better than investing in savings bonds. There are many types of savings bonds like for instance, United States savings bonds, HH bonds, I bonds, EE bonds, government savings bonds etc. Anyways, this article entirely concentrates on savings bonds. It tells you about what is a savings bond and how to buy savings bonds in detail.
What Is A Savings Bond?
The answer to the question what is a savings bond is given out here. The savings bond was initially introduced during the year 1935, as a method for investment. This plan was under the President Franklin Roosevelt. He typically used it as a means for raising money. This raised money was then used for government because those were not the time when money could not be easily borrowed from another country. Therefore, schemes like this were made in order to raise little fund for the government. At the same time, this scheme also gave an option for people to invest their money.
The savings bonds provide different kinds of investments today. They are distributed and funded by government. Even though the return rate is considerably smaller when compared to stocks and mutual funds but they are completely safe as well as secured. This is the reason why they are chosen as the best investment by people. In fact, they are the ideal ways for saving for your future.
In the recent years, the bonds have come out in various series. For instance, I bonds, EE bonds, E bonds, HH bonds and so on. The bonds are bought with an intention that their actual value raise for a particular time. The savings bond can be easily turned into cash at any time but cannot be sold. On the other hand, they will have to be with you for at least 5 years in order to avoid penalties.
How To Buy Savings Bonds?
If you are wondering as to how to buy savings bonds then read on. While one cannot purchase savings bonds at a convenience store but can be purchased at many places. A saving bond is at times, available with payroll deduction scheme at work. One can also get them at many different government offices as well as financial institutions like
- Credit Unions
- Federal Reserve Banks as well as its branches (only by mail or phone). The federal no longer offers walk-in service
- Bureau Of Public Debt
For further info on buying savings bonds, you can click this publicdebt.treas.gov. In case you lose the savings bond, you can easily request it with the help of PDF 1048 form and you can get this from financial institutions and Federal Reserve Bank. You need to give out as much info you can about your lost bond. Like serial number of the bond, name, SSN, address, issue date etc.
When you fill the form, you can mail to
Division of Transactions & Rulings
Bureau of Public Debt
P.O. Box 1328
Parkersburg, WV 26106-1328