Uncle Sam Provides I-Bond Relief for U.S Savers; Why Are the Banks Not Joining in the Glory?
Are you dissatisfied with the Savings Account and CD Interest Rates your bank currently has on offer?
If so, go to https://www.treasurydirect.gov and open an account. The U.S. Government’s iBonds are currently earning 9.62% interest through October of this year.
Individuals may purchase $10,000 worth of iBonds per year online to be held in electronic format. An additional $5,000 worth may be purchased in paper format using ones tax refund monies.
For Online Purchases:
After connecting ones checking or savings account, one may set up automatic purchases or make one off purchases. From the website, we learn:
“I Bonds can be purchased through October 2022 at the current rate. That rate is applied to the 6 months after the purchase is made. For example, if you buy an I bond on July 1, 2022, the 9.62% would be applied through December 31, 2022. Interest is compounded semi-annually.”
What’s an I bond?
A Series I savings bond is a security that earns interest based on both a fixed rate and a rate that is set twice a year based on inflation. The bond earns interest until it reaches 30 years or you cash it, whichever comes first.
What’s the interest rate on an I bond you sell today?
For the first six months you own it, the Series I bond we sell from May 2022 through October 2022 earns interest at an annual rate of 9.62 percent. A new rate will be set every six months based on this bond’s fixed rate (0.00 percent) and on inflation.
So what does this mean? Let’s say the U.S.Treasury adjusts the rate back down to 0% in November. Since one must hold the bond for at least one year prior to selling, one would earn the average of 9.62% x 6mo. plus 0% x 6mo. or basically half of 9.62 or 4.81% on an annualized basis. My bet is the rates will remain much higher than zero for the next several years until the U.S. Federal Reserve and the U.S. Government tame inflation, making this an ideal time to get in on them. Caveat; Bond holders will sacrifice 3 months worth of interest if the bonds are sold prior to reaching a five year holding period. In other words if you hold the bond for 18 months and then sell, you will only earn 15 months in interest.
Confucius says: Roaring lions are generally hard to tame.
The burning question is why are American bankers not stepping up to the plate to compete for consumer savings cash. My guess is that not too many savers are aware of the current iBond rate, and I doubt there are too many bankers out there benevolent enough to inform them. Thus I recommend calling up your local newspaper office, and radio stations, and asking them to help spread the word. Perhaps this will get the bankers’ attention.
Click here to read the complete FAQ on purchasing, gifting, and selling iBonds.
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Are you dissatisfied with the Savings Account and CD Interest Rates your bank currently has on offer?
If so, go to https://www.treasurydirect.gov and open an account. The U.S. Government’s iBonds are currently earning 9.62% interest through October of this year.
Individuals may purchase $10,000 worth of iBonds per [...] Read more →
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