EE savings bonds...
 

I won a $500 savings bond back in 2002 as a prize in a cattle show. Well, my mom put it away and I forgot all about it. This weekend, BF and I went home to visit for the weekend and mom just happened to think about it. Neither of us had any idea how long it takes for a bond to mature so she suggested I take it to the bank tomorrow and see what I can get for it. Well, curiousity was getting to me so I googled it and found a site that would calculate how much your bond it worth as of today. It doesn't mature until 2032!:eek: Are you serious? It's only worth $300 today!:mad: Maybe it's just me, but savings bonds make horrible prizes! The person who sponsored my award recieved credit for providing a $500 award..they only had to pay $250..and I don't actually get the money for 30 years!:mad::eek::thumbdown

Sorry, I had to get that off my chest!:rolleyes: I could really use that money right now so needless to say, I'm pretty upset about the whole thing at the moment.

I know what you mean! I had one too!

:thumbdown .... what ??? That sucks !!! :thumbdown

I now I have 300.00 in EE bonds that are over 12 years old and not yet matured. I bonds are suppossed tobe better

How funny you should mention this now..... my MIL was holding some stuff for us in her safe (we lived with her for a little while during our house construction) and it's been 3 years since we gave it to her. She was cleaning it out recently and gave it all to us so I was going through it..... marriage certificate, birth certificates, savings bonds given to my kids by relatives for their birthdays. Well, I found a $100 savings bond that I was given back in 1989. I too thought, well I'll just take it to the bank and see what it's worth. Instead I googled it too and found that it's worth only $138 now. At least mine is mature now but I do remember reading about maturity dates and such. That really stinks to be given one as a prize and have to wait so long for it to mature. You may want to read the website again because even though it says something about 2032, I think it should actually reach the stated dollar amount sooner than that. I think the 2032 date may be when it stops collecting interest. It might actually be worth the face value sooner than that. I can't remember now all the details that I read.

That is exactly what the maturity date means.

Btw, 300 bucks is 300 more than you had ;)

I decided the $300 is better than nothing and I can really use the money now..who knows what 2032 will bring?:rolleyes: I just got home from the bank with $306.00. I shouldn't complain but dang it, I want the whole $500!:(

Go to the savings bond official website and it will tell you the value of it as of today.
Bonds mature after 10 years and stop earning interest after I don't remember how many years, which in your case it's probably going to be on 2032.

Another way to look at savings bonds....there are very few investments which GUARANTEE 100% return on your initial investment. While it may take awhile...you are doubling your money.

See, that's what I was thinking too. It's not that it won't be worth $500 until 2032.... but instead that it will be worth $500 some time before that and then continue to earn interest - making it worth MORE than $500 when it stops earning in 2032. I know when I was doing some research on mine that I found, there were new rules for newer bonds and I can't remember when it said they would reach face value but I really want to think it said 20 years - putting your's at $500 in 2022 and then more until 2032 when it will "top out". I wouldn't swear on a bible that this is fact but it's kind of what I remember reading a few weeks ago and without having your bond #, there's no way to look it up on their calculator.

Of course, this subject is not really valid to the OP now since she cashed her's but maybe other people have bonds sitting around. I know that the one I was given in 1989 is now worth about $138 ($100 face value) and will continue to earn interest for a while. I can't remember when it will stop earning but I figured I would hold onto it at least a little bit longer.

See, the great thing about this site is that we learn new things all the time - some even NON-Yorkie related! :D

Savings bonds are good gifts for babies and very young children but that's about it in my opinion. They mature about the time the kids will be going off to college or within their first few years of college so the money is helpful.

I did some checking and it takes approximately 17-20 years (depending on when it was issued) for the bond to reach it's face value and then earns additional interest for that last 10 years.

I completely agree with you! I think they make great gifts for babies or young children, or if purchased secretly for someone and not given to them until the bond has matured. They also seem like a great way to invest a little of your own money. However, given as an award when I was 16 years old, I probably won't even remember that cattle show when the bond actually matured!

I think I also read that you can now buy savings bonds at face value and then they collect interest from there. So you could give someone a $50 savings bond and instead of paying $25 for it and waiting for it to reach face value, you pay the full $50 it would be worth $50 immediately and then continue to accrue interest. Don't remember all the details though.

I agree that they are great for small kids. I have an aunt that always gave my daughters these when they were really small and they now have quite a handful that will reach full value about the time they need them for college. She always figured that the kids had enough grandparents and such to give them toys and immediate gratification things so she planned ahead for them.