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December 26th, 2008

Short on Cash? Find Those Savings Bonds



Chances are there are a lot of you out there who have have purchased savings bonds in the past but have forgotten all about them. According to the Bureau of the Public Debt, there are 40 million matured Series E Savings Bonds still in circulation. The Treasury Department estimates the worth of these bonds purchased between 1941 and 1978 to be $16 billion.

So why has this easy source of cash been so under utilized? While many have been thought to be either destroyed or the property of the deceased, a main reason continues to be that holders wish to avoid paying taxes on the interest.

“Even though you’ll be taxed on the accumulated interest, you’re still better off having your principal back,” said HSH Vice President Keith Gumbinger. “And if you saw your income decline this year, you’re definitely ahead of the game to cash them in now.”

Nearly any financial institution will be able to cash out your savings bonds. If you’re the beneficiary of a deceased bond holder, simply bring a death certificate for verification.

Click here to use the Treasury’s Savings Bond Calculator to determine the value of your paper savings bond.

To track down older Savings Bonds, send a written request to the Bureau of the Public Debt, P.O. Box 7012, Parkersburg, W.Va., 26106-7012. Include as much information about the missing bond as possible, such as the name (or names) of the owner, the owner’s address and the date the bond was issued. If you’re not sure, provide a range of dates.

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2 Responses to “Short on Cash? Find Those Savings Bonds”

  1. Complete Savings Says: January 25th, 2009 at 12:47 am

    Reminds me to go check if my gram and gramp left me anything. :) But yes, its certainly worth the time.


  2. Tim Manni Says: January 27th, 2009 at 10:59 am


    Thanks for your comment. Those savings bonds are easy to forget about. Every little bit helps!

    Thanks again,

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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