Short on Cash? Find Those Savings Bondsby Tim Manni
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.