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The Treasury Department will designate Series EE savings bonds sold through financial institutions as Patriot Bonds, beginning in mid-December. The funds raised by the bonds, while not earmarked for a specific purpose, will contribute to the federal government's overall effort to fight the war on global terrorism.
Series EE savings bonds sold through financial institutions will be specially inscribed with the legend Patriot Bond. The legend also will appear on Series EE bonds available at the Bureau of the Public Debt's Savings Bond Direct website www.savingsbonds.gov.
Series EE savings bonds, earn 90 percent of 5-year Treasury securities yields. The current rate in effect through April 2002 is 4.07 percent. The bonds sell as half face value and are available in denominations of $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000.
Series EE bonds increase in value monthly and interest is compounded semiannually. Interest is exempt from state and local income taxes and federal tax can be deferred until the bond is redeemed or it stops earning interest at 30 years. Bonds can be redeemed anytime after six months. A 3-month interest penalty is applied to bonds redeemed before five years.
FAQs
After 20 years, the Patriot Bond is guaranteed to be worth at least face value. So a $50 Patriot Bond, which was bought for $25, will be worth at least $50 after 20 years. It can continue to accrue interest for as many as 10 more years after that.
How to fill out fs form 1522? ›
Furnish the name(s) on the account, the account number, the type of account, and the financial institution's name, the routing/transit number which identifies the institution, and the institution's phone number. You may need to contact the financial institution to obtain the routing number.
How to fill out fs form 5444? ›
The information required to fill out FS Form 5444 includes the full name of the filer, their address, their phone number, the name of the organization they are filing for, the type of filing requested, the purpose of the filing, the date of the filing, the name of the individual or organization that will receive the ...
How do I cash out my Patriot bonds? ›
You can cash paper bonds at a bank or through the U.S. Department of the Treasury's TreasuryDirect website. Not all banks offer the service, and many only provide it if you are an account holder, according to a NerdWallet analysis of the 20 largest U.S. banks.
How long does it take for a $100 Patriot bond to mature? ›
Key takeaways
Savings bonds are a government-backed, reliable investment that earn interest, reaching full maturity after 30 years.
How much is a $100 savings bond worth after 30 years? ›
How to get the most value from your savings bonds
| Face Value | Purchase Amount | 30-Year Value (Purchased May 1990) |
|---|
| $50 Bond | $100 | $207.36 |
| $100 Bond | $200 | $414.72 |
| $500 Bond | $400 | $1,036.80 |
| $1,000 Bond | $800 | $2,073.60 |
Certifying Officer or Notary
Getting it signed by a notary public is easier than getting it from a bank or credit union. Make sure you download the latest FS Form 5444. Other TreasuryDirect forms don't accept a notary stamp. You still need to get it signed and stamped by a certifying officer at a financial institution.
Why is it so hard to get a medallion signature guarantee? ›
Why is it so hard to get a medallion signature guarantee? Medallion stamps are difficult to obtain because the institutions that provide them, such as banks, credit unions, and other financial institutions are reluctant to provide them, as it exposes the institution to large financial liabilities.
Who can be a certifying officer for TreasuryDirect? ›
The signatures to the form must be signed in the officer's presence. The certifying officer must affix the seal or stamp which is used when certifying requests for payment. Authorized certifying officers are available at financial institutions, including credit unions, in the United States.
Do you have to pay taxes on Patriot bonds? ›
Key Takeaways. Interest from EE U.S. savings bonds is taxed at the federal level but not at the state or local levels for income. The interest that savings bonds earn is the amount that a bond can be redeemed for above its face value or original purchase price.
That's slightly more than double your original investment. Meanwhile, a $50 Patriot Bond purchased in June 2005 — after the new interest-rate system for Series EE bonds began — would be worth $41.20 as of November 2019.
How long does it take to get money from TreasuryDirect? ›
You just bought a security from the U.S. Treasury. Securities are generally issued to your account within two business days of the purchase date for savings bonds or within one week of the auction date for Bills, Notes, Bonds, FRNs, and TIPS.
How much does a savings bond grow in 20 years? ›
Series EE savings bonds are a low-risk way to save money. They earn interest regularly for 30 years (or until you cash them if you do that before 30 years). For EE bonds you buy now, we guarantee that the bond will double in value in 20 years, even if we have to add money at 20 years to make that happen.
Do Patriot bonds increase in value? ›
The Series EE Bond (often referred to as a "Patriot Bond") is a non-marketable, interest-bearing U.S. government savings bond. These bonds are guaranteed to at least double in value over the typical 20-year initial term.
Which US savings bond is guaranteed to double in value in 20 years? ›
EE bonds you buy now have a fixed interest rate that you know when you buy the bond. That rate remains the same for at least the first 20 years. It may change after that for the last 10 of its 30 years. We guarantee that the value of your new EE bond at 20 years will be double what you paid for it.
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