I Bonds: Worth a look in 2022... by 6IXSTRINGJACK

REAL WORLD EVENT DISCUSSIONS

I Bonds: Worth a look in 2022...

POSTED BY: 6IXSTRINGJACK
UPDATED: Saturday, May 7, 2022 11:19
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Saturday, May 7, 2022 11:19 AM

https://home.treasury.gov/services/bonds-and-securities

https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibond
s_ibuy.htm

Quote:
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.

You are limited to $10,000 in electronic I bonds through the website per year as well as $5,000 worth of paper bonds (only through your income tax returns).

Now...

All that being said, I had to look into the legitimacy of the website since it looks like it was made with GeoCities in the mid-1990's.

Sadly, that is the real website to do this and is the one referenced on the included link above to treasury.gov.

Even more sad are customer reviews for the site online. It appears that even verifying your ID can get you locked out before you begin if you're not careful, and customer service is about as non-existent as IRS workers that won't take your calls about where your money is in the 2020's.

And DON'T LOSE YOUR PASSWORD!!! It appears that you can't reset it online like you can almost everywhere else and you're going to end up on a phone call for 8 hours trying to get a new one.

I dunno. I was thinking about doing this next week myself, but the look and feel of the website along with terrible customer reviews has me really thinking twice about it. I was considering buying $25 worth and cashing it out a month or two later just to see how painful the process was before tying up any real money, but you are not able to cash them until a year has passed.

Anybody else here ever have any experiences with them that they'd like to share?

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