Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Savings bonds?

My son got a $100 savings bond as a birthday gift when he was born. I don't know ANYTHING about savings bonds at all since all that were given to me as a child were cashed out by my parents before reaching maturity. It sparked my interest. I wasn't given the opportunity to attend college and I am currently watching my kid brother struggle through his first year. I want better for my son and am wondering if savings bonds would be a good way to save up. Does anyone know the nitty gritty details on savings bonds, how they work, and how long they can gain interest?

Answer Question
 
humaniterian87

Asked by humaniterian87 at 1:48 AM on Feb. 18, 2009 in Money & Work

Level 2 (13 Credits)
Answers (2)
  • I got one.. like last week. for me did like a cd that way it renews every year.. and well if i need the money i can take it out once a year before it renews.. i did 500 and 15$ a month added to it.. and then for my kids i did a gift account i guess they call it where it cant be cashed out with out me till they are 18.. earns interest over the years and i put 25 in it a month for each kid.. can build over the years and i really dont feel the difference.. i looked over alot of options and this was the safest for me
    miss_nevin

    Answer by miss_nevin at 2:37 AM on Feb. 18, 2009

  • The bond your son got costed $50. When it reachs full maturity then you can take to a bank and cash it in for the $100. I believe it is slightly more if you don't cash it in right away. When you buy a bond you just pay 1/2 of what its face value is but it takes I think 7 years to mature. Also you don't get the full amount if you cash it out early.

    partiesbyjan

    Answer by partiesbyjan at 6:38 AM on Feb. 18, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN