Finally! US Savings Bond 2024: Are You Eligible? Know Benefits & Amount:-US Savings Bonds are a safe and smart way to grow your savings while getting a lot of other benefits as well. The US government will still have two main types of savings bonds in 2024: Type I and Series EE.
There are many perks to these bonds, such as protection against inflation, tax breaks, and guaranteed returns.
Find out all the details you need to know about these bonds, including who can buy them, their benefits, and how they work.
US Savings Bond 2024 Eligibility
Who Can Purchase?
Many different types of people can buy US Savings Bonds. You can buy these bonds whether you own a business, work for someone else, or run a group. Because there are not any strict requirements, they are a flexible way to spend. In particular:
Citizenship: You can only buy these bonds if you are a US citizen.
Income and Credit: You do not need to have a certain amount of income or credit to buy these bonds, so they are a good choice for many buyers.
Benefits
Tax Advantages
One of the best things about US Savings Bonds is that they are not taxed. The interest on these bonds is not taxed by the state or city government.
The interest on the bonds may also not be taxed by the federal government if they are used to pay for qualified educational costs for the bondholder, their spouse, or their children.
Because of the tax benefit, these bonds are especially good for families who are saving for college costs in the future.
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Protection from inflation
There is protection against inflation in US Savings Bonds, which is very helpful when the economy is unclear.
In particular, Type I savings bonds are made with a blended rate that changes with inflation. This way, your investment will keep up with rising prices.
Safe and Trustworthy
These bonds are thought to be one of the safest ways to trade because they are backed by the US government. Because they promise a return, they are a good choice for cautious investors who want to grow their savings in a stable way.
Different kinds of bonds and their rates
Savings bonds of type I
Right now, the interest rate on Type I savings bonds released between May and October 2024 is 4.28%. With these bonds, your money will be safe because they have both a set rate and an inflation rate. They have a 30-year expiration period, but they can be extended for an extra 10 years, during which time interest keeps adding up.
Savings bonds in Series EE
The interest rate on Series EE bonds is always 2.70 percent, and it will stay that way for bonds released in May and October 2024 as well. If you hold on to these bonds for the whole 20 years, they will double in value, giving you a 3.5% annual return.
Form EE bonds can be stretched for up to 10 years after their original 20-year term, just like Type I bonds.
How to Buy: The TreasuryDirect website (www.treasurydirect.gov) makes it easy to buy and handle US savings bonds online.
You can buy, sell, and keep track of your bonds online through this platform, which makes managing your investments safe and easy.
Key Details at a Glance
| Program | US Savings Bonds 2024 |
|---|---|
| Types | Type I and Series EE |
| Authority | Treasury Direct |
| Payment Dates | May and October 2024 |
| Maturity | 20 years (EE), 30 years (I) |
| Extension | 10 years for both types |
For safe saves and investments, US saves Bonds for 2024 are a great choice. They appeal to a wide range of buyers because they offer tax breaks and protection against inflation.
These bonds are a safe way to get your money together, whether you are saving for college or just want to be sure your money is safe.
Q&A
Can people who are not US citizens buy US savings bonds?
Only people who live in the US are qualified.
Do you need to make a certain amount of money to buy US Savings Bonds?
No, you do not have to have a certain amount of cash.
How much do Type I bonds cost to buy in 2024?
The rate is 4.28 percent.
For how long do you have to hold Series EE bonds for the value to double?
In 20 years, they are worth twice as much.
Can I buy US Savings Bonds without going online?
No, you can only buy them online through TreasuryDirect.