I Bond Limits
The new I Bond Limits were set by the US Treasury to come in effect January 1, 2008. These new limits are still in effect and have not been changed. This limit applies separately for both the I series and the EE series bonds.
The main difference is the annual limit that was previously set at $30,000 is now at $20,000. This is for a calendar year. The reason given by the treasury department for the change was to refocus the savings bond program back to its original intention. This is to help the typical American family save small amounts of money in a safe and secure manner.
The limits apply as follows. $5000 worth of I bonds that are paperless can be purchased and $5000 worth of paper bonds for a total of $10000. The same limits are for the EE series bonds which bring the total to $20,000.
The smallest increment of I bond that can be purchased is $25 for the paperless and $50 for the paper bond.
The easiest way around this limitation is to have a co-owner. The limit is set on the first name if there is more than one. By switching the order of the names the limits can be doubled. What many families do is to place a parents name on the bond and a child’s name as the co owner. The federal government limits the monetary vales by the name and its associated social security number. This is how they keep track of them.
The rate of interest are fixed by the US treasury and not associated with bank rates. The new I Bond Limits are already over 2 years old and will be in place until the government decides to change them. This could be next year or 20 years from now.
For additional resources involving financial help please view Atlantic Stewardship Bank High Interest Checking Account on this website.
Another resource for financial information of interest can be found at Australian CD Rates which is available on our sister website of www.bestcdratestoday.com. For even more information on investing please view TD Bank Online Banking on another sister site bankcdratesonline.com.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name.
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Compass Online Banking | Online Banks on
Wed, 5th May 2010 9:24 am
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