The Bank of Elk River serves the financial needs of individuals and businesses in Elk River, Otsego, and Zimmerman Minnesota.
SAVINGS BOND CHANGES DECEMBER 31, 2011
After December 31, 2011, U.S. Savings Bonds will no longer be sold through financial institutions or mail order. You can purchase electronic savings bonds online through TreasuryDirect: www.treasurydirect.gov
Take a tour of TreasuryDirect to see how simple purchasing savings bonds can be!
U.S. Savings Bonds
Savings bonds are non-marketable securities sold by the US Treasury Department. They can only be purchased online and cashed at places authorized by the Treasury Department. Since bonds are registered securities, the only owners are those whose names are on the face of the bond.
I Bonds and Series EE Bonds earn interest monthly and the interest is compounded semiannually. The interest that is earned on the bond is paid when the bond is cashed.
HH Bonds pay out your earnings semiannually. The face value is paid when the bond is cashed.
Savings bonds are exempt from state and local taxes. Federal income taxes can be deferred until you cash the bond or when it reaches it's final maturity. If the earnings from your bonds are used for qualified higher education expenses, you may be exempt from paying federal income taxes also.
Don't want to hassle with holding on to all those I Bonds that you purchase? Now you can purchase Paperless I Bonds from the US Treasury. You can manage your purchases, redemptions and keep track of your bond portfolio all online. No more worries about the paperwork or paper bonds.
What are your bonds worth? Find the value of your savings bonds with the Savings Bond Calculator.
Use the Savings Bond Wizard to keep an inventory of your savings bonds and find their current value.
There are fun calculators, current interest rates and great information that can help you with questions you may have regarding savings bonds at www.SavingsBonds.gov.
Initial value of bond is 50% of face value.
For more information about Savings Bonds:
- Call us at 763-441-1000
- E-mail us at CustomerService@TheBankofElkRiver.com. Responses will be made during regular business hours.
Use of Savings Bonds does not constitute endorsement by the Department of the Treasury.