US Savings Bonds

Question: My daughter won 2 Savings Bonds and I am not sure what to do next. Put in the bank or ????.?

My daughter is 11 years old and she has won 2 separate Savings Bonds. The 1st one she won in a raffle at her cheerleading scholastics dinner for $100 last year. The second one was this past weekend at her cheerleading awards banquet for having the best grades in her squad for $50. We have both of the actual paper bond that came in the mail but I am so clueless as to what to do with them now that we have them. Are you just suppose to keep them until a certain time or should I open some sort of account for them to be deposited into? Do they mature after a certain amount of time? I would love for my daughter to be able to use them towards her college education and considering I don’t make much money and my 1st husband (her father) passed away when she was 11 months old so she doesn’t have any financial help from him I would like to know what the best option is to get the most out of these bonds. Thank you.

Answer: It depends on what kind of bonds you have, Series EE or D, as to what you can do with them but your local bank should be able to explain that to you or ask in economics, the series is on the bond. Bonds vary but what has happened is the person who made the bond gave $20 to mature to the bond amount.

So for a $50.00 bond someone gave $40 to mature in so many years. Obviously someone can explain it better to you then I because, without knowing the series, their are different rules.

Some still acrue interest even after maturity and some don’t.

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