Goodbye, bodily US financial savings bonds! Per this TreasuryDirect announcement, the US Treasury will not permit to you to purchase an extra $5,000 in paper Sequence I financial savings bonds annually along with your tax refund, efficient January 1st, 2025. (If you happen to haven’t filed your 2023 Tax Yr returns, you may nonetheless get them along with your late submitting by October 15, 2024 utilizing IRS Type 8888.)
Truthfully, I’m very stunned it lasted this lengthy. You haven’t been in a position to purchase paper bonds anyplace else for over a decade. Discovering a financial institution to even money in an current paper bond is sort of a treasure hunt. (It’s simpler to simply convert them to digital first, then promote them on-line.) My idea is that there was some warehouse stuffed with clean paper bonds that they wished to make use of up. Listed here are some stats on who really used this selection:
– On common, 35,000 tax filers annually purchased paper Sequence I bonds: this represented .03 p.c of tax filers, and fewer than 10 p.c of Sequence I bond purchasers.
– Lower than 10 p.c of individuals persistently participated (greater than 2 years).
– Gross sales of paper I bonds by this program made up lower than 1 p.c of all collection I financial savings bond purchases.
(I could be too lazy to replace all of my previous Financial savings Bonds replace posts…)
Buy limits in any other case stay the identical: $10,000 in digital I Bonds and $10,000 in digital EE bonds per yr per Social Safety Quantity or Employer Identification Quantity. For these in search of one other method to broaden their buying energy, meaning you may as well purchase for a kid, grandchild, LLC, or a belief.
