How to buy I - Bonds
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Anonymous
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Wondering if anyone had this issue: Created an account to buy I bonds at the Treasury Direct website… then got a notice saying there was an issue with the information from my bank (I tried to purchase from our joint checking account) and my transaction was automatically canceled.
I wound up giving up — called the TreasDir help number and it rang forever with no pickup. Also tried the online help desk but they didn’t answer my question. All of you who bought I bonds on the website, did you find it from a joint account or a bank account with only one owner (I’m wondering if that was what was tripping up my purchase)? |
Anonymous
no, our bank accounts are all joined. didn't have any problem buying i bond. weird. |
Anonymous
Ok, thanks. It was so weird and frustrating. If there was a way to walk to a brick & mortar Treasury building and throw my $10K at them, I’d just prefer to do that! Ah well. |
Anonymous
try again maybe? do you have another bank you can link to? |
Anonymous
By memory I think if you have a linked minor account you don’t need to buy them as a gift— a gift would be if you bought them in your account but asked them to be delivered to the linked account as a gift. Each bond needs to have a registration— simplest is just the name of the account owner (or recipient for a gift) but you can also add a secondary owner. Have you set up the linked account to have a default registration of your child’s name? |
Anonymous
+1 Purchased yesterday from a joint account. No issues encountered. Give it another try. |
Anonymous
I just looked into this for Maryland (don’t know about other states). The interest isn’t subject to Maryland state taxes, but only for households below a certain income level. My household income is about 250k, and we are FAR above that threshold. |
Anonymous
Savings bonds are exempt from taxation by any State or political subdivision of a State, except for estate or inheritance taxes. https://www.treasurydirect.gov/indiv/products/prod_ibonds_glance.htm |
Anonymous
| Hey guys, I have i bond 101 type question. If your balance is 20000 and purchased another 10k at 7%, does that 7% apply to my total amount (30k) or just 10k? |
Anonymous
Each bond you purchase will get the 7% interest rate for six months but the six months they get it for will vary for each bond according to the purchase date. The interest rate resets every six months for each bond but since you purchase them at different times they reset at different times. |
Anonymous
Total amount. Each deposit gets 6 months of the going interest rate. So the first ones you bought will change rates before the second ones. But in either case, you get full 6 months, then it switches to new rate. |
Anonymous
Just following up to say a big “thanks” to the multiple posters who suggested I try again to buy I bonds online. For whatever reason, it worked this time and we were able to get the max $10K at the current rate. |
Anonymous
Doesn't matter though.. Interest can be deferred for upto 30 years and taxes paid on withdrawal by you or successor. |
Anonymous
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Follow up ibond account question.
How do you set up an account for a child? It’s not $10k, but a couple hundred that’s sitting in a bank account. This is their money- $50 here or there over the years. We have separate MD 529 accounts. I’ve looked at several posts, but i can’t find the correct answer. When you open up an account attached to the adult account, it asks for sole owner, primary owner, or beneficiary account. I selected beneficiary for one child, but then it said POD which I assume is payable on death. I don’t want that. I just want the couple hundred plus better interest to be available in five years. |
Anonymous
Someone else asked this question. I think the answer is once you open up the linked account the child should be listed as the sole or primary owner because its their account. If you want a beneficiary on the account that should be a different person (child?). |