Thousands of Americans eligible for payments of $500 or more from $700million pot – check if you qualify
THOUSANDS of Americans have been urged to check their savings bonds as they could be entitled to a portion of $709 million.
The unredeemed bonds held by nearly 300,000 residents in Illinois have fully matured, meaning they are no longer accruing interest.
There are various types of bonds available from the TreasuryGetty
“Many of these bondholders are unaware that they have matured unredeemed bonds,” a spokesperson for the US Treasury told, NBC Chicago.
“Or are not fully informed of the redemption process.”
To assist residents the US Treasury has a website for bondholders to see how much their holdings are worth.
Bonds worth up to $500 can be cashed at most banks.
Any higher amounts may require a deposit into a bank account.
There are various types of bonds available from the Treasury.
HH bonds fully mature after 20 years.
That being said, those bonds haven’t been issued since 2004.
So, the last of those bonds hit full maturity this year.
There are other types of bonds that the Treasury issues as well, including electronic-only EE bonds.
Those are guaranteed to double in value after 20 years.
On the other hand, I-Bonds have a variable interest rate based on inflation.
I-Bonds can continue accruing interest for decades.
Types of Bonds
There are various types of bonds available from the Treasury
HH bonds
These fully mature after 20 years.
HH bonds haven’t been issued since 2004 meaning the last of them hit full maturity this year.
EE Bonds
These bonds are electronic.
Guaranteed to double in value in 20 years.
Earn a fixed rate of interest.
I Bonds
These protect against inflation.
The interest rate on a particular I bond changes every 6 months, based on inflation
They can also continue accruing interest for decades.
Bonds can also be purchased via the U.S. Treasury for as little as $25.
It’d serve as a loan to the U.S. Government that will be repaid at a later date, with interest included.
Bondholders can redeem them one year from the purchase date.
They could have a possibility of receiving reduced interest for cashing them in early.
As the Treasury notes that bonds are “simple,” “safe” and “affordable,” the office ensured Americans that they’re also “backed by the full faith and credit of the U.S. government.”
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