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Started By
Message
re: You have until Thursday to lock in a 9.62% rate on Treasury I-Bonds
Posted on 10/27/22 at 11:12 am to Quidam65
Posted on 10/27/22 at 11:12 am to Quidam65
Tomorrow is the last day to buy at current rate. It takes a business day for the transfer I think. So if you wait to buy this weekend or monday it won't actually buy it til Tuesday.
2
Posted on 10/27/22 at 11:17 am to NATidefan
Where do you buy these?
Posted on 10/27/22 at 11:22 am to Billy Blanks
Treasurydirect.gov
Be sure to write down account #, password, and security questions exactly. You will need them all and if you get locked out... it'll be impossible to call them to get back in before Novemeber.
That's assuming you can get it set up with the site being overwhelmed currently.
Be sure to write down account #, password, and security questions exactly. You will need them all and if you get locked out... it'll be impossible to call them to get back in before Novemeber.
That's assuming you can get it set up with the site being overwhelmed currently.
This post was edited on 10/27/22 at 11:24 am
Posted on 10/27/22 at 11:26 am to Billy Blanks
Posted on 10/27/22 at 11:29 am to Tshiz
it is true. I tried this morning and it crashed.
Posted on 10/27/22 at 12:48 pm to NATidefan
Thanks. I have mine arranged to withdraw from my bank every other Friday on payday, the next of which is this Friday and thus it will get the higher rate.
Posted on 11/1/22 at 4:50 am to Quidam65
What time should we see the new rate?
Posted on 11/1/22 at 8:45 am to Tshiz
quote:
This isn’t true.
Yes it is.
This post was edited on 11/1/22 at 9:05 am
Posted on 11/1/22 at 10:36 am to LSURoss
quote:
What time should we see the new rate?
You'll see it on any bought after thursday and six months after your previous purchase.
Posted on 11/1/22 at 11:12 am to LSURoss
They updated it on the site. It's 6.89
Posted on 11/1/22 at 11:56 am to NATidefan
quote:
They updated it on the site. It's 6.89
Yeah that's interesting. The new composite rate includes a fixed rate of 0.40%. Fyi, the fixed rate is permanent for the life of I bonds bought within the next 6 months.
Most of the experts said it was very unlikely the Treasury would raise the fixed rate from 0% given the demand.
If you plan to hold I bonds long term like me for emergency fund, then probably makes sense to redeem a 10k I bond with 0% fixed for one of these before the rate change in May.
Posted on 11/1/22 at 12:09 pm to gpburdell
quote:
If you plan to hold I bonds long term like me for emergency fund, then probably makes sense to redeem a 10k I bond with 0% fixed for one of these before the rate change in May.
Sorry, can you explain this to me like I'm five?
I purchased some this past may, so I won't be able to cash any out before the next rate change inMay.
. But I could possibly purchase more before the rate change in May.
I do plan to cash most of them out next year, but was thinking about leaving some in for an emergency fund.
So I guess I could purchase some as a gift at this rate with the .4 fixed rate before may to leave as emergency fund for later.
This post was edited on 11/1/22 at 12:14 pm
Posted on 11/1/22 at 12:20 pm to NATidefan
quote:
I purchased some this past may, so I won't be able to cash any out before the next rate change in may. But I could possibly purchase more before the rate change in May.
Yeah you don't have to redeem your existing I bonds to get the new fixed rate. You can purchase new I bonds in January when the annual limit resets.
I have bonds that I bought in 2021 that I can redeem. I already have a significant amount in I bonds (from my mom and I using the gifting approach) and not sure I want to add more to it or not.
Posted on 11/1/22 at 12:25 pm to gpburdell
Can you explain what the benefit of the .4 fixed rate is? It'll just drive up the future composite rates I assume?
Posted on 11/1/22 at 12:37 pm to NATidefan
quote:
Can you explain what the benefit of the .4 fixed rate is? It'll just drive up the future composite rates I assume?
I bonds use a composite rate:
composite = fixed rate + variable rate
The variable rate is the one that changes every 6 months. The fixed rate is permanent for the life of the bond once bought. The fixed rate has been 0% since 2020. The fixed rate had been over 3% in the past; though that was over 20 years ago. People who bought them back then and held them were getting over 13% interest the past year.
You can see a history of the fixed/composite rates here:
https://treasurydirect.gov/files/savings-bonds/i-bond-rate-chart.pdf
Fyi here is an I bond growth calculator based on when you bought your I bond:
https://eyebonds.info/ibonds/home10000.html
ETA: The fixed rate is determined by the Treasury and there is no formula etc; it's at their discretion. They probably increased it as TIPS yields are now positive as well.
This post was edited on 11/1/22 at 12:41 pm
Posted on 11/1/22 at 12:48 pm to gpburdell
Got cha, thanks!
Posted on 11/2/22 at 8:17 am to gpburdell
quote:
Fyi here is an I bond growth calculator based on when you bought your I bond: LINK
So it compounds?
I’m completely ignorant to I Bonds. I clicked on April 2000 just to see the numbers for using I Bonds as an additional retirement account, and it shows that buying $10k in I Bonds a little over 22 years ago would be worth $40k now.
22 years for the investment to quadruple. That’s pretty good right?
What are the thoughts on using these as a long term retirement play?
Posted on 11/2/22 at 8:29 am to StringedInstruments
Probably not a great idea. You cannot base them on the recent rates. For a long time they earned jack squat.
I use them for cash management.
I use them for cash management.
This post was edited on 11/2/22 at 8:30 am
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