The interest rate for saving bond in the next six months has just been annouced. EE bonds, whose interest rate is tied to 90% of the average 5-year Treasury securities in the last six months, now posts an interest rate of 3.25%, compared to 2.84% in the previous six months. Inflation-protected I bonds now yields 3.67%, which includes a 1.0% fixed rate component for I bonds acquired in the next six months, and a 2.66% inflation component that applies to all I bonds issued. The rate of 3.67% is also increased from 3.39% in the last six-month period.
As you all know, I have been stashing some "pocket money" every month to saving bonds every month since last November. By the end of October, I have around $3,000 in my TreasuryDirect account, including $600 in EE bonds and $2,400 in I bonds. My current plan is to add $500 to saving bonds every month with a preference of I bonds. (I prefer I bonds a bit as it enjoys higher interest and the trend is likely to continue in the next 12-24 months. THis period's EE bond interest rate is helped by a market interest rate spike during the summer -- at today's 5-year Treasury rate of 3.34%, the new EE bond interest rate would be close to 3.00%.)
I see saving bonds as a convenience way of building some emergency cash over time. Although saving bonds cannot be redeemed in the first 12 months, over time it enjoys better interest rate than almost all money market account, and owners may receive certain tax benefits on interest when proceeds are used for educational purposes.
Heated War of Saving Rates(November 19, 2004)
The war about saving rates is certainly getting hotter every day. Two weeks ago, I reported ING Direct is raising the APY of its saving account to 2.20%, outbeating the next competitor VirtualBank by 0.05%. Since then, VirtualBank fought back by raising APY to 2.21 ... Read
Higher Saving Rate from ING Direct and CapitalOne(November 05, 2004)
As you can see from my monthly balance sheet, I have a lot of cash sitting in my saving accounts. I put majority of the money in VirtualBank, which earns me an APY or 2.15%. Of course, you can expect I am always checking new ... Read
Vonage: Much Improved VOIP Technology (And Referral Deal)(October 02, 2004)
I have been using Vonage as my primarily local phone service since I moved to my current house in August 2003. Vonage is the leading broadband phone service provider. Its VOIP (Voice-Over-IP) technology leverages your underlying broadband connection (either cable Internet or DSL) to make ... Read
My Fellow Bloggers(September 29, 2004)
After a look at the archive of PFBlog.com, I just realized that it is almost a year since I started active blogging on personal finance topics. I originally started PFBlog to keep a good record of my personal finance practices, and I believe if I ... Read
I bought savings bonds regularly and it has turned out to be one of the best moves I have made in the last 20 years. Most of my bonds are guaranteed to yield 6% and they don't begin to mature until 2016.
They will be a great augmentation to my social security (I'll be 66 in 2012).
I am happy to have bought a bunch of saving bonds last year using credit cards (including 5% citi dividend and at&t). It gives a sense of securiety and discipline. US Treasury should be the last to default but who knows what will happen if China and Japan stop buying and start cashing out theirs. I wish I would not be too late to cash out if financial crisis hits US.
Gold Channels of the Personal Finance Blogger's Network
• My Personal Finance Journey (1066 posts): Daily personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least a million dollars. (RSS Feed)
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• Naked Picks (33 posts): Can an average fat boy beat experts in picking stocks? (RSS Feed)
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Others Channels of the Personal Finance Blogger's Network
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• Coach Coin (55 posts): Simple Tips & Analysis from a Personal Finance & Success Coach. (RSS Feed)
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