May 26, 2022 / in Brain Food / by Jason Terry
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Hello friends! Whew… this one is a long one. But before you decide to bolt before clicking the play button, please watch the first 2 minutes. In those first two minutes of my video. I talk about I Bonds as a savings tool that could be a useful part of your financial strategies.
Lame, But Necessary Disclaimer: I am not a financial planner. Please don’t make any financial decisions based on the content of this video. Do your own research and consult a professional before choosing whether or not to buy I Bonds. And with that out of the way…
Fact #1: The current combined interest rate for I Bonds purchased between May and October 2022 is 9.62%. The combined interest rate is re-calculated in May and November of each year.
Fact #2: If you have cash in a savings account that has been sitting there for years, for a rainy day, for home projects you are saving for, etc. you would be lucky to be getting 0.75% interest. And if you haven’t looked in a while, you should. My primary savings account was 0.2%.
Fact #3: My wife and I have purchased I Bonds for the past two years as part of our overall financial strategy.
You probably won’t hear about I Bonds from a financial planner because they don’t make a commission on them. You buy them directly from the United States Government on the Treasury Direct website.
Let me know if you already knew about I Bonds… if you’ve been buying I Bonds… or if you have any questions about I Bonds in the comments below. That said, the best place to get answers to your questions is the official Series I Savings Bond FAQ on the Treasury Direct website.
I hope you found this helpful!