Money Gift For New Baby
Money Gift For New Baby - Series I bonds are still US savings bonds issued in paper form. US savings bonds, originally known as "baby bonds," have been around in one form or another since before World War II. They make great gifts for newborns. They can be purchased for less than $25, are backed by the full faith and credit of the US government, and offer some tax benefits.
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Money Gift For New Baby
Any US citizen or resident with a Social Security number - even newborns - can own a US Savings Bond. Since January 2013, the US Treasury Department offers two series of savings bonds; Series EE Bonds and Series I Bonds. Both can be purchased in small quantities, and both can be given as gifts to children.
The primary difference between Series EE and Series I bonds is the way their interest is determined. What is best for a newborn depends on what you think interest rates will do in the future. Series EE bonds pay a fixed interest rate for the life of the bond.
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The interest rate is set twice a year, in February and November, and all Series EE bonds issued during each period earn the same interest rate. The US Treasury guarantees that the bonds will at least double in value after 20 years. If the stated interest rate is not enough to cover this, the Treasury will make a one-time provision to cover the difference.
Series Ee Bonds
Series I bonds use a two-component system to determine interest rates. A component, called the fixed rate, is determined at the time of issue. The second component, called the inflation rate, is adjusted every six months based on the Consumer Price Index for all urban consumers.
Series I bonds are issued by the United States. Savings bonds have the distinction of being the only type that you can also buy in paper form. The card is only available if you buy bonds with your federal tax refund. US Savings bonds are one of the few securities that minors, including infants, can hold in their names.
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Any citizen or resident of the United States who has a Social Security number, regardless of age, can enter the United States. A savings bond can be owned. If you want to buy a savings bond as a gift for a newborn child, you must buy it through your Khazanah Direct account, or use your tax refund to buy paper Series I bonds in the name of the child.
Mike Parker is a full-time writer, editor and freelance entrepreneur. His background includes a career as an investment broker with NYSE member firms such as Edward Jones & Company, AG Edwards & Sons and Dean Witter. He helped launch DiscoverCard as the company's first business sales representative.
Series I Bonds
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