My mom worked for years at the Federal Reserve Savings bank. She apparently had signed up for payroll deduction to invest in EE savings bonds. When my passed away, we found a bunch of US savings bonds scattered around her house. About half the bonds were POD to me, and about half were in my mom’s name only. The ages of the bonds varied. I kind of expected the bonds to be worth some sigificant amount of money. When I looked them up, they were worth very much. They had ridiculously low interest rates, better then a bank savings account, but far less than I what I could get in in a decent mutual fund. So my mom had invested in these bonds that barely did much more then the inflation rate.
The bonds all came to me as part of the estate. According to the treasury department, I should have been able to take the POD savings bonds to the bank and cash them. My credit union wouldn’t cash them, because they didn’t sell savings bonds. I took the savings bonds to another bank, and they sold savings bonds, and would cash them for customers, but I wasn’t a customer. I went to one more bank that I was told would cash savings bonds for non-customers. I went in, and they said they could cash the POD bonds. I had my moms death certificate, and my ID. The bonds were payable on death to me. I started signing the bonds. They called the treasury department, and for some reason the person at the treasury department said the bank couldn’t cash my savings bonds, but that I would have to mail them in. I had to gt a bunch of stuff notartized, and signed, and finally got the savings bonds cashed. The treasury department’s website plainly said that I could simply take the POD savings bonds to a bank, and I could get them cashed. So why they told the bank over the phone that the bank couldn’t cash them, and that I would have to mail them in, I just don’t know.
Savings bonds provide a lousy interest rate. They are pain in the butt to you heirs. I see vey little benefit to owning them. I suppose you could give savings bonds as gifts to children, but with the low interest rate, why bother? Maybe give them shares of stock. That would be a much better gift then savings bonds!