I realize that’s the result of our borderline hyperinflation, but it was quite a pleasant surprise for me. Back in my working days, I bought a bunch of them, and needed to cash one in and found this out.
I really hated to do that, but I need the money now.
Seriously?! I know they have two components that make the rate, last I looked it up a few weeks ago mine was like 4.??% Must’ve just went through an adjustment. CPI index iirc.
With the base rate being zero there is potential for the absolute rate to be zero. Not really a bad downside as there’s no real way to lose money. If you cash out before 5 years and lose 3 months of interest, well, three months of 0% interest is no loss at all.
Unfortunately, I’m stuck. I created a Treasury Direct online account a couple of weeks ago. The account was “created” just fine, but immediately locked by Treasury, saying they couldn’t “verify my identity” (I supplied everything they asked for, including my driver license info).
They required I fill out a simple form and get a “signature guarantee” from a financial institution. This is when the trouble starts.
My bank, Wells Fargo, said they no longer do signature guarantee stamps, for any customer for any reason. My credit union, fairly large as CUs go (with multiple branches), said they do signature guarantees, but not specifically to open an account (presumably, they do it for guaranteeing funds).
Both institutions looked over the form and accompanying one page instruction and gave it consideration, but the net result was no-go.
So, apparently, no savings bonds for me.
(yes of course I can leave the bank I’ve been at for decades where all my bill pay is set up and safe deposit box yadda yadda to spite them)