Blog: Savings Bonds
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Savings Bonds - Tuesday, June 2, 2026
This year I finished redeeming the last of the paper savings bonds that my grandparents bought for me decades ago. As I mentioned in a previous and more personal post, my grandparents were very generous in giving both me and my brother savings bonds twice a year—for our birthdays and for Christmas.
I largely credit my savings mentality to my parents and grandparents. The first stock shares that I owned were inherited from my grandparents' estate. And their methodical gifting of EE bonds, which take 30 years to mature, taught us not only the value of money but also of patience.
The bonds only fully matured once I was at an age where I was already supporting myself. It's not life-changing money, but it's been enough to make life a little easier.
Redeeming the bonds used to be straightforward. I'd take them to Chase and the money would be credited to my account within a couple days while they handled the logistics of actually redeeming the bonds with the Treasury.
But as the Treasury has moved to digital bonds and paper bonds have become less common, they've also given banks more autonomy in how to handle redemptions. Since 2023, Chase only accepts bonds up to a value of $500, and only if the account has been open for at least a year. Redemption fraud is apparently a thing, and banks are left holding the bag when the Treasury rejects counterfeit bonds. It's sad that we live in a world where some bad actors like this ruin things for everyone. It seems like some other banks and maybe some credit unions still don't have many restrictions on how much you can redeem, but Chase is strict.
So I printed out the Treasury form and took it to my local Chase branch. I initially thought I needed a Medallion Signature Guarantee, which the bank was unwilling to provide. But Treasury rules have changed and a simple notarization is now sufficient.
After mailing the bonds and paperwork to the Treasury, I got an email two weeks later acknowledging receipt. And the funds showed up unceremoniously in my checking account after another 3.5 months.
Nowadays, EE bonds don't pay very well. The current rate is 2.40%, which is basically less than everything else including short-term Treasury bills, multi-year Treasury notes, and high-yield savings accounts. But there's something uniquely special about leaving money to grow in a 30-year time capsule, and giving that to someone as a gift. My brother and I were given more than just money—we were given a framework for how to think about responsibility and generosity. He's pretty good at paying it forward. I hope I can do the same.
I largely credit my savings mentality to my parents and grandparents. The first stock shares that I owned were inherited from my grandparents' estate. And their methodical gifting of EE bonds, which take 30 years to mature, taught us not only the value of money but also of patience.
The bonds only fully matured once I was at an age where I was already supporting myself. It's not life-changing money, but it's been enough to make life a little easier.
Redeeming the bonds used to be straightforward. I'd take them to Chase and the money would be credited to my account within a couple days while they handled the logistics of actually redeeming the bonds with the Treasury.
But as the Treasury has moved to digital bonds and paper bonds have become less common, they've also given banks more autonomy in how to handle redemptions. Since 2023, Chase only accepts bonds up to a value of $500, and only if the account has been open for at least a year. Redemption fraud is apparently a thing, and banks are left holding the bag when the Treasury rejects counterfeit bonds. It's sad that we live in a world where some bad actors like this ruin things for everyone. It seems like some other banks and maybe some credit unions still don't have many restrictions on how much you can redeem, but Chase is strict.
So I printed out the Treasury form and took it to my local Chase branch. I initially thought I needed a Medallion Signature Guarantee, which the bank was unwilling to provide. But Treasury rules have changed and a simple notarization is now sufficient.
After mailing the bonds and paperwork to the Treasury, I got an email two weeks later acknowledging receipt. And the funds showed up unceremoniously in my checking account after another 3.5 months.
Nowadays, EE bonds don't pay very well. The current rate is 2.40%, which is basically less than everything else including short-term Treasury bills, multi-year Treasury notes, and high-yield savings accounts. But there's something uniquely special about leaving money to grow in a 30-year time capsule, and giving that to someone as a gift. My brother and I were given more than just money—we were given a framework for how to think about responsibility and generosity. He's pretty good at paying it forward. I hope I can do the same.
Tags: family, personal-finance