IM teenager and got a 100 doller savings bond and i need 50 dollers now. Since the person i got it from paid 50 dollers fo it can i just go to the bank and get the 50 dollers for it now?
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5 Comments
Take it to any bank after 6 months.
You must hold on to the bond for at least one year. After a year, you can cash it in. However, it takes many years for bonds to reach maturity which means that the bond will not be worth $100 for some time, or even $50. There is also a penalty for cashing in the bond before 5 years is up.
Once it is 6 months old, you can cash it.
You will pay a penalty if you turn it in early. Do yourself a favor and hang onto it.
You should keep it and get your $50.00 another way….