MINT HILL, NC – Do you believe some things are too good to be true? With inflation soaring to 8.5% in the most recent CPI report, some attention has been garnered to the government-backed investment known as Series I Savings Bonds. These bonds have been in the headlines for their mouth-watering 7.12% annualized yield which has now soared to an even higher 9.62% level in May. Interest rates change every six months.
Individuals are required to hold the bonds for 12 months and there are penalties for not holding longer than 5 years. The prior 3 months’ interest payments are forfeited for redemption prior to 5 years. You can buy up to $10,000 worth of I bonds annually, and an additional $5,000 with your tax refund for a max of $15,000 per individual per year.
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This article was written by Beaumont Capital Management for use by your local Cambridge Investment Research Financial Advisor.
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