Looking For Extra Cash... Look For Savings Bonds

Financial Advisor Lane Gilbert
Financial Advisor Lane Gilbert

The U.S. Treasury Department is pushing people to claim thousands of dollars in uncashed saving bonds and to buy more bonds with a higher interest rate of 0.7%

There is close to $9 billion dollars slipping away in unclaimed savings bonds and the U.S. Treasury is encouraging everyone to cash in not just on their old bonds but buy new ones.  That is no surprise to financial advisor to Lane Gilbert. "People are not aware they're out there. I can't tell you how many clients walk in and say didn't know mom and dad had that this stock," Gilbert said.

Economic instructor John Robertson says it is easy for people to forget about savings bonds  because of the 15 to 30 year time frame it takes for a bond to mature. "Your locking an investment away for a really long time," Robertson said.

While the government is pushing people to cash in and invest in U.S. Treasury bonds. Most financial advisors say cash the ones you have and stay away. "A savings bond you may be going at 15 30 years. It definitely saves for a rainy day the only problem on a traditional savings bond your not keeping up with inflation," Gilbert said.

Both advisors agree bonds are good if you are looking for a safe long term savings.

If you are curious if you have any unclaimed savings bond waiting for you log on to the U.S. Treasury department website.