EE Savings Bond Interest Rate

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I just cashed in a EE Savings Bond issued in June 1994. The bank told me the interest amount and I will include that on my 2024 tax return. I knew the interest amount last month (May 1994) but wanted to wait until June so I would get the 6-month interest for the period (Jan. 2023 - June 2024). I thought it the rate was 4% compounded semi-annually. The difference in interest ($25.00) face value between May 2024 and June 2024 is only $0.28. If I did my arithmetic correctly, that's less than 1% annually. Could that be correct? If so, I should cash in my other savings bonds that reach 30 years in the next few months and years.

Not A Product Question

Mike9241

Level 15

that seems correct because the 28 cents only represents the additional interest from May to June

the value including accrued interest in December 2023 80.44. 4% for 1/2 year about $1.60. one month

+1.60/6 or 28 cents.

Mike9241

mitchden1Author

Level 5

I'm a little confused. I thought interest is only "earned" every 6 months. If I cashed the savings bond in Jan. , Feb. March. April or May, I would have gotten $0.28 less than cashing it in June. June was the end of the 6-month period and also the 30-year end.

VolvoGirl

Level 15

Here is the Saving Bonds Calculator. You can get the value for any time period. I entered all my bonds and saved my inventory. So every 6 months or so I can look up the value to enter into my Quicken program.
https://treasurydirect.gov/BC/SBCPrice