We’re all about helping you save money, so we wanted to pass along a chance to grow your savings - Series I Government Savings Bonds.

What’s a Series I Savings Bond? It’s a savings bond issued by the US Government. What makes the bond special is the current rate of return.  The interest rate is a combination of a fixed rate that stays the same for the life of the bond and a variable inflation rate that is set twice a year. For bonds issued from May 2022 through October 2022, the combined rate is 9.62%.

The rate is so high because inflation is high. This is one way for inflation to actually add to your savings! High rates mean these bonds are a great way to grow a short-term investment fast, whether that’s an education fund or another add-on to your retirement fund.

So, ready to get started? Here’s a couple extra things to know first:

●     There’s a minimum purchase of $25 and a maximum purchase of $10,000 for electronic bonds.

●     You must hold the bond for at least one year before being able to redeem it.

●     If you cash the bond before five years pass, you will lose the previous 3 months of interest. 

This is not something we offer at Allied FCU, but we know a good deal when we see one, and we care about your financial wellbeing. If we know you can benefit from something, even if it’s through a different source, we’re going to give you the information.

Learn more about Series I Savings Bonds here.