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Glossary Term: SAVINGS BOND

Definition(s) for SAVINGS BOND:


1. ) Similar to zero-coupon bonds, savings bonds are sold at a discount to their face value, which is fully paid at maturity. They are exempted from state and local taxes and one can defer paying federal taxes until maturity. They can be purchased for as little as $50 or up to $10,000. The cost and the maturity depend on the series (E, EE and HH) and the interest rate being paid. They can be bought or redeemed (after six months) at your local bank, the Federal Reserve or the Bureau of Public Debt.

2. ) A savings security issued by the US Treasury or an authorized agent showing that money has been loaned to the US Government and is payable to the person to whom it is registered A savings bond is designated as such in the regulations offering the bonds for sale The bond is a contract between the Government and the bond owner Each bond is a registered security for which a record is maintained by the Bureau of the Public Debt



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