Series EE Savings Bonds? What are Patriot Bonds?

8 months ago
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Series EE Savings Bonds, often referred to as "Patriot Bonds," are government-issued, non-marketable savings bonds in the United States. These bonds are designed to provide an attractive savings option for individuals and are backed by the U.S. government. They come with the assurance that their value will double over a standard 20-year term, and some can continue to earn interest for up to 30 years from the date of issuance. The interest rates for Series EE Bonds are determined at the time of purchase and are linked to long-term Treasury rates.

Series EE Bonds are government-backed savings bonds that are guaranteed to double in value over their 20-year term.

For Series EE Bonds issued after May 2005, they are assigned fixed coupon rates twice a year, on May 1 and November 1. These rates remain in effect for six months. While the bonds' value increases monthly, interest payments are distributed semiannually.

Series EE Bonds are renowned for their safety and low risk, and the interest they earn is typically exempt from state and local taxes. However, they are subject to federal taxes, but only in the year they mature or are redeemed. These bonds are available for purchase by U.S. citizens, official U.S. residents, minors, and U.S. government employees, regardless of their citizenship status.

Special Considerations:
After the tragic events of September 11, 2001, paper EE Bonds were rebranded as "Patriot Bonds." These bonds are essentially identical to traditional paper Series EE Bonds, with the exception that those purchased through financial institutions after December 10, 2001, feature the term "Patriot Bond" printed on the top half of the bond certificate, positioned between the Social Security Number (SSN) and the issue date. While financial institutions no longer issue paper Series EE Bonds, it is still possible to redeem or convert paper Patriot Bonds into electronic bonds.

Furthermore, Series EE bonds do not require reissuance for minor typographical errors in names, addresses, or Social Security numbers.

Paper bonds were originally issued at a 50% discount to their face value, while electronically sourced bonds through TreasuryDirect are purchased at face value. However, both types of bonds are guaranteed to double in value by their first maturity date after 20 years, all while earning interest in a similar manner to paper Series EE Bonds.

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