Roundup Record Tribune & Winnett Times -

MSU News Service

BOZEMAN — Many people have received a savings bond in their life, whether it was a birthday gift or for a graduation or wedding. Montana State University Extension educators say now is a good time to revisit bonds and see if they are still earning interest or have matured.

Savings bonds over 30 years are no longer earning interest, said Marsha Goetting, MSU Extension family economics specialist.

“Exchange them for cash. You can reinvest the money or place up to $4,000 in a Montana Medical Care Savings account and save $276 in income taxes,” she said.

Montanans can use a free tool on the federal government’s Treasury Direct website to calculate the value of paper bonds using their series, denominations, serial numbers and issue dates. The site also has historical redemption tables as far back as March 1999. Values for series A, B, C, D, F, G, H, HH, J and K savings bonds are not in the tables because these bonds are worth face value when cashed.

Once you know how much your bond is worth, you can decide whether to redeem the bond for cash or continue to let it earn interest, said Wendy Wedum, MSU Extension Pondera County agent.

“Some bonds are sold at half of face value and can only be redeemed for full face value after a certain amount of time has passed,” Wedum said. “If you have a bond that you have only owned for a few years, you may not be able to redeem the bond without forfeiting a few months of interest earned on the bond.”

Goetting and Wedum said Montanans without internet access can visit a local bank or credit union to learn the value of a bond as well as redeem it.

“If you have ‘found money’ in a savings bonds, make sure you are aware of the pros and cons of keeping or cashing in your bond,” Goetting said.

More information can be found at msuextension.org.