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You can redeem a savings bond online at the Treasury Departments TreasuryDirect website, by mail or at your local bank or credit union, if they offer the service. Your savings bond must be at least a year old, and youll need government-issued identification to prove that the bond is yours.
Checking accounts allow quick access to your funds on an ongoing basis, and some checking accounts are interest bearing. Savings accounts have withdrawal limits, are interest bearing, and are typically used for a financial goal or specific purpose (vacation, home remodel, etc).
Money market account vs. money market fund. A money market account is a type of savings account that provides liquidity and earns interest on the principal. You cannot lose the balance of a money market account, although penalty fees may be charged for not meeting balance and withdrawal requirements.
You can cash in a bond after a year, but youll pay a three-month interest penalty if you redeem it before youve had it for five years. There are some exceptions because of recent natural disasters.
You can get your cash for an EE or I savings bond any time after you have owned it for 1 year. However, the longer you hold the bond, the more it earns for you (for up to 30 years for an EE or I bond). Also, if you cash in the bond in less than 5 years, you lose the last 3 months of interest.
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U.S. Savings Bonds mature after 20 or 30 years, depending on the type of bond: Series EE bonds mature after 20 years. They are sold at half their face value and are worth their full value at maturity. Series I bonds are sold at face value and mature after 30 years.
A money market mutual fund account is considered an investment, and it is not a savings or checking account, even though some money market funds allow you to write checks.
Most savings bonds stop earning interest (or docHub maturity) between 20 to 30 years. Its possible to redeem a savings bond as soon as one year after its purchased, but its usually wise to wait at least five years so you dont lose the last three months of interest when you cash it in.

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