Can a minor redeem a savings bond in their name?
Answer Hi Rachel, There is no specific law that says that a minor can not redeem a savings bond issued in their name. However, the definition of minor is interpreted differently in various places in the country. The Treasury states that “… a person must be of sufficient age to understand the transaction ..” in order for the savings bond to be redeemed. This is a very subjective requirement and could be different from one redemption agent (usually a bank) to another. Based on the intelligent question that you sent me, you would APPEAR to be able to understand the transaction. But my word means nothing to a redemption agent. Try it and see if the bank you visit will cash-in a bond for you.
Related Questions
- Hi Don - You can redeem a Savings Bond anytime after the bond is one year old. Theres a penalty of the most recent three months interest if you redeem a Savings Bond before it is five years old. All new Savings Bonds available today pay interest for 30 years.
- When is the best time to redeem a U.S. savings bond to maximize my earnings?
- Can a minor cash a U.S. savings bond?
