Beth Pinsker: There’s a rush to buy I-bonds to lock in a high yield, but there may be an even better deal next week

by | Oct 27, 2022 | Stock Market

It’s hard to imagine that there could be a better deal for parking up to $10,000 in savings than Series I bonds, at this very moment. The 9.62% yield is top-notch, and you can count the hours before it goes away. That’s why there’s a mad rush crashing the TreasuryDirect.gov website, the only venue for buying the government-issued savings bonds. But before you dive in, there are a few things to know.

The most important: It might take patience. The TreasuryDirect website says: “We are currently experiencing unprecedented requests for new accounts and purchases of I Bonds. Due to these volumes, we cannot guarantee customers will be able to complete a purchase by the Oct. 28 deadline for the current rate.” The Treasury Department warned it might not even be able to process the flood of orders it’s receiving by the deadline, as reported by the Wall St. Journal. The data page for the Treasury had been noting a drop-off in sales for October up to this point, with only $703 million, compared with the previous six months. The peak was in May, with a record of nearly $5 billion in sales. Given that the TreasuryDirect website has a history of being clunky and there’s been a recent redesign, any amount of traffic could be crashing servers. Or all the hype over the last days of the super-high rate could be persuading a great number of last-minute shoppers. Those rushing to buy should be aware of a few caveats about buying I-bonds in the next two days.
You’re locked in for at least a year, and your combine …

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