While Christmas is often a time of gifts and food, for many people it is also a time to look at getting their financial picture in place for the coming year. My kids always get some sort fun games and toys for Christmas, but also something with a practical use too. This year I decided to look into US Savings bonds for them. So I talked to Sarah Allen, at State Bank of Illinois in Yorkville, 28 Schoolhouse Road, at Rte 47 and Rte 126.
State Bank of Illinois is a community bank, with branches in four locations. They enjoy building relationships with their customers, so not only do the employees know I have 4 kids, most of them even knows the name of all 4 of my kids. No small feat! And not only are they ridiculously friendly, but they give out candy canes and stickers to my girls- no surprise my girls are always up for a trip to State Bank!
I was surprised at how simple the procedure is. You purchase a EE bond, at ½ of the face value. (a $50 bond is $25). It takes 18 years for the bond to mature, but even after that it continues to accrue interest. While The US Treasury won’t send out the bond for a few weeks, you receive a certificate stating that you bought the bond to give right away.
I was in a panic when I realize I didn’t have the social security number of any of my kids, but Sarah let me know that I can use my social security number to actually purchase the bond, and then the child’s social security number can be substituted later. And if I was purchasing for a child and didn’t have their address, I can just put it into the child’s name and use my address. MUCH easier than I was afraid it was going to be!
So in addition to the games and toys under the tree this year, I’m making room for a more practical gift to help them in the future. Thanks State Bank!