When can I redeem a savings bond?

• Savings bonds are available for redemption six months after purchase.  Redemption within the first five years will result in a forfeiture of 3 months of interest.

Do I have to pay income tax on the interest earned on savings bonds?

• Savings bonds are exempt from state and local income tax. Federal income tax may be deferred until you redeem the bonds or the maturity date (30 years). Bonds may be exempt from federal income tax if used to pay qualified higher education expenses or to roll over into a qualified 529 plan.

How long will my savings bond earn interest?

• The bonds can continue to earn interest for 30 years from the date of issue.

How do I find out what the current interest rate is on savings bonds?

• Visit www.savingsbonds.gov or call the U.S. Treasury at 1-800-245-2804 for current Savings Bond rates.

Can I give a savings bond as a gift?

• Yes, you may purchase a savings bond as a gift.

How do I purchase a savings bond from OCFCU?

• Visit any Ohio Catholic branch, fill out the purchase application, and submit payment. You will want to bring the recipients name, address, and social security number. You’ll receive the bond within three weeks. If you’re making a gift purchase, ask for a gift certificate. If you don’t know the recipient’s SSN, you can use your own SSN. Your SSN will appear on the bond. (The first five digits of your Social Security number will be masked and replaced with asterisks). You’ll incur no tax liability.