I bought I-bond last year on 05/2022. At that time the rate is 9.62%. In Nov 2022 the rate is 6.89%. And as of July 2023 it's 4.30%.
How come when I log in (July 2023), under redemption, it show
ManageDirect » Redemption » Summary
Series I Savings Bond
| Confirm # | Issue Date | Interest Rate | Redemption Value |
|---|---|---|---|
| IAAAB | 06-01-2022 | 3.38%. | $10,704.00 |
| IAAAA | 05-01-2022 | 3.38%. | $10,764.00 |
Total: $21,468.00
The number seems right, 10,000 * 9.62/2 (for 6 months) + 10,000 * 6.62 / 2 (for 6 months) = 481 + 344 = 825, so ~764.
But why is the interest rate shown as 3.38%?
I know I mistakenly deposited and bought another 10k of I-bond while the supposed limit is 10k/year. Otherwise I think I'll have to pay the tax/penalty on the interest earn on that extra 10k. I emailed them to have it transferred out but Treasury Direct never responded to my email. So, my question is, if I wait until 06/2024 to redeem, am I ok since we can consider the extra 10k bought on 05/2022 as another 10k bought in 2023?
Thank you.
Submitted July 24, 2023 at 12:51AM by timpham https://ift.tt/pGfRTNM
