I Bond Purchase at age 87?
Terry,
I want to purchase an I Bond for my 87 year old mother. She is not computer savvy.
Can I use her information to set up an account, and use the same linked bank account (mine) I used to purchase my own I Bond this year?
Thanks,
Terry Says
I don’t think you want to do that! I know these high rates are tempting, but you must hold the bonds for 5 years to avoid an early withdrawal penalty. And rates may not stay that high — if the Fed can crush inflation — over the coming years. Honestly, at this stage, I think you should leave the money in the bank. I know it earns no interest, but you never know when she may have an expense and need to use this money.
