EE bond gift question

[Mwsinron]

I would like to give my new godson an EE bond as a baptism gift. Any pros/cons to this? I didnt care for the IBONDS and dealing with his SS number. Im hoping to get him started early on savings and investing 

Thought I would add the gift will be in the 250 to 500 dollar range if that makes a difference.

 

[Martha]

I would like to give my new godson an EE bond as a baptism gift. Any pros/cons to this? I didnt care for the IBONDS and dealing with his SS number. Im hoping to get him started early on savings and investing 

Thought I would add the gift will be in the 250 to 500 dollar range if that makes a difference.

I was surprised to see that you can purchase an EEbond in his name, and use your social security number:  http://www.fedinvest.gov/sav/savgifts.htm

Of course, if it is his, he can cash it in anytime. But how else to learn responsibility.

I know someone who bought his grandchildren some savings bonds in the children's names. The children's father cashed them in. Needless to say, that ended those gifts.

 

[IHateCNBC]

Get an I bond. EE bonds have a fixed rate for 30 years.

The rates on EE bonds are not that attractive to lock for longer term.

 

[Martha]

The I bonds let you buy for him using your SS number as well. http://www.fedinvest.gov/sav/sbigift.htm

 

[Mwsinron]

Oh thanks! I didnt catch you could do that with IBONDS too.