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Article: Gov't Switches Series EE Savings Bonds
- Article from:
- AP Online
- Article date:
- April 4, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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MARTIN CRUTSINGER, AP Economics Writer
AP Online
04-04-2005
Dateline: WASHINGTON
U.S. savings bonds will undergo a major change next month when interest rates will be fixed for the life of new Series EE bonds, the government announced Monday.
Starting on May 1, people who buy a new bond will receive for the life of the bond whatever interest rate is in effect at the time of purchase. Currently, interest rates on series EE bonds change every six months.
The change will not affect holders of existing Series EE bonds and any bonds purchased before the May 1 switch-over to the new system.
While the variable-rate bonds cost savers from 2001 to 2004 as interest rates were falling, rates have now ...