Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Saving for College with Savings Bonds: Smart or Silly?

Written by Ilyce Glink on June 5, 2012 in Retirement  |   1 comment

Worried about saving for college? As high school seniors around the country graduate and begin moving on, it may be a good time for them to cash in some of those savings bonds that friends and family members have been giving them over the years….

savings bonds saving for collegeWorried about saving for college? As high school seniors around the country graduate and begin moving on, it may be a good time for them to cash in some of those savings bonds that friends and family members have been giving them over the years. Even if the bonds haven’t fully matured yet, they may have accrued enough interest to make cashing them in now a worthwhile way for graduates to get extra money for textbooks and off-campus meals. Savings bonds can also help supplement a student loan.

Until this year, savings bonds hadn’t changed much over the 80-plus years they’ve been around. However, the federal government has stopped printing paper bonds and switched to an electronic format. Now grandma needs an account at treasurydirect.gov—the U.S. Department of the Treasury user website—and so does her recipient or the recipient’s parents for a child younger than 18.

You can also redeem electronic and paper bonds online after you set up an account, which will be linked to your checking or savings account. The money will appear in your bank accounts within one business day after redemption. Be careful—you must hold onto any savings bond for at least one year before cashing it in or you will lose money on the transaction.

Savings bonds earn interest for 30 years after their issue date. That means that if you can afford to wait, you should save them until they completely mature. Savings bonds are like good wine—they are typically better as they age. This also means you don’t want to forget your account’s password—it could be a long time before you cash in those bonds.

Understanding the different types of bonds when saving for college

There are two different types of bonds currently earning interest: the EE series and the I-bond.

  • The EE series is a predictable bet, but the interest rates tend to be lower than other bonds, says Lateefah Thompson, a spokeswoman for the Bureau of the Public Debt, the branch of the Department of the Treasury that oversees bonds. EE series bonds earn interest at a set rate over the life of the bond. The rate is set when the bond is issued and never changes.
  • The I bond is more popular and has the potential to earn more interest, Thompson says. The bond’s interest rate is tied to the rate of inflation; the interest rate changes every May and November and lasts for six months.

You can also use the Treasury’s online calculator to see a bond’s value by inserting the series, value, serial number, and issue date. If you have a choice, cash the bond that is earning the least amount of interest—you’ll lose out on less that way.

You can still cash paper bonds at the bank, but if you’re looking at cashing more than $1,000 in savings bonds, you will have to go to a bank or institution where you are a customer.

Finally, keep in mind that the interest earned on your savings bonds is subject to federal income tax. You don’t have to pay for it until you redeem your bonds or they have finally matured, but take this into consideration when tax time comes.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and at the Home Equity blog for CBS MoneyWatch.

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

1 comment

  1. Anonymous says:

    I bought EE Bonds for my son’s education about 30 years ago. I cashed some a few years ago and ended up paying taxes on them.
    I thought since I bought the bonds for his education, I should be able to gift them to him and he pay the taxes on the inerest. He just finished his post graduate school and am wondering how I can cash the bonds under his tax id and let him pay tax on the bonds?

Leave a Comment

Name :

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Retirement Archive