Kevin Slater Posted October 26, 2022 Author Share Posted October 26, 2022 This whole thing about the medallion is only if you forget your login credentials, I think. In any case, you can certainly use funds from either your credit union of Schwab to purchase Ibonds. Kevin Slater + keroscenefire and Mercury 2 Link to comment Share on other sites More sharing options...
Mercury Posted October 27, 2022 Share Posted October 27, 2022 wow, this website is a challenge just trying to set up an account. It keeps crashing. Link to comment Share on other sites More sharing options...
handiacefailure Posted October 27, 2022 Share Posted October 27, 2022 6 hours ago, Kevin Slater said: This whole thing about the medallion is only if you forget your login credentials, I think. In any case, you can certainly use funds from either your credit union of Schwab to purchase Ibonds. Kevin Slater From listening to podcasts it sounds like they are requiring a medallion at random. I tried to switch my preferred account from my brick and mortar bank to my online discover or alliant account since it would be easier to have purchases made right away since I don't normally keep $10K in my checking account and it avoids the delay of transferring from my online account to my brick and mortar account and according to their site you need a medallion to change accounts. That's got to be a pain for a lot of people since many people use an online bank these days. Also has to be a pain the way banks are getting bought up and merging which results in a new ABA and account number + augustus 1 Link to comment Share on other sites More sharing options...
Mercury Posted October 27, 2022 Share Posted October 27, 2022 Good point. Before the site crashed during my set up, I tried to use my online bank, but even setting it up as a savings account, it asked for a routing number. Isn’t that only for checking accounts? So I used my checking account…and then the site went offline. Link to comment Share on other sites More sharing options...
BuffaloKyle Posted October 27, 2022 Share Posted October 27, 2022 9 hours ago, Mercury said: Good point. Before the site crashed during my set up, I tried to use my online bank, but even setting it up as a savings account, it asked for a routing number. Isn’t that only for checking accounts? So I used my checking account…and then the site went offline. Routing numbers are used to identify the bank you are using so it covers both checking and savings accounts. I used a savings account for my i bond purchase. I bet the site is crashing as this is the last chance to get the 9.62% rate. matthatter, Mercury and + Vegas_Millennial 2 1 Link to comment Share on other sites More sharing options...
Kevin Slater Posted October 27, 2022 Author Share Posted October 27, 2022 Bloomberg News is reporting long delays at the Treasury Department's TreasuryDirect website. A notice on the site reads... "We are currently experiencing unprecedented requests for new accounts and purchases of I Bonds. Due to these volumes, we cannot guarantee customers will be able to complete a purchase by the October 28th deadline for the current rate." The 9.62%rate is expected to drop to 6.47% on November 1st. Those who buy by October 28th will lock in the old rate for six months. Kevin Slater Link to comment Share on other sites More sharing options...
+ keroscenefire Posted October 27, 2022 Share Posted October 27, 2022 Yeah unfortunately I had to give up on it. It wouldn't let me make a new account after several days of trying. Oh well. + augustus 1 Link to comment Share on other sites More sharing options...
BuffaloKyle Posted October 27, 2022 Share Posted October 27, 2022 I just went on the site to see if it was running slow and indeed it is very overwhelmed! I'd try late at night @keroscenefire if I were you. Link to comment Share on other sites More sharing options...
Kevin Slater Posted October 27, 2022 Author Share Posted October 27, 2022 Although at this point it's not clear that even if you got the account created whether the transaction would go through in time, which is why we earlier counseled earlier folk not to wait til the last minute. I suspect the issues will abate one the new rate, which also doesn't suck, kicks in. Kevin Slater + keroscenefire, Mercury and + augustus 2 1 Link to comment Share on other sites More sharing options...
+ keroscenefire Posted October 27, 2022 Share Posted October 27, 2022 42 minutes ago, Kevin Slater said: Although at this point it's not clear that even if you got the account created whether the transaction would go through in time, which is why we earlier counseled earlier folk not to wait til the last minute. I suspect the issues will abate one the new rate, which also doesn't suck, kicks in. Kevin Slater Yeah, I may just have to wait. I had kind of a short window because I had a CD mature in September so didn't really have the money until this month. Oh well. I guess I'll try at the newer rate. I am planning 10K so it'll still be a decent payout. Kevin Slater 1 Link to comment Share on other sites More sharing options...
+ augustus Posted October 27, 2022 Share Posted October 27, 2022 On 10/26/2022 at 11:18 AM, keroscenefire said: I'm having such difficulty with the web site. I keep getting kicked out. I guess this has been too popular. No one can get on. Last minute rush have overwhelmed their servers. + keroscenefire and Kevin Slater 2 Link to comment Share on other sites More sharing options...
Mercury Posted October 28, 2022 Share Posted October 28, 2022 12 hours ago, keroscenefire said: Yeah unfortunately I had to give up on it. It wouldn't let me make a new account after several days of trying. Oh well. It kept crashing on me all day, so I created an account last night at 11:00pm. It worked. Link to comment Share on other sites More sharing options...
Mercury Posted October 28, 2022 Share Posted October 28, 2022 (edited) 14 hours ago, Kevin Slater said: Although at this point it's not clear that even if you got the account created whether the transaction would go through in time, which is why we earlier counseled earlier folk not to wait til the last minute. I suspect the issues will abate one the new rate, which also doesn't suck, kicks in. Kevin Slater Correct, when I made my $10,000 purchase last night, it clearly indicated on their home page that they were overwhelmed and doing the best they can to get thru all the transactions but couldn’t guarantee all would be processed by Oct. 28. Any that miss their processing time would get the Nov. 1 rate. Edited October 28, 2022 by Mercury Kevin Slater 1 Link to comment Share on other sites More sharing options...
BeamerBikes Posted October 28, 2022 Share Posted October 28, 2022 Also there's a better chance the fixed rate may inch up from the current fixed 0% at the next rate adjustment. Finding the bright side for those a smidge late. You could have a higher fixed rate for longer. The variable rate tied to inflation adjusts every 6 months. Kevin Slater and Mercury 2 Link to comment Share on other sites More sharing options...
BonVivant Posted October 28, 2022 Share Posted October 28, 2022 On 10/26/2022 at 2:05 PM, Mercury said: If my account is thru a credit union but there are no branches where I live, does that mean I won’t be able to participate in I-bond purchases assuming they require a medallion stamp? would I be able to purchase from my Schwab account that I have cash in, but only have a brokerage account? It’s easier to find a Schwab brick and mortar branch if necessary? Buy direct at treasury.gov. Link ur account. They’ll take the money out. And you have your I-bond. Link to comment Share on other sites More sharing options...
handiacefailure Posted October 30, 2022 Share Posted October 30, 2022 On 10/27/2022 at 1:26 PM, augustus said: No one can get on. Last minute rush have overwhelmed their servers. Suze orman on her podcast today said the amount of ibonds that were bought in just the last week was more than double the amount in all of 2021 their system probably can't handle it and the US treasury website is pretty outdated anyway Kevin Slater and + augustus 1 1 Link to comment Share on other sites More sharing options...
BonVivant Posted October 30, 2022 Share Posted October 30, 2022 44 minutes ago, handiacefailure said: Suze orman on her podcast today said the amount of ibonds that were bought in just the last week was more than double the amount in all of 2021 their system probably can't handle it and the US treasury website is pretty outdated anyway Yes apparently the website crashed this week. It is outdated but read somewhere they are updating it. Shocking but not surprised. handiacefailure 1 Link to comment Share on other sites More sharing options...
Mercury Posted November 1, 2022 Share Posted November 1, 2022 Does anyone with a Treasury Direct account know when interest posts? I’m curious to know if I made the cutoff for 9.62% rate. I see they got my $10,000 but I didn’t get any confirmation email except that I had successfully created an account. I only realized that my purchase went thru by looking at my bank statement with the $10k deduction. Link to comment Share on other sites More sharing options...
Kevin Slater Posted November 1, 2022 Author Share Posted November 1, 2022 8 hours ago, Mercury said: Does anyone with a Treasury Direct account know when interest posts? I’m curious to know if I made the cutoff for 9.62% rate. I see they got my $10,000 but I didn’t get any confirmation email except that I had successfully created an account. I only realized that my purchase went thru by looking at my bank statement with the $10k deduction. Log into your account > Current holdings / savings bonds > select Series I Savings Bond. You'll see the interest rate there. If your transaction hasn't preprocessed yet, you'll surely hit a snag along one of those steps. If it says interest rate not available, it probably means you're getting the new yet-to-be-announced rate (likely ~6.47%). Kevin Slater Link to comment Share on other sites More sharing options...
Mercury Posted November 1, 2022 Share Posted November 1, 2022 6 minutes ago, Kevin Slater said: Log into your account > Current holdings / savings bonds > select Series I Savings Bond. You'll see the interest rate there. If your transaction hasn't preprocessed yet, you'll surely hit a snag along one of those steps. If it says interest rate not available, it probably means you're getting the new yet-to-be-announced rate (likely ~6.47%). Kevin Slater Thanks, I just looked and all it says is current value $10,000. Link to comment Share on other sites More sharing options...
Kevin Slater Posted November 1, 2022 Author Share Posted November 1, 2022 6 minutes ago, Mercury said: Thanks, I just looked and all it says is current value $10,000. It'll say that for a while. (They don't give you the accumulated interest for the first six months or something.) But drill deeper (by clicking every button and link you can) and you'll get to the interest rate. Maybe PM me so we can take this offline. Kevin Slater Link to comment Share on other sites More sharing options...
Kevin Slater Posted November 1, 2022 Author Share Posted November 1, 2022 They just announced the new rate: 6.89%, which includes a fixed rate of .4%. That .4% gets added onto whatever the inflation rate is for the life of the bond. The previous fixed rate was 0%. Kevin Slater + keroscenefire, Mercury and BonVivant 2 1 Link to comment Share on other sites More sharing options...
BuffaloKyle Posted November 1, 2022 Share Posted November 1, 2022 (edited) 51 minutes ago, Kevin Slater said: They just announced the new rate: 6.89%, which includes a fixed rate of .4%. That .4% gets added onto whatever the inflation rate is for the life of the bond. The previous fixed rate was 0%. Kevin Slater So for the i bond that I bought in May I'm earning 6.49% or 6.89%? I went on the site to view my bond and the interest rate says N/A probably because it didn't update yet the new rate. I'll definitely buy another $10k come January then. Edited November 1, 2022 by BuffaloKyle + augustus 1 Link to comment Share on other sites More sharing options...
Kevin Slater Posted November 1, 2022 Author Share Posted November 1, 2022 17 minutes ago, BuffaloKyle said: So for the i bond that I bought in May I'm earning 6.49% or 6.89%? I went on the site to view my bond and the interest rate says N/A probably because it didn't update yet the new rate. I'll definitely buy another $10k come January then. 6.49. Those bought starting now will get the .4% bump. Kevin Slater BuffaloKyle and + augustus 1 1 Link to comment Share on other sites More sharing options...
jawjateck Posted November 1, 2022 Share Posted November 1, 2022 I assumed the fixed component would rise based on the actions of the Federal Reserve, and given the rate path they continue to pursue, it will likely bump up again May 2023. I will buy more in January, but hold back some of the 10k until the third week of April to check out the effect of Fed rate increases and the CPI numbers. Then decide if the rest should be bought in April or May. Congrats to all you 9.62%-ers!!!!! mike carey, handiacefailure and Kevin Slater 3 Link to comment Share on other sites More sharing options...
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