Here's the best time to redeem Series I bonds to maximize your interest

Here's the best time to redeem Series I bonds to maximize your interest  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, MAY 17, 2023 YOUR WEALTH Editor's Note Demand for Series I bonds swelled in recent years as investors rushed to lock in record high interest rates on new purchases of the nearly risk-free asset. Now that rates are declining, it may be time to craft an exit strategy. That timing can be tricky, given how these investments work: You can't access the money for one year after purchase and, if you sell within five years, you'll give up the last three months of interest. Paying attention to when your rate resets, and to what, can help you decide the right time to sell. Three things to know: Rate resets kick in every six months starting on your purchase date, not when the Treasury Department announces rate adjustments. If you're only paying attention to the latter, you could inadvertently sell while your I bonds are still at a competitive rate. You don't earn interest on I bonds until you have held them for the full month. Keep that in mind when you're figuring out that early-sale penalty. Advisors recommend cashing out at the beginning of the month, if possible. The fixed portion of your I bond rate remains the same after purchase, meaning when your rate resets, it may be different than the headline figure for new purchases. Knowing your current rate can help you gauge how competitive it is with other savings products and investments. For more advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. Kelli Grant, CFP | Deputy Personal Finance Editor @KELLIGRANT Here's the best time to redeem Series I bonds to maximize your interest If you want to sell your Series I bonds, it's important to consider the timing of the three-month interest penalty to maximize your earnings. Stashing cash: 71% of Americans are setting more money aside amid recession fears, new report finds Depending on how accessible you need your savings to be, here are some of the best ways to earn interest on your emergency money. Here's how much emergency savings you need amid economic uncertainty, according to financial advisors More than half of Americans don't have an emergency fund, according to a CNBC/Momentive survey. Here's how to figure out how much emergency savings you need. Why investors 'always misunderstand' the difficulty of regaining a loss, says advisor To return to baseline, investors must always get a better return relative to their initial loss. U.S. credit card debt stands at a record of nearly $1 trillion. 5 moves to pay down your balance Inflation and higher interest rates kept credit card debt at $986 billion at the start of 2023. Social Security, Medicare, federal salaries: What payments may be delayed in debt ceiling standoff The U.S. may not have enough money to pay its bills as soon as June 1. At that point, it's unclear when and to whom the government would dole out funds. Changing your portfolio to beat the 'looming recession boogeyman' is a mistake, advisor says If you're worried about an economic recession, here's how to adjust your portfolio, according to financial advisors. Job growth cools for college grads, but 'there's still a lot of opportunity,' career expert says Although the overall outlook is positive, some industries are starting to cut back on new college graduate hires. Parents paying for college 'is the norm,' expert says. Here's how students can contribute Parents shoulder most of the responsibility these days, but there are ways students can chip in and help their parents avoid taking on too much debt. Why missing one $2 expense could derail your whole national park trip Some of the most popular U.S. national parks have instituted advance reservations to access popular hikes and roads, including the park itself. CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2023 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS