Can I take my savings bonds and invest them in an IRA, mutual fund, or other type of savings account?

I have 7 savings bonds that I purchased this year from my job. I bought them for $50. In July I stopped buying them because I realized that they are of little value. Instead of just keeping these bonds locked up in a drawer somewhere I was wondering if I could possibly put them into some type of savings account and wait for them to mature. Is this possible or would I have to wait until they have fully matured?

You cannot directly deposit savings bonds into any other investment- IRA, mutual fund, etc. You can redeem them at any time and put the cash into the other investments. Since you have not held the bonds for at least 5 years, you will pay a penalty for early redemption. Your best alternative would be to just store the savings bonds until they are 5 years old, cash them, and then invest the cash.

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