Ok, you are both right and I was wrong, the $10k limit was for Savings Bonds but there is virtually no limit (it is $10 Million, correct?) for Treasury Bills, Notes and Bonds.
from the treasurydirect website:
This is for SAVINGS BONDS:
Is there a maximum amount I can buy?
In a calendar year, one Social Security Number or one Employer Identification Number may buy:
up to $10,000 in electronic I bonds, and
up to $5,000 in paper I bonds (with your tax refund)
For individual accounts, the limits apply to the Social Security Number of the first-named in the registration.
This is for TREASURY BILLS:
What is a Treasury Bill?
U.S. Treasury Bills (T-Bills, Bills) are a type of short-term Treasury marketable security of one year or less, typically sold at a discount. Treasury calculates auction results to the sixth decimal place. In determining the particular dollar amount an investor will pay, Treasury rounds to the nearest penny using conventional mathematical rounding methods. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $10 million in a single auction.
You are confusing IBonds with Treasury Bonds. The purchase limit for Treasury Bonds, Treasury Notes or Treasury Bills purchased through Treasury Direct is $10 million, not $10 thousand. Oh, and thatâs $10 million in each series ($10 million in 4-week Bills, $10 million in 8-week Bills, $10 million in 13-week Bills, 2-year Notes, 30-year Bonds etc.) The total is something like $150 million. Ought to be enough.
Edited to add: And if that isnât enough, you can do that every week at the weekly auction (over and above the automatic re-investments of maturing Bills, Notes and Bonds). Adds up quickly.
So one question I do have is there a way to get the money back say if you die. Allowing just one SSN number. Would the significant other be able to access the money or is there somewhere you add a beneficiary. I created an account but do not have it all figured out yet for purchasing any. Thanks in advance for any assistance.
And it doesnât pay interest the way youâre thinking of it, probably. You donât put in $1000 and get back $1000 + (1000*0.0528/13) later. (13 because there are 13 4-week periods in a year).
Instead, they take out the amount that if it were run at that (0.0528/13) = 0.004062 monthly rate of accumulation that would give you $1000 back.
Confusing, I knowâŠ
Roughly speaking (because I donât have time to perform the proper calculations) that might look like the Treasury withdrawing $996 on a Monday, and then 4 weeks later putting $1000 back into your bank account.
Do that 13 times in a row, and that initial $1000 starting claim will have accrued $52.80 in interest
