can savings bonds be cashed in @ any time? Are there any peneties?

you must hold a savings bond for 6 months following the issue date. after that you may redeem it. obviously you will receive interest only for the shortened time you held it.

For example, if you bought a $100 bond 6 months ago, then cashed it in, you wold probably receive about $50.95 when you cashed it in (the $50 it cost you to buy it + a small amount of interest earned)

But there is no penalty (other than waiting 6 onths after issue)

Yes you can cash them in early.

No ..penalty

If your cashing in before that maturity date then you'll only get the money you put into it.

go on to the usbonds.com i believe and check. Used to be 7 years then changed to 11 years then 20. Depending on the series there could be penalties...

After 6 months and there is a bit of a hit, but not much.

yes, the only thing is that it will not be full maturity value and you would have to record the interest for your taxes...