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Adding a new Saving Bond account

I just purchased "Quicken Home and Business" and have been setting up my financial accounts so that I can keep track of them. One such account is through a company called "Worthy Financial" that sells $10 savings bonds that pay our 5% interest over 3 years (but actually pay out that interest fractionally on a daily basis (rather than waiting for a set maturity date). The total pay out of each bond is based on when you purchase it. How can I set up an account in Quicken that accurately tracks these bond purchases and dividend/interest payouts? I'm fine with setting up the account manually rather than trying to link it to the company, I just need to know how to properly set up the account.



  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited March 6
    There's a variety of ways this could be set up in Quicken.
    Looking at how these Worthy Bonds work I'd probably just set a Quicken Savings Account for all the "bonds" you end up buying since their "round up" program is clearly designed to have you constantly purchasing $10 "bonds".  Over the course of a year and depending on what account you are using to trigger the "round up" purchases you could end up with at least dozens of different "bonds" and that would be difficult to keep track of on a detailed basis.
    I assume Worthy Financial provides either some kind of monthly statement or that the detail information - a listing of bonds and their current value - is available online so I'd probably just enter monthly a lump-sum of interest earned for the month without trying to distinguish which bond earned how much.  Presumably there's no "gain or loss" aspect of redeeming the bonds - you get back however much the bond(s) you're redeeming are worth, hopefully.  
    You could also do the same thing in a Quicken Brokerage Account, even though it's not literally a brokerage Account.  I still think it would be difficult to try and account for each and every bond you end up buying so I'd probably stick with just using one Worthy Bond that you buy over and over at $10 a pop; the number of "shares" you end up owning would keep track of how many times you purchased a Worthy Bond.  Redemption would be slightly more difficult than using a Savings Account, (where you simply take money out of a pot of cash), since you'd have to "sell" however many bonds you're redeeming at $10 each and then transfer that cash plus whatever amount of "cash" that's accumulated in the Account from interest income related to those bonds out of the Account. 
  • HyruleBalverineHyruleBalverine Member ✭✭
    Thanks, Tom!

    My original intent had been to try and find a way to automatically add the daily interest, but I wasn't sure if that was possible. I had to create a formula to get an Excel spreadsheet to do it. Since I'm currently only buying one bond a month, doing the brokerage account method you suggested is a good option for me.
  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    In my opinion, which you certainly a free to disagree with, entering daily interest is way too much work for little tangible benefit, particularly if you're only buying one $10 bond a month.  You'd be dealing with fractions of a cent at a time.  Assuming the information is readily available on a monthly or quarterly basis I'd opt for monthly or quarterly entries of interest.
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