What is a pod savings bond?

Answer by  benwro (33)

POD stands for "payable on death" meaning that the person who bought the bond has complete control over the bond unless they die. If in the event they do die they have specified who will than take control of the bond.

Answer by  idiotjones (705)

A POD savings bond is one that is "Payable on Death". This means a beneficiary has to be declared prior. The beneficiary can cash the bond upon the death of the bond holder. If the bond holder chooses, he or she can (and only he or she) can cash the bond but will pay taxes on the interest income earned.

Answer by  Carol37 (569)

The POD you refer to is Payment on Death. You can buy E bonds, I bonds, etc and decide who you want to inherit it should something happen to you. If you don't have a will this is really a good idea so the money goes to who you want.