WASHINGTON, D.C. – The U.S. Department of the Treasury no longer offers paper U.S. Savings Bonds; the savings bond program went electronic after Dec. 31 – a move that is expected to save taxpayers $120 million over five years.
Ending the sales of paper savings bonds at financial institutions, originally announced in July 2011, supports the Treasury Department’s goal to increase the number of electronic transactions with citizens and businesses. In December 2010, the Treasury Department ended the sale of paper savings bonds through traditional payroll plans. Both actions are expected to save taxpayers $120 million over five years.
Series EE and I electronic savings bonds remain available for purchase on TreasuryDirect, a secure, web-based system operated by Public Debt – where investors have been purchasing savings bonds since 2002.
Opening a TreasuryDirect account takes only a few minutes and is free. Account holders can:
- Buy, manage, and redeem Series EE and I electronic savings bonds.
- Convert Series EE and I paper savings bonds to electronic through the SmartExchange® feature.
- Purchase electronic savings bonds as a gift.
- Enroll in a payroll savings plan for purchasing electronic bonds.
- Invest in other Treasury securities such as bills, notes, bonds, and TIPS (Treasury Inflation-Protected Securities).
Although paper savings bonds are no longer available at financial institutions, local banks and credit unions will continue redeeming paper savings bonds. For more information about how to purchase savings bonds and other Treasury securities, or how to replace lost, stolen or destroyed bonds, visit www.treasurydirect.gov.
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