The U.S. Department of the Treasury said it will no longer sell paper savings bonds through financial institutions such as banks and credit unions as of Jan. 1, 2012. The move is part of the Treasury’s goal to increase electronic transactions with citizens and businesses and will save taxpayers about $70 million over the first five years.
Series EE and I savings bonds will still be available for purchase TreasuryDirect, which has offered savings bonds since 2002. “Savings bonds are very much a part of this country’s history and culture, and will remain a part of America’s future - but in electronic form,” said Public Debt Commissioner Van Zeck. “It’s time for us to take a 1935 model and make it a 21st century investment tool.”
It is free to open an account at TreasuryDirect. Services offered through the site include:
- Buy, manage and redeem savings bonds
- Convert paper Series EE and I savings bonds to electronic form
- Purchase savings bonds as gifts
- Enroll in a payroll savings plan for purchasing bonds
- Invest in other Treasury securities, such as notes, bills and TIPs
If you still have paper savings bonds you can continue to redeem them at financial institutions.