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Last updated on Tuesday, November 29, 2011
The U.S. Department of Treasury will end the over-the-counter sale of paper savings bonds on December 31.
Paper Series EE and I savings bonds will no longer be sold through financial institutions or mail-in-orders.
Savings bonds are not going away. You can purchase electronic savings bonds online through TreasuryDirect at www.treasurydirect.gov.
The treasury is ending paper savings bond to save taxpayers an estimated $70 million over the next five years.
Unlike paper savings bonds, electronic savings bonds aren't easily lost or misplaced. Existing paper savings bonds are still valid issues of the Treasury Department and will continue to earn interest for 30 years from the issue date or until redeemed.
You can also convert your current paper bonds to electronic saving bonds. There is no charge to convert the bonds and no interest will be lost. The bonds will keep their original issue dates and current interest rate terms.
You can still by bonds for college expenses. The same education tax benefit and rules apply to electronic savings bonds in TreasuryDirect.
You can buy electronic savings bond as gifts. You can hold the bonds in a gift box area in TreasuryDirect until you're ready to electronically deliver them to the gift recipient. The recipient must have a TreasuryDirect account or be named on a minor linked account if under the age of 18 years old.
TreasuryDirect is a secure web-based system through which you can establish accounts to purchase, hold, and manage Treasury securities online, anytime. In TreasuryDirect, you can puchase Series EE and I savings Bonds, Treasury bills, notes, bonds and Treaury Inflation-Protected Securities.
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