The teller window is closing for buying paper savings bonds. Come January 1, your only option will be to purchase the bonds online at the Treasury Direct Web site. The Treasury Department has been moving toward an all-electronic program since December 2010, when Uncle Sam stopped selling paper bonds through payroll plans. The Treasury estimates that eliminating the paper bonds will save taxpayers approximately $70 million over the first five years.
To buy a bond online, you need a Treasury Direct account, which is free and takes about ten minutes to open. Giving a bond to someone under 18 is more cumbersome. For now, both you and the recipient’s parent must have a Treasury Direct account, and the parent must open what is known as a minor-linked account in the child’s name. You will need the parent’s Treasury Direct account number as well as the child’s Social Security number. The Bureau of Public Debt acknowledges that all the rigamarole may lessen the appeal of a gift that’s been a favorite of grandparents for ages. “We’re looking to make it easier for our customers,” says a spokesperson.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Best Banks for High-Net-Worth Clients 2024wealth management These banks welcome customers who keep high balances in deposit and investment accounts, showering them with fee breaks and access to financial-planning services.
-
Stock Market Holidays in 2024: NYSE, NASDAQ and Wall Street HolidaysMarkets When are the stock market holidays? Here, we look at which days the NYSE, Nasdaq and bond markets are off in 2024.
-
Stock Market Trading Hours: What Time Is the Stock Market Open Today?Markets When does the market open? While the stock market does have regular hours, trading doesn't necessarily stop when the major exchanges close.
-
Bogleheads Stay the CourseBears and market volatility don’t scare these die-hard Vanguard investors.
-
The Current I-Bond Rate Until May Is Mildly Attractive. Here's Why.Investing for Income The current I-bond rate is active until November 2024 and presents an attractive value, if not as attractive as in the recent past.
-
What Are I-Bonds? Inflation Made Them Popular. What Now?savings bonds Inflation has made Series I savings bonds, known as I-bonds, enormously popular with risk-averse investors. So how do they work?
-
This New Sustainable ETF’s Pitch? Give Back Profits.investing Newday’s ETF partners with UNICEF and other groups.
-
As the Market Falls, New Retirees Need a Planretirement If you’re in the early stages of your retirement, you’re likely in a rough spot watching your portfolio shrink. We have some strategies to make the best of things.
