Paper savings bonds no longer exist but savings bonds are not going away. As of January 1, 2012 people can only purchase savings bonds through an online account. This action, by the US Department of Treasury will save American taxpayers approximately $70 million over the first five years.
Electronic saving bonds, both Series EE or I, have been available through TreasuryDirect (www.treasurydirect.gov/) , a secure, web-based system since 2002. The online service makes it easy and convenient to purchase and manage bonds free of charge. Buyers will no longer need to worry about misplacing, losing or storing paper bonds.
Opening a TreasuryDirect account allows an investor to;
Those holding paper savings bonds can continue to redeem them at financial institutions. Bonds, which have not matured, but were lost, stolen or destroyed, can be reissued.
Even though savings bonds have been around since 1935 they are still a good investment tool for small amounts of savings. Only now you need to purchase them online.