If you intend to give some of those Treasury Bonds as a stocking stuffer, this is the last year you will be able to do it. For future generations, I suppose you will just hand a USB drive over and say "the electronic confirmation is on that, enjoy!"
Via CNNMoney:
- This holiday season is your last chance to stop by the bank and buy a paper savings bond, either for yourself or your loved ones. Starting Jan. 1, you'll no longer be able to purchase paper savings bonds at banks or other financial institutions. Instead, the savings bonds, which have been around since 1935, will be replaced by electronic bonds that can only be purchased online. (Mark's note - one wonder's if they will be available for purchase on iTunes?)
- The Treasury Department's Bureau of Public Debt announced the "all-electronic initiative" last year, and the agency has already ended the sale of paper bonds through traditional payroll plans.
- The department estimated that the digital initiative, which eliminates costs associated with printing, mailing, storage and fees paid to financial institutions for processing savings bond applications, could result in a total savings of $120 million over the next five years.
- If you want to buy a savings bond in 2012, you'll need to have an online account with the Treasury Department. To give a bond to another person, they will also need an account so you can transmit the bond electronically to them. And if you're giving a bond to anyone under the age of 18, a parent or guardian must open the account.
- But until Jan. 1, you still have the chance to scoop up the last paper savings bonds that banks have — potentially even turning your gift of a once common slip of paper into a collector's item. (Mark's note – certainly a hot item for your great grandchild to sell on EBAY circa 2071)
- For current paper bond-holders, you can still redeem them at financial institutions. Paper bonds that have yet to reach their maturity date and have been lost, stolen or destroyed, may also be converted to electronic form.
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