The U.S. Treasury is doing the environment a solid and phasing out its paper savings bond business, beginning Jan. 1, 2012.
Going forward, you can purchase bonds online via TreasuryDirect, which launched back in 2002. The transition will save taxpayers a cool $70 million over the next five years, the department says.
Paper bonds, which were first introduced in 1935, have enjoyed a lengthy history in the states. But for anyone who’s lost a paper bond in their lifetime (Don’t even ask where the bonds we got as kids are today), the online option is much more manageable.
“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 20-first century investment tool.”
Don’t worry if you’ve got paper bonds lying around. You can still redeem them at any bank or other financial institutions.