US Treasury Saves $70 Million
Wednesday, September 28, 2011
The US Treasury will no longer sell paper savings bonds through financial institutions as of January 1, 2012. You will still be able to purchase your savings bonds at Dakotaland through December 31st. While the treasury estimates the change will save $70 million over the next five years, benefits to investors also increase as the traditional bond becomes a 21st Century investment tool. Electronic bonds are less likely to be misplaced; in fact, they are purchased and managed free of charge, and will automatically redeem at maturity. The US Treasury claims there are $16 billion in unredeemed savings bonds still in the hands of investors that are no longer earning interest. If you have bonds that are more than 30 years old, it's time to redeem them. Paper bonds can still be redeemed at Dakotaland and you will be able to redeem your paper bonds at financial institutions through maturity. After January 1, you will need to purchase bonds through treasurydirect.gov.