Yesterday, an OP-ED in the New York Times called attention to the fact that the U.S. Treasury will end over-the-counter sales of paper savings bonds on December 31, 2011. You will still be able to get savings bonds online through TreasuryDirect.gov. Unfortunately, the TresuryDirect website is hard to navigate. Also, making savings bond available online only makes it hard for the 65 percent of low-income Americans who don’t have internet to use this as a savings method.
There is one exception; you will still be able to get paper bonds at tax time.
The non-profit group Doorways to Dreams Fund (on Twitter @bondsmakeiteasy) encourages low-income families to save. They know that savings bonds are one of the easiest ways for low-income families to save, because you don’t have to have a bank account to purchase or own them. Bonds are also a great savings tool because they are easy to gift to children and are often times their first introduction to savings.
In a time when we need more Americans to save, it’s disappointing that the option to buy paper savings bonds is disappearing. So now is the time to go out and buy that bond!
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