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Using Your Income Tax Refund to Buy Paper Savings Bonds

As of January 1, 2025, you are no longer able to buy paper Series I savings bonds with your tax refund.

(Series I bonds are available in electronic format, in TreasuryDirect. This page addresses paper I bonds only.)

What was the Tax Time Savings Bonds program?

  • The Tax Time Savings Bonds (TTSB) program was established in 2010 to give tax-filers, particularly low- and moderate-income individuals, the ability to buy paper Series I savings bonds using their tax refunds.
  • This program marked an exception in a decade of shifts to electronic developments for savings bonds. Series I bonds were first offered in TreasuryDirect in 2002; Series EE, in 2003; the option to buy paper savings bonds through payroll contributions ended for government employees in October 2010; in 2012, banks stopped selling paper savings bonds.
  • On average, 35,000 tax filers each year bought paper Series I bonds: this represented .03 percent of tax filers, and less than 10 percent of Series I bond purchasers.
  • Less than 10 percent of participants consistently participated (more than 2 years).
  • Sales of paper I bonds through this program made up less than 1 percent of all series I savings bond purchases.

Why can’t I use my tax refund to buy paper series I bonds anymore?

This option was costly and not frequently used. The mailing of physical savings bonds was also subject to fraud, theft, loss, and delays. Buying savings bonds online is simple, safe, and affordable.

How can I buy series I bonds now?

You can buy series I bonds electronically using TreasuryDirect. If you don’t already have an account, you can create one.

Does the minimum purchase of $50 still apply?

No. You can buy an electronic savings bond for any amount from $25 to $10,000. Also, unlike paper series I bonds, which required you to buy in increments of $50, you can buy electronic series I bonds in an amount specified to the penny. For example, you could buy an electronic savings bond for $75.38.

Has the purchasing limit for series I bonds changed?

You may continue to purchase up to $10,000 of series I bonds in a calendar year.

Can I still gift someone a series I bond?

Yes. You can buy a series I bond as gift electronically in TreasuryDirect. Bonds bought as gifts are registered in the name of the gift recipient, and do not contribute to your $10,000 purchase limit (note: the $10,000 limit still applies to the recipient).

What should I do with my existing paper series I savings bond(s)?

You can hold onto them until you’re ready to cash them, or you can convert them to electronic.

For more information, see "Series I Savings Bonds."