Treasury takes over online saving bonds sales
But paper bonds can still be redeemed at STCU
TreasuryDirect, the online arm of the Treasury Department, has assumed control of all sales of U.S. Savings Bonds, ending decades of STCU and other local financial institutions offering paper savings bonds to the public.
The change means that you will no longer be able to make automatic purchases of government bonds at STCU. You will need to set that up through TreasuryDirect.
However, STCU will continue to redeem your old paper saving bonds at any branch location.
As part of the change, Treasury raised the annual purchase limit of each series of savings bonds from $5,000 to $10,000.
The change, which was announced months ago, went into effect Jan. 1, 2012. Treasury now only sells bonds electonically in a move expected to save taxpayers $70 million during the next five years.
What's a TreasuryDirect account?
Opening a TreasuryDirect account is free. Once established, you can:
- Buy, manage, and redeem Series EE and I electronic savings bonds.
- Purchase electronic savings bonds as a gift for others.
- Convert your Series EE and I paper savings bonds to electronic bonds.
- Enroll in a payroll savings plan for purchasing electronic bonds.
- Invest in other Treasury securities such as bills, notes, bonds, and Treasury Inflation-Protected Securities (TIPS).
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