NEW YORK (MainStreet) — If you’re into nostalgic gifts, you just might want to hand out some paper savings bonds for the holidays this year because they will no longer be available come 2012.
Back in July, the Treasury Department announced that http://www.mainstreet.com/article/moneyinvesting/savings/savings-bonds-go-digital-what-will-grandma-get-us-now savings bonds would only be available in electronic form on the Treasury website as of Jan. 1, 2012, a measure it claims will save taxpayers $70 million during the next five years.
Paper savings bonds have been available to the public for more than 75 years.
Consumers who http://www.treasurydirect.gov/news/pressroom/pressroom_comotcend0711.htm have paper savings bonds will still be able to redeem them at financial institutions. Bonds that have not yet matured or were lost, stolen or destroyed can be reissued in paper or electronic form.
(Hat tip to CNN for the reminder that savings bonds were literally going out of style.)
What gifts can you give instead of the paper savings bonds? Check out this MainStreet article for some good suggestions!