"Secret" Way To Keep Buying Paper Savings Bonds After 2012 Deadline

The Treasury announced last week that, in order to save money, they’re going to stop selling paper saving bonds after Jan 2012. Gone will be the days when a grandparent could walk down to the bank and sock away $50 every year to make an ironclad investment for their grandchildren. But there is a bit of a “backdoor” way you can still buy them without having to go through their weird online “gift box.” It will also let you buy more bonds than the $5,000 limit. What you do is use your tax refund to buy them through the IRS using form 8888.

The FinanceBuff has a detailed walkthrough that shows you exactly how to get your hands on the bonds using your tax refund, even after the Treasury stops making them available over the counter at your local bank or credit union. We also covered the process, as well as how to figure out their value, in a post back in Feb 2010.

Or you can just download IRS Form 8888 (PDF) and follow the instructions!

Backdoor to Paper Savings Bonds [The Finance Buff via @OnlyMoney]

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Treasury Announces The End Of Paper Savings Bonds