As part of its effort to save money by going paperless, the U.S. Treasury Department won't be selling savings bonds through credits unions and banks.
The Treasury Department estimates it will save $120 million over five years by ending over-the-counter sales and selling bonds only through its website, beginning on Jan. 1, 2012.
As of June 30, there were 672 million outstanding paper savings bonds worth $181 billion.
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"Savings bonds are very much a part of this country's history and culture, and will remain a part of America's future – but in electronic form," said Public Debt Commissioner Van Zeck. "It's time for us to take a 1935 model and make it a 21st century investment tool."
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