This Year You Will Have One Less Way to Get Your Tax Refund

If you’re planning to use your 2025 tax refund to buy paper Series I savings bonds, you’ll need a new strategy. As of 2025, the U.S. Department of the Treasury has eliminated the option to buy paper I bonds through your tax refund.

This marks the end of a program that, since 2010, has helped thousands of Americans—particularly those with low and moderate incomes—convert their tax refunds directly into savings bonds.

What Was the Tax Time Savings Program?

The Tax Time Savings Program, launched in 2010, gave Americans the ability to convert their tax refunds directly into paper Series I savings bonds. The program was designed to encourage savings among low- and moderate-income taxpayers who might not otherwise have easy access to investments. It stood out as the last remaining way to get paper I bonds after banks stopped selling them in 2012 and other paper bond programs were phased out.

The program was little used. Treasury data shows that only about 35,000 tax filers—representing just 0.03% of all tax filers—used this option annually. Even more telling, less than 10% of participants used the program consistently for more than two years.

Why Was the Program Stopped?

The Treasury Department’s decision to end the Tax Time Savings Bond program came down to cost and efficiency. While paper bonds may hold nostalgic appeal, maintaining a system to print, mail, and process physical savings bonds has proved expensive—especially given the program’s low participation rate.

The paper format also created opportunities for fraud, as physical bonds could be altered or counterfeited more easily than their digital counterparts.

Is There a Way To Buy I Bonds Now?

Yes, and it’s more flexible than the old tax refund method. You can buy I bonds electronically through TreasuryDirect, the Treasury Department’s online portal for government securities.
Keep in mind that these limits reset each calendar year, so you can better time your I bond investments.

The process is straightforward. You’ll need these items to set up your TreasuryDirect account:

• A valid Social Security Number
• A U.S. address
• A checking or savings account
• An email address
• A web browser that supports 128-bit encryption

What Are the Highest and Lowest Amounts You Can Purchase?

The electronic I bond system actually offers more flexibility than the old paper bond program, especially as they do not have to be purchased in $50 increments. Electronic I bonds can be bought for any amount down to the penny, for amounts from $25 to $10,000 per calendar year. For example, you could buy an I bond for, say, $63.47 if you wanted.

Want to give I bonds as a gift? You can buy I bonds through TreasuryDirect as gifts for others, including children.

What To Do With Existing Paper Series I Savings Bonds?

If you’re holding paper I bonds from previous tax refunds, you have several options—and there’s no rush to make a decision. You can keep your paper bonds exactly as they are until they mature or you’re ready to cash them in.

If you do decide to hold onto your paper bonds, you should store them in a secure location like a safe deposit box. You’ll also want to keep records of your bond information, including serial numbers, in case they’re ever lost or damaged and need to be replaced.

The Bottom Line

Though you can no longer convert your tax refund directly into paper bonds, the electronic alternative through TreasuryDirect provides lower minimum purchases, penny-precise investing amounts, and faster processing.