Beginning Jan. 1, U.S. Savings Bonds will be going digital, the U.S. Department of the Treasury said. This will save taxpayers $120 million over the next five years, Treasury said.
To commemorate this development, Treasury has also created a timeline of major milestones in the history of the savings bond.
In 1963, for instance, President John F. Kennedy helped promote U.S. Savings Bonds by establishing the U.S. Industrial Payroll Savings Committee. The President thanked the committee in the White House Rose Garden just 17 days before his assassination.
After WWII, savings bonds evolved into a popular way for families to build their nest eggs.
In the 1980s, Treasury promoted U.S. Savings Bonds at the Charlotte Motor Speedway in North Carolina through an official U.S. Savings Bonds racecar driven by Aloysius “Cappy” Coleman, Jr.
“As we transition our savings bond program online—a move that will produce significant taxpayer savings—we wanted to step back and remember how savings bonds came to symbolize the events, people and places that shaped our nation through good times and difficult periods over the past 76 years,” said Rosie Rios, Treasurer of the United States.
Treasury first announced the end of paper savings bonds in July. Local banks and credit unions, however, will continue redeeming paper savings bonds.
Lee Barney writes for Money Management Executive.