U.S. savings bonds · Complete overview
How U.S. savings bonds work
Compare Series EE and I Bonds, learn TreasuryDirect purchase and ownership rules, and understand redemption and federal tax treatment.
Read the savings bond guide
Treasury · U.S. savings bonds · Fixed income
Understand bonds.
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Bond Atlas explains U.S. Treasury securities, savings bonds and I Bonds—from TreasuryDirect account rules and auction mechanics to market prices, inflation, credit risk and taxes.
Primary sourcesTreasuryDirect, IRS, SEC, FINRA and MSRB
Detailed explanationsExamples, formulas and practical context
Informational onlyNo sales, account services or return promises
Informational website: General education only, not personalized investment, legal or tax advice. Bond Atlas is independent and is not affiliated with the U.S. Treasury or TreasuryDirect. Terms and disclaimer
In-depth library
Start with the question you have
Each guide stands alone, but together they explain how U.S. Treasury securities, savings bonds and other fixed-income investments work.
Inflation-linked savings
I Bond rates and rules
Composite rates, inflation adjustments, purchase limits, redemption rules, taxes and the difference between I Bonds and TIPS.
Read the complete I Bond guide
Official account platform
TreasuryDirect explained
What TreasuryDirect.gov does, how savings bonds and marketable Treasury auctions differ, and why account support belongs on the official website.
Learn about TreasuryDirect
Market mechanics
How bond prices change
Why prices and yields move in opposite directions, how duration measures sensitivity, and what happens at maturity.
Understand prices and yields
Government securities
The U.S. Treasury market
Bills, notes, bonds, TIPS and FRNs; primary auctions, secondary trading and the yield curve explained.
Follow Treasury securities
Credit research
Evaluate corporate bonds
A structured review of cash flow, leverage, interest coverage, ratings, covenants, seniority and bond spreads.
Use the research checklistMore informational topics
Go deeper into Treasury and fixed-income markets
Original guides that connect interest calculations with legal terms, taxes and practical research documents.
Series EE savings bonds
Fixed interest, the 20-year doubling provision, TreasuryDirect limits, redemption and taxes.
Explore EE BondsTreasury Inflation-Protected Securities
Real coupons, CPI-U adjustments, deflation, market prices, federal taxes and TIPS versus I Bonds.
Understand TIPSMunicipal bonds
General obligation and revenue bonds, tax-exempt interest, credit research, calls and EMMA.
Research municipal bondsThe Treasury yield curve
Normal, flat and inverted curves, yield spreads, real yields and the limits of recession signals.
Read the yield curve guideBond risks explained
Interest-rate, credit, liquidity, inflation, call, reinvestment and bond fund risks.
Review bond risksHow bonds are taxed
Interest income, Treasury exemptions, municipal bonds, savings bonds, discounts and sales before maturity.
Review the tax mapBonds vs. stocks vs. ETFs
What you own, how returns are generated and how fund structure, maturity and risks differ.
Compare the structuresFixed-income glossary
Plain-English definitions of savings bond, Treasury, pricing, yield and credit terminology.
Look up bond terms
The essential model
A bond is a set of future cash flows
When you buy an individual bond, you are lending money to an issuer. The bond's terms define the principal, interest or coupon, payment dates and maturity date. Savings bonds accrue value instead of distributing cash coupons, while marketable Treasury securities can change in price before maturity.
- You pay a price to acquire the security. It may be equal to, below or above face value.
- The issuer makes payments according to the security's terms, subject to its ability to pay.
- Principal is repaid at maturity, unless the security is redeemed earlier, defaults or has another payout structure.
One market, different securities
“Bond” can mean several different things
The issuer, tax treatment, trading rules and inflation protection can change substantially from one security to another.
| Type | Issuer and structure | Key distinguishing feature | Important risk or limitation |
|---|---|---|---|
| Treasury bills, notes and bonds | Marketable debt of the U.S. Treasury | Can be bought at auction and traded before maturity | Market prices can fall; nominal payments lose purchasing power to inflation |
| TIPS | Marketable Treasury inflation-protected securities | Principal adjusts with CPI-U; fixed coupon applies to adjusted principal | Real yields and market value can fluctuate; deflation and tax rules matter |
| Series EE and I savings bonds | Non-marketable U.S. savings bonds | Fixed-rate EE structure or fixed-plus-inflation I Bond structure | Purchase caps, 12-month lockup and possible three-month interest penalty |
| Corporate bonds | Debt issued by companies | Payments depend on the issuer's creditworthiness and contract terms | Default, call, liquidity and interest-rate risks |
| Municipal bonds | Debt issued by state and local governments and related entities | Interest may be exempt from federal and sometimes state income tax | Credit risk and tax treatment vary; exemptions are not automatic in every case |
| Bond ETFs and mutual funds | Pooled portfolios holding bonds or other assets | Fund shares provide exposure to many holdings | No individual bond maturity date for the investor; fees and market-price risk |
Verify at the source
Official Treasury and investment research resources
Bond Atlas explains the concepts. The responsible agencies and organizations publish current rates, rules, filings and disclosures.
TreasuryDirect.gov
The official source for U.S. savings bonds, Treasury accounts, auction information and current product rules.
Visit www.treasurydirect.govInvestor.gov and SEC EDGAR
SEC investor education, public-company filings and securities offering documents for independent research.
Browse official resourcesIRS Publications 550 and 970
Federal investment-income rules and the conditional education exclusion for qualifying savings bond interest.
Read IRS Publication 550FINRA and MSRB EMMA
Fixed-income market information, municipal disclosures and tools for researching bond structures and risks.
Visit MSRB EMMACommon questions
Bond basics in brief
What is a bond in simple terms?
A bond is a debt security. An investor lends money to an issuer, such as a government or company, and the issuer agrees to make specified payments and repay principal under the bond's terms. A bond is not a bank deposit, and different bonds carry different risks.
Are bonds and I Bonds the same thing?
No. “Bond” is a broad category of debt securities. Series I savings bonds are a specific, non-marketable U.S. savings bond with a rate linked to inflation and special purchase and redemption rules. You cannot sell an I Bond to another investor on a secondary market.
Is Bond Atlas affiliated with TreasuryDirect?
No. Bond Atlas is an independent informational website. TreasuryDirect.gov is the official U.S. Treasury service for eligible savings bond and marketable Treasury accounts. We do not provide account access or support.
Do bond prices always fall when interest rates rise?
Existing fixed-rate bond prices generally move opposite to market interest rates, but the size of a price change also depends on duration, credit conditions, liquidity, embedded options and other factors. Floating-rate and inflation-linked securities behave differently.
Are U.S. savings bonds tax-free?
No. Savings bond interest is generally subject to federal income tax, although it is exempt from state and local income tax. A limited federal education exclusion may apply when all eligibility rules are met. Read our bond tax guide and consult the current IRS rules.
Does Bond Atlas recommend specific bonds?
No. Bond Atlas publishes general educational material. We do not assess your finances, recommend securities, arrange transactions or promise an outcome. Official sources and qualified professionals can help with decisions that depend on your circumstances.