U.S. savings bonds are non-marketable debt securities issued by the U.S. Department of the Treasury. “Non-marketable” means an owner cannot sell them to another investor on an exchange or through an ordinary brokerage account. The two current series, EE and I, share several access rules but calculate interest differently.
Bond Atlas explains public rules and terminology. We are not TreasuryDirect, do not open accounts and do not provide individualized recommendations. Confirm current terms at www.treasurydirect.gov.
Series EE and Series I: the central difference
Series EE savings bonds earn a fixed rate set when the bond is issued. Current EE Bond terms also include a provision that guarantees the bond's value will be at least double its purchase price at 20 years; Treasury can make a one-time adjustment to satisfy that provision. Series I savings bonds combine a fixed rate with an inflation component that resets for each bond every six months.
Both series earn interest for up to 30 years. Both are bought at face value electronically, and interest accumulates rather than arriving as periodic cash coupon payments. For an I Bond, the inflation-linked rate can change substantially over its life. For an EE Bond, the fixed rate does not reset, although the 20-year doubling provision can affect value.
| Feature | Series EE | Series I |
|---|---|---|
| Interest structure | Fixed rate for the issued bond | Fixed component plus semiannual inflation component |
| Special feature | Value guaranteed to reach at least twice purchase price at 20 years | Composite rate reflects changes in CPI-U |
| Interest horizon | Up to 30 years | Up to 30 years |
| Trading | Non-marketable | Non-marketable |
| Standard early access | 12-month lockup; three-month interest penalty before five years | 12-month lockup; three-month interest penalty before five years |
| Basic federal tax treatment | Interest generally taxable federally; exempt from state and local income tax | Interest generally taxable federally; exempt from state and local income tax |
How an I Bond or iBond fits in
The name I Bond, sometimes written “iBond” in searches, refers specifically to Series I savings bonds. Its composite rate combines a fixed rate that remains with the bond and an inflation rate based on CPI-U. A newly announced rate does not reach every existing bond on the same day: the bond's issue month determines its six-month rate calendar.
I Bonds have no quoted secondary-market price. Their redemption value follows Treasury's interest-accrual rules, with restricted access during the first year and a possible interest penalty before five years. Read the full I Bond rate, limit and redemption guide for the formula and issue-month table.
Buying through TreasuryDirect
New electronic savings bonds are generally purchased through an eligible account on TreasuryDirect.gov. The general annual electronic purchase limit is $10,000 per series per Social Security Number or Employer Identification Number per calendar year, but registration, gift and entity rules can affect how the limit applies. Verify the current rules before relying on a particular registration strategy.
- Electronic purchases start at $25 and can be specified to the penny above that minimum.
- The purchaser selects a legal registration, which determines ownership and control.
- TreasuryDirect—not Bond Atlas—handles account verification, credentials, purchases and redemption.
- New paper savings bonds are not generally sold over the counter. Existing paper bonds remain subject to their own servicing rules.
Our TreasuryDirect guide explains the platform's role and how to distinguish official account access from third-party educational content.
Ownership, beneficiaries and gifts
A savings bond's registration is not just a label. It can determine who may redeem the bond, who receives proceeds after an owner's death and who is responsible for reporting interest. Individual, co-owner, beneficiary, trust and entity registrations have different consequences.
Keep account and ownership records organized. For older paper bonds, safeguard the certificates and record serial numbers separately. Do not send Social Security numbers, account passwords or images of bonds to an informational website.
Checking value and redeeming
Electronic bonds are managed inside TreasuryDirect. For eligible paper bonds, Treasury provides savings-bond valuation tools and servicing instructions. The value of a bond less than five years old may already reflect the three-month interest penalty, so a displayed value should not be confused with total interest accrued before the penalty.
| Age of bond | General treatment |
|---|---|
| Under 12 months | Cannot normally be redeemed |
| 12 months to under 5 years | Redeemable with loss of the last three months of interest |
| 5 to 30 years | Redeemable without that early-redemption penalty; interest continues while held |
| 30 years | Final maturity; interest stops |
Savings bond taxes
Interest is generally subject to federal income tax and exempt from state and local income tax. An owner may generally defer reporting until proceeds are received or the bond matures, or elect annual reporting. Once a reporting method applies, changing it can require following specific IRS procedures.
A federal education interest exclusion may apply to qualifying EE and I Bonds when all requirements are met. The bond's issue date, owner's age and registration, filing status, qualified expenses and income limits matter. See our savings bond tax section, IRS Publication 970 and Form 8815 instructions rather than assuming education use automatically makes interest tax-free.
Savings bonds versus marketable Treasury securities
Treasury bills, notes, bonds and TIPS are marketable securities. Their prices can rise or fall before maturity, and they can be sold in the secondary market. Savings bonds do not fluctuate through market quotations, but they restrict early access and use Treasury-specific interest and redemption rules. “No market price” does not mean “no limitations,” and “Treasury security” does not mean every product has identical risk or liquidity.
Common savings bond questions
Are U.S. savings bonds the same as Treasury bonds?
No. Both are issued by Treasury, but savings bonds are non-marketable and follow savings-bond accrual and redemption rules. Marketable Treasury bonds can be traded before maturity at changing prices.
Can Bond Atlas look up my savings bond?
No. Bond Atlas has no access to TreasuryDirect accounts or personal bond records. Use official TreasuryDirect valuation and support channels, and never share account credentials here.
Do EE and I Bonds pay interest into a bank account?
Not as periodic coupons. Interest accumulates in the redemption value according to the series' rules. A bank payment occurs when an eligible redemption is processed.
Where can current rates be checked?
Use the official rate pages on TreasuryDirect.gov. Educational articles may contain dated examples, but Treasury's current announcement controls for a new purchase.
Official sources
- TreasuryDirect — Savings bonds: product rules, current rates and servicing.
- TreasuryDirect — Series EE savings bonds.
- TreasuryDirect — Series I savings bonds.
- IRS Publication 550 — Investment Income and Expenses.
Reviewed November 6, 2026. Bond Atlas is independent and is not affiliated with Treasury, TreasuryDirect or the IRS.