If you’ve ever had a First Communion, Confirmation or Bar Mitzvah, you’ve probably gotten a savings bond- possibly the most disappointing form money ever takes.
The notes have always been a popular gift suggestions events such as the aforementioned, baptisms, showers and the like due to their longevity. But when 2011 ends, so will the tradition of gifting the iconic slips of paper, at least in their current form.
Like much else in the world of banking, savings bonds are moving online. In a move that will cut bonds expenses to taxpayers as much as $70 million over the course of five years (or two Candy Spelling condos), bonds will become entirely digital:
“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,” Public Debt Commissioner Van Zeck said in a statement. “It’s time for us to take a 1935 model and make it a 21st century investment tool.”
While it may not be as tangibly impressive tucked inside a card, there is probably a smaller chance digital bonds will get lost or misplaced over the years. Do you still give or receive bonds as gifts?