The U.S. Department of the Treasury will eliminate the option to purchase paper savings bonds through payroll deductions for federal employees on September 30, 2010 and for the private sector by January 1, 2011.
It is all part of the Treasury's plan to save nearly $50 million over five years.
This applies only to paper savings bonds purchased through payroll sales; individuals will still be able to purchase paper savings bonds at financial institutions for themselves and as gifts. To keep buying bonds you will need to set up an account at TreasuryDirect.gov.
Those signing up before the end of the year, will keep from having their service interrupted and will also have the opportunity to buy any of the bonds sold on the site, and not be restricted simply to the savings bond.