Yes, sites can prepare the necessary forms to have all or part of your refund used to purchase a low-risk Savings Bond which will earn interest. Guidelines for purchasing Savings Bonds with your refund:
- Bonds purchased are U.S. Series I Savings Bonds
- The composite interest rate consists of a fixed rate and an inflation-based rate. The inflation-based rate is adjusted twice a year, on May 1 and November 1.
- Up to $5,000 of your refund can be used to purchase Savings Bonds
- Savings Bonds must be purchased in $50 increments
- Savings Bonds can be purchased for yourself and up to two other individuals
- The Savings Bond(s) will be mailed to the taxpayer, or to the person designated on the form
Ask your VITA volunteer for more details on the advantages of using your refund to purchase a Savings Bond.