Wells Fargo does not sell U.S. savings bonds directly to individual customers

Wells Fargo stopped offering savings bonds through its retail branches and online banking platform years ago. If you want to buy Series EE or Series I savings bonds, you cannot do it through a Wells Fargo account or at a Wells Fargo branch. The U.S. Department of the Treasury moved all individual savings bond sales to a single online platform called TreasuryDirect, and that is now the only way for most people to purchase them.

This shift happened because the Treasury wanted to streamline the process and reduce costs. Banks like Wells Fargo used to earn a small fee for handling the paperwork and custody of bonds. Once TreasuryDirect launched as a free, direct-to-consumer system, there was no longer a reason for banks to maintain that service. If you have an existing Wells Fargo savings bond from before this change, Wells Fargo can still help you manage it, but you cannot buy new ones there.

Key Takeaways

  • Wells Fargo no longer sells Series EE or Series I savings bonds to retail customers.
  • TreasuryDirect is the only place where individuals can buy new U.S. savings bonds directly from the government.
  • You need a Social Security number, a valid email address, and a U.S. bank account to open a TreasuryDirect account.
  • If you own Wells Fargo savings bonds purchased before the bank stopped selling them, Wells Fargo can still process redemptions and help with account maintenance.

How to buy savings bonds now through TreasuryDirect

To purchase Series EE or Series I bonds, you go directly to TreasuryDirect.gov and create an account. The process takes about 15 minutes. You will need your Social Security number, a valid email address, and access to a U.S. bank account for electronic transfers. TreasuryDirect does not accept credit cards or checks—only electronic bank transfers.

Once your account is set up, you can buy bonds in amounts as small as $25 (in $25 increments up to $10,000 per calendar year for Series EE bonds, and up to $5,000 per calendar year for Series I bonds purchased with tax refunds). The money is deducted directly from your bank account, and the bond is held in your TreasuryDirect account. You never receive a physical certificate unless you request one, which most people do not.

The entire transaction is free. There are no fees, no commissions, and no middleman. This is one reason why TreasuryDirect bonds are often a better deal than buying bonds through a bank or broker—you keep 100% of the interest earned.

What to do if you already own Wells Fargo savings bonds

If you purchased savings bonds through Wells Fargo before the bank stopped offering them, those bonds are still valid and still earning interest. You have a few options for managing them. You can leave them in Wells Fargo's custody, and the bank will continue to track them and help you redeem them when you are ready. You can also transfer them to TreasuryDirect, which consolidates all your bonds in one place.

To transfer existing bonds to TreasuryDirect, you will need to contact Wells Fargo directly and ask for a bond transfer. The bank can provide you with the information needed to set up the transfer in TreasuryDirect. This process is free and usually takes a few weeks. Once the bonds are in TreasuryDirect, you manage them entirely online, and you can see their current value and interest accrual at any time.

If you want to cash in your Wells Fargo bonds, you can do that through the bank as well. Wells Fargo can process the redemption and deposit the proceeds into your account. There is no penalty for redeeming Series EE or Series I bonds after five years, though you will lose the last three months of interest if you redeem before five years have passed.

Why TreasuryDirect is the better option now

TreasuryDirect offers several advantages over buying bonds through a bank. First, there are no fees or commissions—every dollar you invest goes into the bond itself. Second, you have direct access to your account 24/7 and can check the current value of your bonds anytime. Third, you can set up automatic purchases if you want to buy bonds on a regular schedule, which helps with dollar-cost averaging.

The TreasuryDirect platform is also more transparent. You can see exactly how much interest your bonds have earned, when they mature, and what your options are for reinvestment. With a bank, you often have to call or visit in person to get this information. For most people, the convenience and cost savings of TreasuryDirect make it the clear choice.

Other banks and savings bond sales

Wells Fargo is not alone in dropping savings bond sales. Most major banks—including Bank of America, Chase, and Citibank—stopped selling individual savings bonds years ago. Some smaller banks and credit unions may still offer them, but the fees and commissions they charge often make it more expensive than buying directly through TreasuryDirect.

A few brokerages like Fidelity and Charles Schwab still sell savings bonds, but again, you pay a commission or markup for the convenience. Unless you have a specific reason to use a broker (such as consolidating all your investments in one place), TreasuryDirect is almost always the cheaper and simpler route.

Setting up your TreasuryDirect account step by step

Start by visiting TreasuryDirect.gov and clicking "Open an Account." You will be asked to provide your name, Social Security number, date of birth, and address. You will also need to create a username and password. The site will send a confirmation email to verify your address.

Next, you will link a U.S. bank account. TreasuryDirect uses this account to deduct money when you buy bonds and to deposit money when you redeem them. The bank account must be in your name and must be at a U.S. financial institution. Once your bank account is verified (which usually takes one or two business days), you can start buying bonds immediately.

After your account is active, you can purchase bonds anytime during the purchase period. Series I bonds are sold from May 1 through October 31 and from November 1 through April 30 each year. Series EE bonds are sold year-round. You decide how much to invest (within the annual limits) and when to buy.

Frequently Asked Questions

Can I buy savings bonds at a Wells Fargo branch in person?

No. Wells Fargo branches do not sell savings bonds. Your only option for purchasing new bonds is through TreasuryDirect online. If you have questions about existing bonds you own through Wells Fargo, a branch representative can help, but they cannot sell you new ones.

What if I do not have a bank account?

You cannot open a TreasuryDirect account without a U.S. bank account. If you do not have one, you will need to open a checking or savings account at any bank or credit union first. Some banks offer accounts with no minimum balance or monthly fees, which makes this straightforward.

Are savings bonds from Wells Fargo worth less than bonds bought through TreasuryDirect?

No. The bond itself—the interest rate, maturity date, and terms—is identical regardless of where you bought it. The difference is in what you paid to buy it. If Wells Fargo charged a fee when you bought the bond, you paid more upfront, but the bond itself earns the same interest as one purchased directly.

Can I move my Wells Fargo savings bonds to another bank?

You can transfer them to TreasuryDirect, but you cannot move them to another bank. TreasuryDirect is the central registry for all U.S. savings bonds. Once your bonds are there, they stay there. You manage them online, and you can redeem them whenever you choose.

How long does it take to redeem a savings bond through Wells Fargo?

Redemption through Wells Fargo typically takes three to five business days. The bank will process your request and deposit the proceeds into your account. If you redeem through TreasuryDirect, the money is usually available within one to two business days.