Buy I Bonds directly from the U.S. Treasury through TreasuryDirect

The only place to buy new I Bonds is TreasuryDirect, the U.S. Treasury's online platform. You cannot buy them from a bank, broker, or financial advisor. You set up an account at treasurydirect.gov, link a bank account, and purchase bonds electronically in amounts from $25 to $10,000 per calendar year.

TreasuryDirect holds your bonds in electronic form — there are no paper certificates for new purchases. You manage everything online: buying, tracking interest rates, and redeeming when you're ready. The account is free to open and maintain.

You can buy I Bonds for yourself or as gifts for others. If you're buying as a gift, you set up a separate gift box in your TreasuryDirect account, and the recipient can claim the bonds later by creating their own account.

Key Takeaways

  • TreasuryDirect (treasurydirect.gov) is the only source for new I Bonds; banks and brokers do not sell them.
  • You can purchase up to $10,000 per calendar year through TreasuryDirect, plus an additional $5,000 if you use your tax refund.
  • Paper I Bonds are no longer issued for new purchases, though older paper bonds still exist and can be redeemed.
  • Setting up a TreasuryDirect account requires a Social Security number, valid email address, and a U.S. bank account for electronic transfers.
  • I Bonds purchased through TreasuryDirect are held electronically and managed entirely online.

How to set up a TreasuryDirect account

Go to treasurydirect.gov and click "Open an Account." You'll need a valid Social Security number, an email address you check regularly, and a U.S. bank account (checking or savings). The Treasury uses your bank account for all transactions — purchases and redemptions happen electronically.

The signup process takes about 15 minutes. You create a username and password, verify your email, and link your bank account. The Treasury will make two small test deposits to your bank account (usually under $1 each) within a few business days. You then log back into TreasuryDirect and confirm those amounts to verify you own the account.

Once your account is verified, you can buy I Bonds immediately. There's no waiting period or approval process beyond the bank account verification.

The $10,000 annual purchase limit and tax refund exception

You can buy a maximum of $10,000 in electronic I Bonds per calendar year through TreasuryDirect. This limit resets on January 1st each year. If you reach $10,000 in March, you cannot buy more until January of the following year.

There is one exception: you can buy an additional $5,000 in paper I Bonds using your federal tax refund. This is a separate transaction handled through your tax return (Form 8888). The $5,000 paper bond purchase does not count against your $10,000 electronic limit, so you could theoretically buy $15,000 in I Bonds in a single year — $10,000 electronic and $5,000 paper from your refund.

Paper I Bonds purchased this way are mailed to you and held in physical form. They work the same way as electronic bonds but require you to keep them safe and redeem them in person at a bank or through the mail.

Buying I Bonds as gifts

You can purchase I Bonds as gifts through your TreasuryDirect account. When you buy a gift bond, you specify the recipient's name and Social Security number, and the bond goes into a gift box within your account. The recipient does not receive the bond immediately.

The recipient must create their own TreasuryDirect account and claim the gift bond within one year. Once they claim it, the bond moves to their account and they own it outright. If they don't claim it within a year, it stays in your gift box and you can delete it or try again later.

Gift bonds count toward your $10,000 annual purchase limit. If you buy $6,000 in bonds for yourself and $4,000 as gifts, you've used your full $10,000 for that year.

Paper I Bonds and where to find them

Paper I Bonds are no longer sold directly through TreasuryDirect for new purchases. The only way to buy new paper I Bonds is through your federal tax refund using Form 8888. You specify the amount ($50 to $5,000 in $50 increments) on your tax return, and the Treasury mails the bonds to you.

Older paper I Bonds issued before 2012 still exist and can be redeemed. If you have paper bonds from years past, you can cash them at most banks or credit unions, or mail them to the Treasury. Check the back of the bond for redemption instructions.

Paper bonds earn interest the same way electronic bonds do, but you have to keep track of them physically and handle redemption in person or by mail. Most people find electronic bonds through TreasuryDirect more convenient.

What happens after you buy

Once your purchase settles (usually within one business day), the bond appears in your TreasuryDirect account. You can see the purchase date, the current interest rate, and the current value. The bond begins earning interest immediately at the rate in effect for that issue date.

I Bonds have a minimum holding period of one year. You cannot redeem them before 12 months have passed. If you redeem between one and five years, you forfeit the last three months of interest. After five years, you can redeem without penalty.

You check your account anytime to see how much interest has accrued. Interest compounds every six months, and the rate adjusts every six months based on inflation. You don't need to do anything — the Treasury handles all the calculations and updates automatically.

Frequently Asked Questions

Can I buy I Bonds through my bank or investment broker?

No. I Bonds are sold only through TreasuryDirect. Banks and brokers do not sell them. If someone claims to sell you I Bonds outside of TreasuryDirect, they are either selling you something else or running a scam.

What if I don't have a Social Security number?

You need a Social Security number or Individual Taxpayer Identification Number (ITIN) to open a TreasuryDirect account. If you don't have one, you cannot buy I Bonds through TreasuryDirect. Some older paper I Bonds can be purchased through other means, but new electronic bonds require a Social Security number or ITIN.

Can I buy I Bonds for a child or minor?

Yes, but you must set up the account using the child's Social Security number and your own information as the account owner. The child does not create their own account until they reach adulthood and choose to take over management of the bonds. Until then, you control the account and any redemptions.

What if I want to buy more than $10,000 in a year?

The $10,000 electronic limit is firm. Your only option to buy more is the $5,000 paper bond purchase through your tax refund, which brings your total to $15,000. Beyond that, you cannot buy more I Bonds in that calendar year. You can resume purchasing in January of the next year.

How long does it take to receive my I Bond after I buy it?

Electronic I Bonds appear in your TreasuryDirect account within one business day and begin earning interest immediately. Paper I Bonds purchased through your tax refund are mailed to you and typically arrive within two to four weeks after your tax refund is processed.