Look through the following frequently asked questions for details about buying U.S. Savings Bonds through a traditional Payroll Savings Plan. Find out about our new electronic form of payroll savings through TreasuryDirect - no paper, no paperwork.

• For payroll savings enrollment forms, see our Online Forms page or obtain the forms from your employer.
• For details on communicating with your employees about U.S. Savings Bonds, see our Communications page.
• Para información en español, pulse aquí.

• 1) ABOUT TRADITIONAL PAYROLL SAVINGS

  1.1) What is the Payroll Savings Plan for U.S. Savings Bonds?
  1.2) Does my employer offer payroll savings?
  1.3) Where can I get more information about payroll savings?
  1.4) Why do some employers offer only one series of savings bonds?
  

• 2) PAYROLL SAVINGS ENROLLMENT

  2.1) How do I enroll in payroll savings ?
  2.2) How do I change the amount of my allotments?
  2.3) How do I change my payroll enrollment from one series to another?
  2.4) How do I buy both EE and I Bonds?
  2.5) How do I change my mailing address for receiving my bonds from payroll savings?
  2.6) How do I change the name inscribed on my bonds?
  2.7) How do I add a separate bond to be issued in another name?
  2.8) How do I cancel my payroll allotment?
  

  1) ABOUT TRADITIONAL PAYROLL SAVINGS
  1.1 What is the Payroll Savings Plan for U.S. Savings Bonds?

  Payroll savings is a method many employers provide their employees for the voluntary purchase of savings bonds on a regular schedule. You decide how much to allot from your salary each payday and your savings grow automatically. You decide what series and denomination of savings bonds you want to buy. You decide how the bond is to be registered - in your name or another person's, with or without a coowner or beneficiary. Many employers allow you to buy bonds for more than one person.

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  1.2 Does my employer offer payroll savings?

  Ask your payroll or benefits office whether they offer the Payroll Savings Plan for U.S. Savings Bonds. If they do, ask them how to sign up for a regular payroll allotment.

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  1.3) Where can I get more information about payroll savings?

  Look on our website for the Savings Bonds Owners Manual which gives a wealth of information about buying U. S. Savings Bonds. A Buyer's Guide (PDF, 711K, uploaded 7/22/03) is also available for download. Also, find out about our new electronic form of payroll savings through TreasuryDirect - no paper, no paperwork.

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  1.4) Why do some employers offer only one series of savings bond?

  Some employers offer only EE Bonds or I Bonds because their payroll systems cannot accommodate two series. Others have not yet decided to offer both series. Ask your payroll department which series they offer. If they do not offer the series you want, let them know of your interest - it may help your employer decide to offer that series.

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  2) PAYROLL SAVINGS ENROLLMENT

  2.1) How do I enroll in traditional payroll savings?

  Ask your employer for a U.S. Savings Bonds Payroll Savings authorization form. You can download or complete and print our Form SB-2362 online; just ask your payroll office if they will accept it. (Department of Defense (DoD) employees should use Form SB-2378).

  (a) Provide your name and payroll identifying information, if any, at the top of the form.

  (b) Check A - New Allotment.

  (c) Enter the amount you wish to save from each pay. Ask your payroll office if there are any limits such as a minimum allotment or if only certain amounts are permitted.

  (d) Select a bond denomination. The purchase price of EE Bonds is half the denomination amount. The purchase price of I Bonds is equal to the denomination amount. Tip: Choose a denomination that your allotment will buy in a month or longer. Getting more than one bond per month doesn't earn the owner extra interest, since savings bonds earn interest monthly.

  (e) Write the name of the owner to be inscribed on the bond. Every bond must have an owner, who may be you or someone else.

  (f) Write the owner's social security number.

  (g) Write the address you want the bond delivered to - the owner's or perhaps yours.

  (h) If you wish to add a coowner or beneficiary, check that box and write the person's name. Either coowner can cash the bond without the other's signature. A beneficiary can cash the bond only after the death of the owner. An owner can have a beneficiary's name removed later without the beneficiary's consent, but a coowner's name cannot be removed without his or her consent.

  (i) On the back or bottom of the form, write the date you want the allotment to start and sign the form in the space indicated.

   

  Submit the form to your payroll office. See our website for more details about who may own Series EE or I Savings Bonds, including coowners and beneficiaries.

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  2.2) How do I change the amount of my allotment?

  To increase the amount:

  (a) Check B Increase Allotment

  (b) Fill in the allotment amount.

  To decrease the amount:
  (a) Check E Other Action

  (b) Explain in space provided: "Decrease allotment amount from [give current amount]."

  Submit the signed completed form to your payroll department.

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  2.3) How do I change my payroll enrollment from one series to another?

  First, make sure your employer offers the series you wish to change to.

  To change from EE Bonds to I Bonds, complete form SB-2362 (DoD employees use SB-2378)

  (a) Check E Other action.

  (b) Explain: "To cancel EE to change to I"

  (c) Select desired allotment and denomination for I Bonds.

  Submit the signed completed forms together to your payroll office.

  To change from I Bonds to EE Bonds, follow the above steps using the same form to cancel I Bonds and select allotment and denomination for EE Bonds.

  NOTE: You cannot have your existing EE Bonds reissued as I Bonds or vice versa, or exchange bonds of one series for bonds of the other.

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  2.4) How do I buy both EE and I Bonds?

  First, check with your payroll or benefits office to be sure your employer offers both series and that your payroll system allows more than one bond. Ask how you should submit the request. For many employers, you can simply submit a new enrollment form as in question 2.1 above.

  NOTE: Some employers accumulate allotments for all of an employee's bonds at the same time. Other employers issue the bonds in rotation. Ask your payroll office how your added enrollment will affect the amount of your allotment and the issue dates of your bonds.

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  2.5) How do I change my mailing address for receiving my bonds from payroll savings?

  Change your mailing address through your payroll office by completing form SB-2362. (DoD employees use SB-2378)

  (a) Check D (change inscription). Fill in the inscription information giving your name and address.

  (b) Under E - Other action (explain): "Change mailing address from [give old address]."

  Submit the signed completed form to your payroll office.

  NOTE: There is no need to change the address on savings bonds you have already received. Do not alter the inscription of your bonds yourself in any way! The Treasury will not reissue savings bonds just to change the address.

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  2.6) How do I change the name inscribed on my bonds? (The change could be, for example, a name change due to marriage, changing the coowner or beneficiary, or correcting an error.)

  Change the inscription through your payroll office by completing form SB-2362 (DoD employees use SB-2378)

  (a) Check D (change inscription). Fill in the inscription information giving your name and address.

  (b) Under E - Other action (explain):

  "To change name from [give old name] due to marriage."

  "To change the coowner (or beneficiary) from [give old name]."

  "To correct name on bond from [give old incorrect name]."

  Submit the signed completed form to your payroll office.

  NOTE: If your name changes due to marriage or divorce, it is not necessary to have the Treasury reissue savings bonds. When you are ready to cash the bonds you can do so without difficulty if you can identify yourself to the financial institution as the same person whose former name appears on the bond. Do not alter the inscription of your bonds yourself in any way! You can have the Treasury reissue existing bonds to change names, change coowners or beneficiaries in most cases, and correct errors. See the FAQ on Cashing/Replacing Savings Bonds.

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  2.7) How do I add a separate bond to be issued in another name (for example, a son, daughter, or grandchild)?

  First, check with your payroll or benefits office to be sure your payroll system allows more than one bond. Ask how you should submit the request. For many employers, you can simply submit a new enrollment form as in question 2.1 above.

  NOTE: Some employers accumulate allotments for all of an employee's bonds at the same time. Other employers issue the bonds in rotation. Ask your payroll department how your added enrollment will affect the amount of your allotment and the issue dates of your bonds.

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  2.8) How do I cancel my payroll allotment?

  Use the same form to enroll in or cancel your participation in the payroll savings plan: Form SB-2362. (DoD employees use SB-2378).

  (a) Check E Other Action.

  (b) Explain: To cancel payroll deduction.

  Submit the signed completed form to your payroll office.

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  This FAQ is maintained by the Bureau of the Public Debt's Marketing Office. Keep in mind that these questions may not fit all situations and are only intended as guidelines. Please send any questions or comments to: savbonds@bpd.treas.gov.

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