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

Wells Fargo stopped selling savings bonds to retail customers in 2011. If you want to buy Series EE or Series I savings bonds, you cannot do it through a Wells Fargo branch or online banking portal. The only place to purchase new U.S. savings bonds is TreasuryDirect, a website run by the U.S. Department of the Treasury.

This change affected all major banks, not just Wells Fargo. The Treasury moved to a direct-sale model to reduce costs and simplify the process. Today, whether you bank at Wells Fargo, Bank of America, Chase, or a credit union, you buy savings bonds the same way: through TreasuryDirect.gov.

If you already own Wells Fargo savings bonds purchased before 2011, you still own them. They continue to earn interest and mature on their original schedules. You manage them through TreasuryDirect if you have registered them there, or through the original paper certificate if you hold it physically.

Key Takeaways

  • Wells Fargo has not sold savings bonds since 2011, and no major U.S. bank sells them anymore.
  • TreasuryDirect.gov is the only place to buy new Series EE or Series I savings bonds directly from the federal government.
  • Existing Wells Fargo savings bonds you own continue to earn interest and can be managed through TreasuryDirect or held as paper certificates.
  • You need a Social Security number, a valid email address, and a U.S. bank account to open a TreasuryDirect account and purchase bonds.

How to buy savings bonds now that banks no longer sell them

To purchase Series EE or Series I bonds, go to TreasuryDirect.gov and create an account. You will need your Social Security number, a valid email address, and access to a U.S. bank account for electronic transfers. The account setup takes about 10 minutes.

Once your account is open, you can buy bonds in amounts from $25 to $10,000 per bond type per calendar year. You can purchase them online at any time, and they are issued electronically. There is no paper involved unless you request a paper certificate for a gift bond.

The minimum purchase is $25 for a Series EE bond or Series I bond. You can buy as many individual bonds as you want up to the annual limit of $10,000 per series. The money is withdrawn directly from your bank account, and the bonds appear in your TreasuryDirect account when ready.

What happened to Wells Fargo savings bond services

In 2011, the U.S. Treasury ended the Savings Bonds Retail Investor Program, which allowed banks to sell bonds on behalf of the government. Wells Fargo, along with every other bank, stopped offering this service. The Treasury decided it was more efficient and cost-effective to sell bonds directly to the public through an online platform.

This shift meant the end of paper savings bonds sold over the counter. Today, all new savings bonds are issued electronically through TreasuryDirect. Paper bonds are no longer printed for new purchases, though existing paper bonds remain valid and continue to earn interest.

Some people still prefer to buy paper bonds as gifts. TreasuryDirect allows you to purchase electronic bonds and request that they be printed and mailed as gift certificates, but this is optional and takes additional time.

Managing savings bonds you already own through Wells Fargo

If you own savings bonds that Wells Fargo sold you before 2011, you have two options for managing them. If the bonds are registered in TreasuryDirect under your name, you can log into your TreasuryDirect account to check their current value, interest earned, and maturity date. If you hold physical paper certificates, you own them outright and can keep them in a safe deposit box or safe location.

To move paper bonds into TreasuryDirect so you can track them online, you will need to register them. This process requires the bond serial numbers and your Social Security number. You can start the registration through TreasuryDirect.gov, and the Treasury will guide you through the steps.

Wells Fargo itself does not manage your savings bonds anymore. The bank has no role in tracking interest, issuing statements, or processing redemptions. All of that is handled by TreasuryDirect or, if you hold paper certificates, by you directly.

Redeeming savings bonds you own

Redemption depends on whether your bonds are registered in TreasuryDirect or held as paper certificates. If they are in TreasuryDirect, you log into your account, select the bond, and request a redemption. The money is transferred to your bank account within a few business days.

If you hold paper certificates, you can redeem them at most banks, including Wells Fargo. Bring the certificate and a valid ID to a branch. The teller will verify the bond and process the redemption. Some banks charge a small fee for this service, so ask before you hand over the certificate.

You can also redeem paper bonds by mail through the Treasury. Send the certificate to the address listed on the TreasuryDirect website, along with a form of identification. This method takes longer but avoids a trip to the bank.

Tax treatment of savings bonds purchased before and after 2011

The tax treatment of savings bonds does not change based on where you bought them or when. Interest earned on Series EE and Series I bonds is subject to federal income tax. You can choose to report the interest each year as it accrues, or you can wait until you redeem the bond to report all the interest at once.

Series I bonds have a special tax advantage: if you use the money for may have access to education expenses, you may be able to exclude the interest from federal income tax. This benefit applies to all Series I bonds, regardless of when or where they were purchased.

State and local taxes do not explore to savings bond interest. This is true for bonds bought through Wells Fargo, TreasuryDirect, or any other source.

Frequently Asked Questions

Can I still cash in savings bonds I bought from Wells Fargo years ago?

Yes. Savings bonds do not expire, and you can redeem them at any time after the initial holding period. If you have paper certificates, bring them to a Wells Fargo branch with a valid ID. If they are registered in TreasuryDirect, log into your account and request a redemption online.

Where do I buy savings bonds now?

TreasuryDirect.gov is the only place to buy new U.S. savings bonds. Create an account with your Social Security number and bank account information, then purchase bonds online. No bank, including Wells Fargo, sells them anymore.

What is the difference between Series EE and Series I bonds?

Series EE bonds earn a fixed interest rate set by the Treasury every six months. Series I bonds earn a variable rate that combines a fixed rate and an inflation rate, so the interest changes every six months based on inflation. Series I bonds protect you if inflation rises; Series EE bonds offer predictability.

Do I need a Wells Fargo account to buy savings bonds?

No. You do not need to bank at Wells Fargo or any specific bank. You need a U.S. bank account at any institution to fund your TreasuryDirect account, but it does not have to be Wells Fargo.

Can Wells Fargo help me set up a TreasuryDirect account?

Wells Fargo does not manage TreasuryDirect accounts or provide support for them. You set up your account directly on TreasuryDirect.gov. If you have questions about the process, the Treasury's customer service team can help through the TreasuryDirect website.