Last year, you could use your tax refund to purchase U.S. Series I Savings Bonds in your name. This year, there are some new options for purchasing savings bonds with your income tax refund. You can buy savings bonds for yourself and up to two other individuals. Form 8888 is used to designate the person or persons in whose name the bonds are to be issued. The savings bonds will then be mailed to those individuals.
Up to $5,000 in bonds can be purchased in $50 increments. Also new this year: You may request a paper check for the balance of your refund if you prefer that to direct deposit.