Savings Bond Working Group
Who we are
The Savings Bond Working Group, led by Doorways to Dreams Fund, is a coalition of national and grassroots non-profit organizations, commercial tax preparers, tax software firms, and public officials who share a goal to encourage saving by all Americans, especially low and moderate income families, using U. S. Savings Bonds purchase at tax time.
Past Success
Our national five-year pilot program, operating with approval from the US Treasury Department, demonstrated the appeal of U. S. Savings Bonds as an easy, safe and convenient means of saving at tax time, the one moment each year when many working people receive a substantial lump sum payment (up to several thousand dollars) in the form of a federal tax refund.
On September 5, 2009, President Obama announced in his weekly address that tax filers receiving refunds would now be able to purchase U.S. Savings Bonds by simply checking a box on the tax form. This season, tax filers will even be able to order savings bonds in the name of others, such as children and grandchildren, without necessarily using direct deposit.
Currently
The SBWG is working nationally to raise awareness of the new option to buy Savings Bonds at tax time. As such, it is very concerned about the potential elimination of the paper bond program and the possible impact on savings for low-income families. The SBWG has recently come together to pen a letter to Secretary Geithner asking to continue the tax time Savings Bond purchase option and to phase out the paper savings bond program only when a tested alternative is introduced and proven effective for all Americans. Members of Congress have also concentrated efforts to send a letter to Secretary Geithner voicing their concerns (access the letter from Members of Congress here).
In partnership with D2D Fund, the Savings Bond Working Group has launched the Tax Time Savings Bonds campaign web site, featuring marketing, educational, and training materials for community partners and tax preparers in order to spread awareness of this powerful saving opportunity. The campaign website, as well as details on the WhenIGrowUp contest winners can be found at Bondsmakeiteasy.org.
Stay posted for news and items related to the proposed end of the paper bond program:
Video on User Experience on Treasury Direct
SBWG Letter to Treasury Secretary Geithner
Letter from Members of Congress to Secretary Geithner
Baltimore Sun Covers Baltimore CASH UX Video
Partners
To take action or join the effort, contact us!
•AARP Foundation
•Advent Financial Services
•Annie E Casey Foundation
•Aspen Institute Initiative on Financial Security
•Asset Building Working Group of the National Community Tax Coalition
•Baltimore CASH Campaign
•Bon Secours
•Boston EITC Coalition
•Campaign for Working Families of Philadelphia, PA
•(Community Action Project) CAPTC
•Catholic Community Services, Tucson, AZ
•Center for Economic Progress
•Consumer Federation of America
•CFED
•Center for Financial Services Innovation
•Cities for Financial Empowerment
•City of Burlington, VT
•Consumer Credit Counseling Service Delaware Valley
•D2D Fund
•Denver ABC
•Employee Benefit Research Institute
•FINRA Foundation
•H&R Block Bank
•Intuit
•IRS Communications
•IRS SPEC
•Lawrence Community Works
•Maryland CASH
•Military Saves
•National Council of La Raza
•National League of Cities
•National Community Tax Coalition
•Nehemiah Gateway CDC
•New American Foundation
•New York State Community Action Association
•Newark Now
•Oweesta
•Rochester CASH
•RTI International
•Rural Dynamics
•Seedco
•The Financial Clinic
•United Way of King County
•United Way Snohomish County
•Women's Institute for a Secure Retirement