(BPT) - Expecting a tax refund this tax season? If so, you may be interested in a convenient savings option offered by the U.S. Department of the Treasury. Taxpayers may buy paper Series I Savings Bonds, in amounts ranging from $50 to $5,000, with their annual tax refund by completing the “Allocation of Refund (Including Savings Bond Purchases)” IRS Form 8888. TreasuryDirect online account holders may deposit all or part of their tax refunds into their TreasuryDirect accounts.

“Each new tax season gives people a chance to build their savings,” says Jerry Kelly, national director of the Treasury Department’s Ready.Save.Grow. campaign. “The average annual tax refund of $3,000 can compound over time when invested in savings bonds. I encourage tax refund recipients to learn more about the benefits of savings bonds as they plan for long-term savings goals.”

To use your tax refund this year to buy savings bonds, follow these steps: