Tax Tip: You can get your refund back in the form of a Savings Bond

(WDAY TV) - In Your Tuesday Tax Tip, it's the refund that keeps on giving. You can now get your refund back in the form of a U.S. Savings Bond.

It doesn't just have to be for you, you can also purchase the bond for someone else using your refund. There is a limit of $5-thousand dollars and you don't have to spend all of your refund. You can purchase the dollar amount of your choice in bonds in $50 dollar increments.

The Series “I" bonds pay interest on a combination of a fixed rate which remains the same throughout the life of the bond. Right now it's 0-percent and a semiannual inflation rate which is updated every May and November. That's currently at .74-percent.

If you do want to purchase a savings bond with your refund, you'll need to fill out for 8888. Last year, more than 22-thousand Americans requested 99-thousand savings bonds with their tax refunds totalling more than $11-million dollars.

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