Savings-bond Definition

A nontransferable registered bond issued by the US government in denominations of $50 to $10,000.
American Heritage
A contract representing a loan that an individual makes to the U.S. government. The government repays the loan after a set period of time with a set interest rate. Because savings bonds are backed by the full faith and credit of the U.S. government, they are a safe way of saving. There are two types of savings bonds: Series EE bonds are issued for 30 years and a bond’s value increases as the interest earned is added to the principal; Series HH bonds are current income securities issues for 20 years, which includes a 10-year original maturity period and a 10-year extension.
Webster's New World Finance

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