Interest is paid at redemption as part of the current redemption value.
See Market-based yields . The original term to maturity was 4 years. If you want to know the current accrual value of a specific savings note or to calculate the value of your savings bond holdings, see Savings Bond Wizard . For one year after the month in which they reach final maturity, savings notes can be exchanged for Series HH bonds with continued deferral of taxation on note interest that is included in the purchase price of the Series HH bonds received in exchange. Savings notes are registered, definitive securities that are not transferable.