Yes, you can but unfortunately a Savings Bond only pays slightly more interest(0.3%) than a Federal Reserve Note which are much more liquid. So, they're not the gift they used to be. If it is a very young child the parents may appriciate it. But, in my experience, if the child is older, they won't see it as much of a gift. They don't know what they got, or why they would want it. In that case, you may do better with a gift of stock in a video game company or Facebook or something they might be able to relate to. You can do that in a custodial account. Usually, they're much more interested in the video game, then the video game company. They also enjoy Federal Reserve Notes, especially the unusual ones with high denominations. But, if you're feeling brave, you can buy savings bonds here: https://www.treasurydirect.gov/indiv/planning/plan_gifts.htm
But Uncle Sam, as usual, will make things difficult for you. You will need the recipients Social Security Number to proceed with the transaction. Some parents may be reluctant to shre that information, but it's certainly worth a try.
Good luck with your endeavor.
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