Yes, Virginia’s mom and dad and grandparents, Santa Claus can still give U.S. Savings Bonds.

While the government put the paper bond program through the shredder three years ago, the one-time ubiquitous $25 EE bond stocking stuffer can still be given electronically.

And unlike Christmas fairy tales, this one has a real magical ending. The 0.10 percent frog-ugly interest at purchase turns into a princely 3.5 percent-plus rate of return once the bond is held for 20 years and its value doubles.

The interest is subject to federal income taxes, but free from state and local levies.

To give a savings bond (available in any denomination from $25 to $10,000) an adult has to set up a Treasury Direct account in the child’s name, but the account is only accessible by the giver until the youngster reaches 18.

After the bond is purchased, a child can add any amount to the account (say from a babysitting job or an allowance) that is held at no interest until another bond is purchased.

While the bond only exists in bits and bytes, there is still a choice of seven colorful gift cards that can be printed out and placed in the child’s stocking while Santa’s sleigh and his reindeer wait patiently by the chimney.

For more details on giving savings bonds and the paperwork, click here.