Series EE savings bonds are a type of U.S. government bond designed to help individuals save money over time. They are issued at half of their face value and earn interest for up to 30 years. The interest is compounded semiannually, and the bonds can be redeemed after one year, although cashing them in before five years results in a penalty. These bonds are considered a safe investment because they are backed by the U.S. government. They are often used for long-term savings goals, such as funding education or retirement, and can be purchased electronically through the TreasuryDirect website.