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According to Treasury Direct, interest from EE U.S. savings bonds is taxed at the federal level but not the state or local level for income. It is also taxed through federal and state estate, gift and excise taxes. The interest in the amount that a bond can be redeemed for above the face value of the bond, which is its original purchase price. Ownership of the bond governs who is responsible for paying tax on the interest. If one person purchases the bond and is the sole owner for the life of the bond, that person owes the taxes on the interest. If a child is the sole owner, a parent may report the interest on the bond and pay the taxes on the parent's tax return. If one person purchases the bond and adds another person to the bond as co-owner and that person remains as such for the life of the bond, the purchaser is responsible for the taxes.
Unlike investments that need to be sold to realize gains, savings accounts pay interest periodically over time. In general, interest earned on savings accounts is considered taxable income, even if you do not withdraw the interest. Interest income is taxable on a savings account and any other interest-bearing account such as a certificate of deposit, checking account or money market account.