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The 0.01% interest rate offered with this savings account is about 0.12% lower than the market average interest rate. A high-yield savings account will provide better returns on your deposits.
Today (3/22/2012) the interest rate on the EE series savings bond is  0.6%. There was no way that an interest rate of 0.6% could lead to doubling of the value of a bond in 20 years. In fact, the value of the bond would increase less than 15% over the 20 years.