Yes, there are tax benefits.
A qualified U.S. savings bond, which is a series EE bond issued after 1989 or a series I bond, may be used for education expenses; the interest earned does not need to be included as income.
Certain conditions apply.
• Education expenses are paid by you for yourself, your spouse, or dependent, that you claim an exemption for on your tax return.
• Modified adjusted gross income (MAGI) is less than $72,850, complete phase-out after $87,850. If married filing jointly or qualifying widow(er) with a dependent child $109,250, complete phase-out after $139,250.
• Filing status cannot be married filing separately.
• Before the bond’s issue date (not always the date of purchase) the owner must be at least 24 years old.
• These must be used for qualified education expenses, i.e. contributions to a qualified tuition program and to a Coverdell education savings account; tuition and fees at colleges, universities, or other postsecondary educational institutions participating in a student aid program directed by the U.S. Department of Education.
This is certainly a viable savings option, but I would consider your future earnings. It could be that your income could be over the limit (adjusted for inflation), when you need to use the bonds.