(b) Preferred investments. Preferred investments for excess funds are deposits in an interest or dividend paying account in a bank, trust company, credit union, or savings and loan association which is insured under either Federal or State law, direct obligations of the United States Government or obligations for which both principal and interest are guaranteed unconditionally by the United States Government. The account must be in a form which shows clearly that the representative payee has only a fiduciary, and not a personal, interest in the funds. If the payee is the legally appointed guardian or fiduciary of the annuitant, the account may be established to indicate this relationship. If the payee is not the legally appointed guardian or fiduciary, the accounts may be established as follows:

1. (1) For U.S. Savings Bonds—

   (Name of annuitant) (Social Security Number), for whom (Name of payee) is representative payee for Railroad Retirement benefits;

2. (2) For interest or dividend paying accounts—

   (Name of annuitant) by (Name of payee), representative payee.