Elect to accrue savings bond interest under 454

There is no election statement for this.  You simply impute the accrued interest as income for the current year based on increase in redemption price since acquisition:

454(a) Non-Interest-Bearing Obligations Issued at a Discount

If, in the case of a taxpayer owning any non-interest-bearing obligation issued at a discount and redeemable for fixed amounts increasing at stated intervals or owning an obligation described in paragraph (2) of subsection (c), the increase in the redemption price of such obligation occurring in the taxable year does not (under the method of accounting used in computing his taxable income) constitute income to him in such year, such taxpayer may, at his election made in his return for any taxable year, treat such increase as income received in such taxable year.

Usually an election made by a parent for a child.  Used to be a time when buying bonds for a kid was not considered abusive.  This is what Pub 550 says:

Choice to report interest each year. The
choice to report the accrued interest each year
can be made either by your child or by you for
your child. This choice is made by filing an income tax return that shows all the interest
earned to date, and by stating on the return that
your child chooses to report the interest each
year. Either you or your child should keep a
copy of this return.
Unless your child is otherwise required to
file a tax return for any year after making this
choice, your child does not have to file a return
only to report the annual accrual of U.S. savings
bond interest under this choice. However, see
Tax on unearned income of certain children,
earlier, under General Information. Neither you
nor your child can change the way you report
the interest unless you request permission from
the IRS,