Where and how to redeem Series EE bonds

You can cash in Series EE savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury if you own them electronically. The method depends on whether your bonds are paper or digital.

For paper bonds, take them to any bank or credit union where you have an account. You do not need to be a long-term customer — most financial institutions will cash them for you on the spot. Bring your bonds and a valid photo ID. The teller will verify the bond serial numbers, confirm they have reached their issue date (so they are valid to redeem), and deposit the cash into your account or give it to you directly.

For electronic bonds held in TreasuryDirect (the Treasury's online system), you log into your account, select the bonds you want to redeem, and request the redemption. The money goes into your linked bank account within one to three business days. You do not visit a physical location.

Key Takeaways

  • Paper Series EE bonds can be cashed at any bank or credit union; electronic bonds are redeemed through your TreasuryDirect account online.
  • Series EE bonds must be held for at least one year before you can redeem them, and you lose the last three months of interest if you cash them before five years.
  • The redemption value is printed on paper bonds or shown in your TreasuryDirect account and includes all accrued interest.
  • You will receive a 1099-INT tax form if your bonds earned more than $10 in interest during the year, and that interest is subject to federal income tax.

Minimum holding period and interest penalties

Series EE bonds have a one-year minimum holding period. You cannot redeem them before one year has passed from the issue date, even if you need the money urgently. If you try to cash them before that date, the financial institution will refuse the transaction.

If you redeem the bonds between one and five years after issue, you forfeit the last three months of interest. For example, if you bought a bond on January 1 and cash it on March 15 of the following year, you receive interest only through December 31 of the previous year — the three months of January, February, and March are lost. After five years, you receive all accrued interest with no penalty.

Series EE bonds continue to earn interest for 30 years from the issue date, so there is no deadline to redeem them. Many people hold them longer than five years to avoid the interest penalty and to let the interest compound.

What you need to bring to a bank or credit union

For paper bonds, bring the physical bonds themselves and a valid photo ID — a driver's license, passport, or state ID card. The teller will need to see the bond serial numbers and verify your identity before processing the redemption.

You do not need to provide proof of purchase, a receipt, or any other documentation. The bond itself is the proof of ownership. If you have lost a paper bond, you can file a claim with the Treasury, but the process is slower and requires additional paperwork; it is worth checking with your bank first to see if they have any record of it.

If you are redeeming bonds on behalf of someone else — for example, as a guardian or executor — bring documentation of your authority to act on their behalf, such as a power of attorney or court order. The bank will tell you what specific documents they need.

How to find the redemption value of your bonds

For paper bonds, the current redemption value is not printed on the bond itself. You can look it up using the Treasury's Savings Bond Calculator at treasurydirect.gov. Enter the bond series (EE), the issue date, and the denomination, and the calculator shows you the exact amount you will receive.

Alternatively, most banks can look up the value for you before you redeem. Call ahead and ask if they offer this service — many do it over the phone or in person without charging a fee. This is useful if you want to know the value before deciding whether to cash the bond now or wait longer.

For electronic bonds in TreasuryDirect, the current value is displayed in your account dashboard. You can see it updated monthly, so you always know what you would receive if you redeemed today.

Tax reporting and what to expect on your tax return

The interest you earn on Series EE bonds is subject to federal income tax. You do not pay tax when you redeem the bond — you pay tax on the interest when you file your tax return for the year in which you cashed it.

If your bonds earned more than $10 in interest during the calendar year, the financial institution or Treasury will send you a Form 1099-INT by January 31 of the following year. You use this form to report the interest on your federal tax return. Series EE bond interest is not subject to state or local income tax in most states, but check your state's rules if you live in a state with income tax.

If you earned less than $10 in interest, you will not receive a 1099-INT, but you are still required to report the interest on your tax return if you owe federal income tax. Keep your own records of the redemption amount and the original purchase price so you can calculate the interest yourself.

What happens if your paper bonds are damaged or lost

If a paper bond is damaged but still readable, most banks will still cash it. Bring it in and let the teller know about the damage. They will examine it and decide whether to process it or refer it to the Treasury.

If a bond is lost or destroyed, you can file a claim with the Bureau of the Fiscal Service (part of the Treasury Department). You will need to provide the bond series, denomination, issue date, and serial number if you have it. The process takes several weeks, and you must provide an affidavit stating that the bond was lost or destroyed. Contact your bank for the claim form, or visit treasurydirect.gov for instructions.

Redeeming bonds held in a trust or estate

If the bonds are registered in a trust, the trustee can redeem them by bringing the bonds, a photo ID, and a copy of the trust document to a bank. Some banks require a certified copy of the trust; call ahead to confirm what they need.

If the bond owner has died and the bonds are part of the estate, the executor or administrator can redeem them. Bring the bonds, a photo ID, a certified copy of the death certificate, and documentation of your authority as executor (such as letters testamentary from the probate court). The bank will verify these documents before processing the redemption. The interest earned up to the date of death is included in the estate's income and may be subject to estate tax depending on the size of the estate.

Frequently Asked Questions

Can I cash a Series EE bond before one year?

No. Series EE bonds have a mandatory one-year holding period. You cannot redeem them before one year has passed from the issue date, regardless of the reason. After one year, you can redeem them at any time, but you will lose the last three months of interest if you cash them before five years.

Do I have to cash all my bonds at once?

No. You can redeem individual bonds or groups of bonds while keeping others. At a bank, tell the teller which bonds you want to cash. In TreasuryDirect, select only the bonds you want to redeem in your account. The rest remain in your account earning interest.

What if my bank won't cash my Series EE bonds?

Some smaller banks or credit unions may not cash savings bonds. If your bank declines, try another bank in your area or contact the Treasury directly. For electronic bonds, you can always redeem through TreasuryDirect without visiting a bank. For paper bonds, you can mail them to the Treasury with a redemption request form, though this takes longer.

Will I owe taxes when I redeem my bonds?

You will not owe taxes at the moment of redemption. You report the interest earned on your tax return for the year you cashed the bonds. If the interest is more than $10, you will receive a 1099-INT form to help you report it. The interest is subject to federal income tax but typically not state or local tax.

Can I redeem a Series EE bond that is more than 30 years old?

Yes. Series EE bonds stop earning interest after 30 years, but you can still redeem them at any time. The redemption value will be the final value at the 30-year mark. There is no deadline to cash them, so you can hold them indefinitely if you want, though they will not grow in value after 30 years.