You can cash Series EE bonds at a bank, credit union, or the U.S. Treasury, but the method depends on whether you own the physical bond or the digital version

Series EE bonds come in two forms: paper bonds issued before 2012, and digital bonds purchased through TreasuryDirect after 2012. Paper bonds go to a bank or credit union. Digital bonds are redeemed only through your TreasuryDirect account online. Both routes take a few days to a few weeks, and both trigger federal income tax on the interest you earned — though you may have deferred that tax for decades.

You cannot cash a Series EE bond before it is one year old. If you cash it before five years have passed, you lose the last three months of interest as a penalty. After five years, there is no penalty. The bond continues to earn interest for 30 years from the issue date, so even old bonds may be worth more than you think.

Key Takeaways

  • Paper Series EE bonds are cashed at a bank or credit union by signing the back and presenting them with a photo ID; digital bonds are redeemed through your TreasuryDirect account online.
  • You must wait at least one year to cash any Series EE bond, and cashing before five years means losing the last three months of interest.
  • The interest you earned is subject to federal income tax in the year you cash the bond, though you may have deferred reporting it for years.
  • If you lose a paper bond, you can request a replacement from the Treasury, but the process takes several weeks and requires proof of ownership.
  • Series EE bonds stop earning interest after 30 years, so bonds issued in 1994 or earlier should be cashed or checked for current value.

Cashing a paper Series EE bond at a bank or credit union

Walk into any bank or credit union where you have an account and ask to redeem the bond. Bring the physical bond itself, a photo ID, and your account number at that institution. The teller will ask you to sign the back of the bond in their presence — do not sign it beforehand. They will verify the signature matches your ID, then process the redemption.

The bank deposits the cash into your account within one to three business days. Some banks may ask for a thumbprint or additional verification if the bond is very old or the amount is large. If you do not have an account at that bank, you may still be able to redeem the bond there, but policies vary; call ahead to confirm. Credit unions are often more flexible with non-members than banks are.

If the bank cannot redeem the bond on the spot — which is rare — they can submit it to the Federal Reserve on your behalf. This takes two to four weeks. Ask the teller for a receipt showing the bond's serial number and face value so you have proof of submission.

Redeeming a digital Series EE bond through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Navigate to "Manage My Securities" and select the Series EE bond you want to redeem. Click the option to redeem or withdraw, confirm the amount, and submit the request.

The Treasury deposits the redemption amount into the bank account linked to your TreasuryDirect account. This transfer takes three to five business days. You will receive an email confirmation with the transaction details and the exact amount deposited, including the interest earned.

If you have forgotten your TreasuryDirect login, use the "Forgot Password" link on the homepage. If you cannot recover your account, contact TreasuryDirect customer service at 844-284-2676 (Monday through Friday, 8 a.m. to 8 p.m. Eastern time). They can verify your identity and help you regain access.

Understanding the tax consequences when you cash

The interest your Series EE bond earned is subject to federal income tax. You report this interest on your federal tax return for the year you cash the bond. If you have been deferring the tax — which is allowed with Series EE bonds — you will owe tax on all the accumulated interest at once, not just the interest earned that year.

For example, if you bought a Series EE bond in 2000 for $50 and it is now worth $110, you owe federal income tax on the $60 in interest when you redeem it. The tax is calculated at your ordinary income tax rate, which depends on your total income that year and your filing status. You do not owe state or local income tax on Series EE bond interest.

If you are concerned about the tax hit, you can spread redemptions across multiple years to keep your income lower in any single year. There is no penalty for cashing bonds in different tax years. Some people also use Series EE bond redemptions to fund education expenses, which may allow them to exclude the interest from taxable income under the Education Savings Bond Program — but this has strict income limits and other rules, so check with a tax professional first.

What to do if you have lost a paper bond

Contact the Treasury's Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov/indiv/research/indiv_research.htm to file a claim for a lost or destroyed bond. You will need the bond's serial number, issue date, and face value. If you do not have the serial number, provide as much information as you can remember about when and where you bought it.

The Treasury will search its records to confirm the bond exists and that you are the registered owner. This verification takes four to eight weeks. Once confirmed, the Treasury will issue a replacement bond or, if you prefer, redeem it and send you a check. You cannot receive the cash immediately; the process requires documentation and verification.

Keep the confirmation number the Treasury gives you. If the original bond turns up later, you must report it so the Treasury can cancel the replacement and avoid duplicate payments.

Checking the current value of an old bond before you cash it

Use the Treasury's Savings Bond Calculator at treasurydirect.gov/indiv/tools/tools_savingsbondcalc.htm. Enter the bond's series (EE), denomination (the face value printed on the bond), issue date, and final maturity date if you know it. The calculator shows the current value and the interest earned to date.

If you have a paper bond and do not know the exact issue date, look at the bond itself. The issue date is printed on the front. If the bond is older than 30 years from its issue date, it has stopped earning interest, and its value is fixed at whatever it reached at the 30-year mark.

For digital bonds, log into TreasuryDirect and view your portfolio. The current value of each bond is displayed next to the bond listing, updated daily.

Timing and what happens after redemption

After you redeem a paper bond at a bank, the bank sends it to the Federal Reserve, which cancels it and credits the Treasury. This process is automatic and takes a few weeks behind the scenes, but your money is in your account within days. You do not need to do anything else.

After you redeem a digital bond through TreasuryDirect, the bond is immediately removed from your account and marked as redeemed. The cash transfer to your linked bank account takes three to five business days. You will not see the bond in your TreasuryDirect portfolio anymore.

If you need the cash urgently, redeeming a digital bond is faster because there is no bank processing step. If you are redeeming a paper bond, plan for the bank deposit to take up to three business days, and do not count on same-day access.

Frequently Asked Questions

Can I cash a Series EE bond at any bank, or does it have to be my bank?

Most banks will redeem a Series EE bond even if you do not have an account there, but some require you to be a customer. Call ahead to confirm the bank's policy. Credit unions are generally more willing to redeem bonds for non-members. If a bank refuses, try another bank or go directly to the Federal Reserve.

What if I cash my bond before it has been five years?

You lose the last three months of interest as a penalty. For example, if your bond is worth $105 after four years, you will receive $102 (the value minus three months of interest). After five years, there is no penalty, even if you cash it the day after the five-year mark.

Do I have to report the interest on my taxes the year I cash the bond?

Yes. The interest is taxable federal income in the year you redeem the bond. If you have been deferring the tax for years, you report all the accumulated interest that year. You do not owe state or local tax on the interest.

What if I cannot find my Series EE bond?

Contact the Treasury at 844-284-2676 with as much information as you have about the bond — issue date, denomination, serial number if you have it. The Treasury will search its records and issue a replacement or redeem it for you, but the process takes four to eight weeks.

How long does it take to get the money after I redeem my bond?

For paper bonds at a bank, one to three business days. For digital bonds through TreasuryDirect, three to five business days. If the bank submits your paper bond to the Federal Reserve instead of processing it on the spot, allow two to four weeks.