Where to cash EE bonds and what you need
You can cash EE series savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury. Banks are usually the fastest route if you have an account there — many will cash them the same day. Credit unions that are members of shared branching networks can also cash them, even if you don't have an account with that specific credit union. If you don't want to visit a financial institution, you can redeem bonds through TreasuryDirect, the Treasury's online platform, though this works only for bonds you own and have registered there.
You'll need the physical bond certificate or, if the bond is registered in TreasuryDirect, your login credentials. If you've lost the certificate, the Treasury can issue a replacement, but that process takes several weeks. Banks typically ask for a photo ID and may require you to have an account with them, though some will cash bonds for non-customers for a small fee.
Key Takeaways
- Banks and credit unions will cash EE bonds on the spot if you bring the certificate and a photo ID, and many do not require you to be a customer.
- TreasuryDirect lets you redeem bonds online if they are registered there, and the money goes directly to your linked bank account within one to three business days.
- You must wait at least one year from the issue date to cash an EE bond, and bonds cashed before five years lose three months of interest as a penalty.
- The Treasury will send you a Form 1099-INT for the interest earned, which you must report on your tax return in the year you cash the bond.
The one-year and five-year rules
EE bonds cannot be cashed before one year from the issue date, no matter what. If you try to cash one before that year is up, the bank or Treasury will refuse. This is a hard rule with no exceptions.
If you cash an EE bond between one and five years after issue, you lose the last three months of interest. For example, if you bought a bond on January 15, 2023, and cash it on March 1, 2024, you've held it for just over one year, but you forfeit the interest that would have accrued through December 2023. The bank will calculate this automatically and pay you the reduced amount.
After five years, there is no penalty — you receive all interest earned up to the redemption date. Most people hold EE bonds well past five years because they continue earning interest for up to 30 years from issue.
Cashing through TreasuryDirect online
If your EE bonds are registered in TreasuryDirect, you can redeem them without leaving home. Log into your account at treasurydirect.gov, navigate to the ManageDirect section, and select the bond you want to redeem. You'll confirm the redemption amount and the bank account where you want the money sent.
The Treasury processes online redemptions within one to three business days. The money goes directly to the bank account you have linked to your TreasuryDirect account. You do not receive a physical check. This method works only for bonds you bought through TreasuryDirect itself; if you own paper certificates, you must redeem them in person at a bank or credit union or request a replacement certificate from the Treasury first.
Redeeming paper certificates at a bank
Bring your bond certificate and a photo ID to any bank or credit union. You do not need to be a customer. The teller will examine the certificate to confirm it is genuine, verify the issue date to ensure you meet the one-year minimum, and calculate the redemption value including any interest penalty if applicable.
Most banks will cash the bond immediately and give you the money in cash, by check, or as a deposit to an account if you have one there. Some credit unions charge a small fee (typically $5 to $10) to non-members, though many waive this. Ask before you hand over the certificate. If the bank cannot verify the bond or suspects it is counterfeit, they will refuse and may ask you to contact the Treasury directly.
Bring both the bond certificate and your ID in person — banks cannot redeem bonds over the phone or by mail for security reasons. If you've lost the certificate, you'll need to request a replacement from the Bureau of the Fiscal Service first, which takes four to six weeks.
Reporting the interest on your taxes
When you cash an EE bond, the Treasury sends you a Form 1099-INT showing the interest you earned. You must report this interest as income on your federal tax return in the year you redeemed the bond, even if you did not receive the form yet. If you cashed the bond in December but don't receive the 1099-INT until February, you still report it on that year's return.
The interest is subject to federal income tax and, in most states, state income tax as well. Some people hold EE bonds specifically to use them for education expenses, which can reduce the tax burden through the Education Savings Bond Program, but that requires meeting specific conditions and filing Form 8815 with your return.
What to do if you've lost the certificate
Contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov to request a replacement certificate. You'll need to provide the bond's series, denomination, and issue date. The replacement process typically takes four to six weeks, and you'll receive a new certificate by mail.
If you cannot locate any of the bond information, the Treasury can search their records if you provide your Social Security number and the approximate purchase date. This search takes longer and may not succeed if the bond was issued many years ago or if records have been archived.
Cashing bonds owned by someone else
If the bond is registered in someone else's name, only that person can redeem it. If the owner has died, the bond becomes part of their estate, and the executor or administrator must redeem it using the proper legal documents. Banks will ask for a death certificate and proof of authority to act on behalf of the estate.
If you are a minor and the bond is in your name, a parent or guardian must bring it to the bank along with proof of guardianship. If the bond is in the parent's name with you listed as a beneficiary, only the parent can cash it during their lifetime.
Frequently Asked Questions
Can I cash an EE bond at any bank, or only the one where I have an account?
Most banks will cash EE bonds for anyone with a photo ID, whether or not you have an account there. Credit unions may require membership or charge a fee for non-members. Call ahead to confirm the bank's policy before you go.
What happens if I cash my bond before five years?
You lose the last three months of interest. For example, if you hold the bond for two years, you receive interest for only 21 months. After five years, there is no penalty, and you keep all interest earned.
How long does it take to get my money after I redeem a bond?
At a bank or credit union, you usually get the money the same day, either in cash or as a deposit. Through TreasuryDirect online, the money reaches your bank account within one to three business days.
Do I have to pay taxes on the interest from my EE bond?
Yes, the interest is taxable as income in the year you cash the bond. The Treasury sends you a Form 1099-INT to report on your tax return. Some education-related bonds may may have access to for a tax exclusion if you meet specific conditions.
What if the bank says my bond certificate looks fake?
Ask the bank to explain what concerns them. If they refuse to cash it, contact the Bureau of the Fiscal Service at 844-284-2676 with your bond information. They can verify whether the bond is genuine and help you redeem it if it is.