Where to cash your savings bond
You can cash a U.S. savings bond at most banks and credit unions, or directly through the U.S. Department of the Treasury. The easiest route for most people is their own bank — walk in with the bond and your ID, and they will handle it. If your bank declines (some smaller institutions do not process bonds), call ahead to confirm before you go.
If you want to avoid the bank entirely, you can redeem bonds online through TreasuryDirect, the government's bond management system. You will need to set up an account, transfer the bond into it, and then request the redemption. This takes a few days longer than walking into a branch, but you never leave home.
The third option is to mail the bond to the Federal Reserve Bank in your region along with a form. This is slower — typically two to three weeks — and requires you to fill out paperwork correctly. Most people skip this unless they live far from any bank.
Key Takeaways
- Your own bank or credit union will cash the bond in person if you bring the physical bond and a government-issued ID.
- You must wait until the bond reaches its final maturity date or you will lose all accrued interest — there is no early redemption without penalty.
- Series EE and I bonds have a penalty if you cash them before five years have passed: you lose the last three months of interest.
- TreasuryDirect lets you redeem online without visiting a bank, but the process takes several business days.
- Bring the bond itself, not a copy — banks will not accept a photocopy or digital image.
What you need to bring to the bank
Bring the physical bond and a government-issued photo ID. That is it. The bond itself is the proof of ownership — the bank will verify the bond number and check that it has reached maturity or that you are the registered owner.
Do not bring a copy or photograph of the bond. Banks will not accept it. The bond is a paper certificate with security features, and the teller needs to see the original to confirm it is real and has not been altered.
If you have lost the bond, you cannot simply walk into a bank. You will need to file a claim with the Treasury to get a replacement, which takes weeks. Keep the physical bond in a safe place — a home safe, a safe deposit box, or even a drawer — until you are ready to cash it.
Understanding the maturity date and early redemption penalties
Every savings bond has a final maturity date — the point at which the Treasury stops paying interest. You can cash the bond anytime after it is issued, but if you cash it before the final maturity date, you will not receive all the interest it has earned.
Series EE and Series I bonds (the most common types) have a five-year holding period. If you redeem either type before five years have passed, you lose the last three months of interest. So if you bought a Series I bond in January 2020 and cashed it in January 2024, you would get the interest through September 2023, not January 2024.
After five years, you can cash the bond without penalty, but you still will not receive interest beyond the final maturity date. Series EE bonds stop earning interest after 30 years. Series I bonds stop after 30 years as well. Once that date passes, the bond is worth only what you paid for it plus all interest earned up to maturity — no additional gain.
Check your bond's issue date and series type before you go to the bank. You can find this information printed on the bond itself, or look it up in TreasuryDirect if you have an account.
How the bank processes the redemption
The teller will examine the bond, verify your ID, and confirm that you are the registered owner or an authorized representative. They will then calculate the current value — the amount you paid plus all accrued interest — and give you that amount in cash or deposit it into your account.
The bank does not send the bond to the Treasury. Instead, they submit it through their own clearing process, which typically takes one to three business days. You receive the money immediately or within one business day, depending on the bank's policy. The bond itself is then retired and cannot be used again.
Some banks will ask you to sign the back of the bond before they process it. Others will do this for you. Either way, the teller will walk you through the steps — there is no hidden paperwork.
Redeeming through TreasuryDirect online
If you own the bond through a TreasuryDirect account, you can redeem it without visiting a bank. Log in to your account, find the bond you want to cash, and select "Redeem." The Treasury will process the request and deposit the money into your linked bank account.
The deposit typically takes three to five business days. You will see the transaction in your TreasuryDirect account right away, but the money will not appear in your bank account until the Treasury processes it on their end.
If you own a physical paper bond and want to use TreasuryDirect, you will need to set up an account first, then transfer the bond into it. This process is called "establishing a TreasuryDirect account for a paper bond" and requires you to mail the bond to the Treasury along with a form. Once the bond is in your account, you can redeem it online. This route takes longer than simply walking into a bank, so most people only use it if they plan to hold bonds long-term and want to manage them digitally.
What happens to the money after you cash the bond
The money is yours to use however you want. There are no restrictions on what you do with it. If the bank deposits it into your account, it will show up as a deposit like any other. If you take it in cash, you walk out with it.
Keep in mind that the interest you earned on the bond is taxable income. You will owe federal income tax on it. If you cashed a bond that earned $500 in interest, that $500 counts as income on your tax return for that year. Some people cash bonds in a year when their income is lower to reduce the tax impact, but that is a decision between you and a tax professional — the bank does not handle any of that.
If the bond was owned by a minor or held in a custodial account, the tax situation may be different. A tax professional can advise you on the specifics.
What to do if the bank will not cash your bond
Some banks, especially very small ones or credit unions, do not process savings bonds. If your bank declines, ask if they can refer you to another bank in the area that does. Most larger banks and credit unions will cash bonds for customers and non-customers alike.
If you cannot find a bank nearby, you can redeem through TreasuryDirect or mail the bond to the Federal Reserve Bank that serves your region. The Federal Reserve website lists the address for your region. You will need to fill out a form and include a copy of your ID, then mail both the bond and the form. Processing takes two to three weeks.
Frequently Asked Questions
Can I cash a bond that is not in my name?
Only if you are listed as an authorized owner or representative. If the bond is registered to someone else and you are not named on it, you cannot cash it. If the original owner has passed away, you will need to provide a death certificate and proof that you are the heir or executor of the estate.
What if I lost the bond but remember the series and issue date?
Contact the Treasury's Bureau of the Fiscal Service. You will need to file a claim and provide as much information as you can about the bond. They will search their records and issue a replacement if they find it. This process takes several weeks and requires documentation of your ownership.
Do I have to cash the entire bond, or can I cash part of it?
You must cash the entire bond. You cannot split it or redeem a portion. If you want to keep some of the money invested, you would need to buy a new bond after you cash this one.
Will the bank charge me a fee to cash the bond?
No. Banks do not charge a fee to redeem a U.S. savings bond. The Treasury does not charge a fee either. If someone tells you there is a fee, they are not legitimate.
How long does it take to get the money after I cash the bond?
If you cash it in person at a bank, you get the money the same day or within one business day. If you redeem through TreasuryDirect, the deposit takes three to five business days. If you mail it to the Federal Reserve, allow two to three weeks.