Where and how to redeem a Series EE bond

You can cash a Series EE bond at most banks and credit unions, or directly through the U.S. Treasury if you own it electronically. The method depends on whether your bond is paper or digital.

For a paper Series EE bond, take it to any bank or credit union where you have an account. Bring your bond and a valid ID. The institution will verify the bond's authenticity, confirm it has reached final maturity or that you meet the redemption rules, and deposit the cash into your account. Most banks process this same day or within one business day. If you don't have an account at that bank, some will still cash it, but policies vary—call ahead to confirm.

For a digital Series EE bond held in TreasuryDirect (the Treasury's online system), log into your account at treasurydirect.gov, select the bond you want to redeem, and request the redemption. The Treasury deposits the money into the bank account you registered with TreasuryDirect, usually within two business days.

Key Takeaways

  • Paper Series EE bonds can be cashed at any bank or credit union; bring the bond and a valid ID.
  • Digital bonds held in TreasuryDirect are redeemed by logging in and requesting the redemption online.
  • Series EE bonds can be redeemed anytime after one year, but redeeming before five years costs you three months of interest.
  • The Treasury deposits redemption money into your registered bank account within two business days for digital bonds.
  • If a bond is lost, stolen, or destroyed, you can request a replacement through the Treasury or your bank.

When you can redeem a Series EE bond without penalty

Series EE bonds have a one-year holding period. You cannot redeem one during the first year you own it, no matter the reason. After one year, you can redeem it anytime, but there is a cost to redeeming early.

If you redeem a Series EE bond before it has been held for five years, you lose the last three months of interest. For example, if you redeem after three years and six months, you receive interest only through three years and three months. This penalty applies whether you redeem at year one or year four.

After five years, you can redeem the bond without losing any interest. At that point, you receive the full value including all accrued interest up to the redemption date. Series EE bonds continue earning interest for 30 years from the issue date, so you can hold them longer if you want the interest to keep growing.

What happens to the interest you earned

When you redeem a Series EE bond, you receive the purchase price plus all accrued interest in one lump sum. The interest is not paid separately—it is added to the principal and deposited as one amount.

The interest on Series EE bonds is subject to federal income tax, but not state or local income tax. You do not pay tax when you redeem the bond. Instead, you report the interest as income on your federal tax return for the year you redeem it. If you redeemed a bond in 2024, you report that interest on your 2024 tax return filed in 2025.

If you own the bond in a child's name and used it for education expenses, you may be able to exclude some or all of the interest from federal tax under the Education Savings Bond Program. This requires meeting specific conditions: the bond must have been issued after 1989, the owner must have been at least 24 years old when issued, and the proceeds must pay for tuition and fees at an accredited school. You report this on Form 8815 when you file your taxes.

Replacing a lost, stolen, or damaged bond

If your paper Series EE bond is lost, stolen, or damaged beyond use, you can request a replacement. For bonds issued before May 2003, contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov. You will need to provide the bond's serial number, issue date, and denomination if you have them. If you do not have this information, the Treasury can search their records using your name and Social Security number.

The replacement process takes several weeks. The Treasury will issue a new bond with the same issue date and value as the original. You cannot redeem the replacement until the original one-year holding period has passed from the original issue date, even if the bond was lost years ago.

For digital bonds in TreasuryDirect, loss or theft is less of a concern because your account is password-protected. If someone gains unauthorized access to your account, contact the Treasury immediately at 844-284-2676 to report it and secure your account.

Tax reporting when you redeem

The bank or credit union that cashes your paper bond does not send you a tax form. You are responsible for reporting the interest on your own tax return. Keep a record of the bond's purchase price, redemption date, and the amount you received. The difference between what you received and what you paid is the interest you earned.

For digital bonds redeemed through TreasuryDirect, the Treasury sends you a Form 1099-INT in January of the following year if the interest exceeds $10. This form reports the interest you earned in the previous calendar year. Use this form when filing your taxes.

If you received a Form 1099-INT but the amount seems wrong, contact the Treasury to request a corrected form. Do not assume the form is correct just because it came from the government—errors happen, and you are responsible for catching them.

What to do if the bank won't cash your bond

Most banks will cash a Series EE bond without issue, but some smaller institutions or credit unions may decline because they lack the equipment to verify older bonds or do not offer this service. If your bank refuses, try another bank in your area. Large national banks like Bank of America, Chase, and Wells Fargo routinely cash savings bonds.

If no local bank will cash it, you can redeem it directly through the Treasury. For paper bonds, mail the bond and a completed Form PD F 1522 (the Request to Redeem Series EE Savings Bonds form) to the Bureau of the Fiscal Service. Include a copy of your ID and a letter explaining why you could not redeem it locally. Mail it to the address listed on the form. Processing takes four to six weeks.

For digital bonds, you have no alternative—you must use TreasuryDirect. If you cannot access your account, call the Treasury at 844-284-2676 to request help resetting your password or recovering your account.

Frequently Asked Questions

Can I redeem a Series EE bond before one year without any way around the rule?

No. The one-year holding period is absolute—no bank or the Treasury will redeem a Series EE bond before one year has passed. If you need cash urgently, you cannot use a Series EE bond. Plan to hold it at least one year before purchasing.

Do I have to redeem the entire bond, or can I cash in part of it?

You must redeem the entire bond. You cannot split a Series EE bond or redeem a portion of it. If you own multiple bonds, you can choose which ones to redeem and leave others untouched.

What if I lost the paper bond but still have the receipt showing I bought it?

The receipt alone is not enough. Contact the Treasury with your name, Social Security number, and the bond's issue date and denomination if you have them. The Treasury will search their records and can issue a replacement if they find a match.

Does redeeming a Series EE bond affect my taxes or benefits?

The interest is taxable income on your federal return, which could affect your tax bracket or other tax calculations. If you receive means-tested benefits like Supplemental Security Income, the interest may count as income and reduce your benefit amount. Check with your benefits administrator before redeeming a large bond.

Can I cash a Series EE bond at a check-cashing store or pawn shop?

Some check-cashing stores and pawn shops will cash savings bonds, but they typically charge a fee of 1 to 5 percent of the value. Banks and credit unions cash them for free, so use a bank first. The Treasury will also redeem it for free by mail if no bank will help.