Where to cash your savings bond

You can cash a savings bond at most banks and credit unions, even if you did not buy it there. Walk in with the bond itself and a valid photo ID. The teller will verify the bond's serial number, check that it has reached final maturity or that you meet the early redemption rules, and process the payment on the spot or within a few business days depending on the institution.

If you do not want to visit a branch in person, you can mail the bond to the U.S. Department of the Treasury's Bureau of the Fiscal Service. Send it to: Department of the Treasury, Bureau of the Fiscal Service, Division of Transactions and Payments, 200 Third Street, Parkersburg, WV 26106-1328. Include a letter stating your name, Social Security number, and the amount you are requesting. The Treasury will mail you a check, which typically arrives within four to six weeks.

For Series I bonds and Series EE bonds purchased through TreasuryDirect (the online platform), you can also redeem them directly through your TreasuryDirect account without visiting a bank or mailing anything. Log in, select the bond, and request redemption. The funds transfer to your linked bank account within one to two business days.

Key Takeaways

  • Most banks and credit unions will cash any savings bond if you bring the physical bond and a photo ID, regardless of where you bought it.
  • Series EE and Series I bonds can be redeemed online through TreasuryDirect if you own them in that account, with funds arriving in one to two business days.
  • Mailing your bond to the Treasury takes four to six weeks but works if you cannot visit a bank or do not have online access.
  • You must wait at least one year from purchase before cashing any savings bond, and early redemption before five years costs you the last three months of interest.
  • The bank or Treasury will issue a 1099-INT form for tax purposes if your bond earned more than ten dollars in interest during the year.

Timing rules: when you can actually redeem

You cannot cash a savings bond until at least one year has passed since you bought it. This is a hard rule with no exceptions. If you try to redeem before the one-year mark, the bank or Treasury will reject the request.

If you redeem between one year and five years after purchase, you lose the last three months of interest. For example, if you bought a bond on January 15, 2023, and redeem it on March 1, 2024, you receive interest only through November 2023, not through March 2024. After five years, you keep all accrued interest no matter when you redeem.

Series EE bonds and Series I bonds continue earning interest for 30 years from the issue date. Series HH bonds (no longer sold but still held by many people) stop earning interest after 20 years. If you hold a bond past its final maturity date, it stops growing and you should redeem it.

What to bring to the bank

Bring the physical bond certificate itself and one form of photo ID issued by a government agency — a driver's license, passport, state ID card, or military ID all work. The teller will examine the bond to confirm the series, issue date, and serial number, then check your ID to verify you are the registered owner or an authorized representative.

If you are cashing a bond registered to someone else — for example, a parent cashing a bond registered to a minor child — bring documentation showing you have authority to do so. A court order, power of attorney, or guardianship papers are typical. If the bond owner has died, bring a certified copy of the death certificate and proof that you are the executor or beneficiary named on the bond or in the will.

Do not write on the bond or fold it. Damage can delay processing or cause the bank to refuse it. If your bond is damaged or you have lost it, contact the Treasury directly at 844-284-2676 or visit treasurydirect.gov to report it and request a replacement or payment.

Tax reporting and what happens next

When you redeem a savings bond, the bank or Treasury does not withhold taxes. You owe federal income tax on the interest the bond earned, but you pay it when you file your tax return, not at redemption. If the bond earned more than ten dollars in interest during the calendar year, the issuer will send you a 1099-INT form by January 31 of the following year. Use this form to report the interest on your tax return.

You may also owe state income tax on the interest, depending on where you live. Some states do not tax interest from federal savings bonds, but others do. Check your state's tax rules or ask a tax preparer.

The bank will give you a receipt showing the redemption amount, the interest earned, and the date. Keep this receipt for your records and for tax purposes.

Cashing bonds through TreasuryDirect online

If you own Series EE or Series I bonds in a TreasuryDirect account, you can redeem them without leaving home. Log into treasurydirect.gov using your username and password. Navigate to "Manage My Securities," select the bond you want to redeem, and click "Redeem." Confirm the redemption request.

The funds will transfer to the bank account linked to your TreasuryDirect account within one to two business days. You will receive a confirmation number and a record of the transaction in your account. The Treasury will still send you a 1099-INT form if interest exceeds ten dollars.

TreasuryDirect redemption is the fastest method if you have online access and your bonds are registered there. However, if your bonds are physical certificates or registered with a bank or broker, you must use the bank or mail-in method instead.

What to do if you cannot find your bond

If you own a savings bond but have lost the physical certificate, contact the Treasury's Bureau of the Fiscal Service at 844-284-2676. Have your Social Security number, the bond series (EE, I, HH, etc.), and the approximate issue date ready. The Treasury can search their records and confirm whether the bond exists and who it is registered to.

If the bond is found in their system, the Treasury can issue a replacement certificate or process a redemption directly without the original. This process takes several weeks. If the bond cannot be located in their records, you may need to provide proof of purchase — a receipt, bank statement, or gift documentation — to establish that you own it.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash any U.S. savings bond, but some smaller institutions may decline or require you to have an account there. Call ahead to confirm. If your bank refuses, the Treasury will always redeem it by mail.

What if the bond is registered to a deceased person?

Bring a certified death certificate and proof you are the executor or named beneficiary. The bank or Treasury will process the redemption and issue the check to the estate or to you, depending on how the bond was registered and your state's laws.

Do I have to pay taxes when I cash the bond?

No tax is withheld at redemption. You owe federal income tax on the interest earned, which you report on your tax return. Some states also tax savings bond interest. You pay when you file, not when you cash the bond.

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

At a bank, you usually receive cash or a check the same day or within a few business days. By mail to the Treasury, allow four to six weeks. Through TreasuryDirect online, funds arrive in one to two business days.

What happens if I redeem before five years?

You lose the last three months of interest. For example, redeeming after two years means you receive interest only through the two-year mark minus three months. After five years, you keep all interest earned, no matter when you redeem.