Where to cash your Series EE bonds

You can cash Series EE bonds at most banks and credit unions, or directly through the U.S. Treasury if you own them electronically. The easiest route depends on whether your bonds are paper or digital.

For paper bonds, walk into any bank or credit union where you have an account and ask to redeem them. You'll need to bring the physical bonds and a valid ID. Many banks will cash them same-day, though some require the account holder to be present. Call ahead to confirm your specific branch handles bond redemptions—smaller branches sometimes refer you elsewhere.

For electronic bonds held through TreasuryDirect (the Treasury's online system), you redeem them directly on the TreasuryDirect website without leaving home. Log in, select the bonds you want to cash, and the money transfers to your linked bank account within one to two business days.

Key Takeaways

  • Paper Series EE bonds can be cashed at your bank or credit union with the physical bond and a valid ID.
  • Electronic bonds held in TreasuryDirect are redeemed online and deposited to your bank account in one to two business days.
  • Series EE bonds must be held for at least one year before you can cash them, and you lose the last three months of interest if you cash them before five years.
  • The Treasury will send you a 1099-INT form for the interest earned, which you must report on your tax return.

The one-year and five-year rules

You cannot cash a Series EE bond until you have owned it for at least one year. If you try to redeem it before that point, the bank or Treasury will refuse. This is a hard rule with no exceptions.

If you cash the bond between one and five years of ownership, 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 (just over one year), you receive interest only through December 15, 2023—the three months from December 15 to March 15 are forfeited. After five years of ownership, you keep all accrued interest no matter when you cash it.

The redemption value is printed on the bond itself (for paper bonds) or shown in your TreasuryDirect account (for electronic bonds). This value includes the original purchase price plus all interest earned to date, minus any penalty if you're cashing before five years.

What to bring to your bank

For paper bonds, bring the physical bond certificate and a government-issued photo ID—a driver's license, passport, or state ID card. The bank will not cash the bond without both.

If you're cashing bonds on behalf of someone else (as a guardian or executor, for example), bring the bond, your ID, and legal documentation proving your authority—a guardianship order, power of attorney, or death certificate with a will. Requirements vary by bank, so call first and ask what documents they need.

If the bond is registered to two people and both names are on it, both owners typically must be present to cash it. Some banks allow one owner to cash it if they have a signed power of attorney from the other owner. Again, call ahead.

How to redeem bonds through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. If you don't have an account, you'll need to set one up first—this takes about 15 minutes and requires a Social Security number, email address, and a U.S. bank account for deposits.

Once logged in, go to "Manage My Securities" and select the Series EE bonds you want to redeem. Click the redemption option, confirm the amount, and review the transaction. The Treasury will deduct the bonds from your account and deposit the cash value to your linked bank account within one to two business days.

You can redeem part of your holdings or all of them in a single transaction. There's no fee for redeeming through TreasuryDirect, and you can do it any time the system is open—24 hours a day, seven days a week, except for brief maintenance windows.

Tax reporting when you cash bonds

The interest you earn on Series EE bonds is subject to federal income tax. You do not pay tax when you buy the bond—you pay it in the year you cash the bond (or in some cases, when the bond matures).

When you redeem a Series EE bond, the financial institution or Treasury will send you a Form 1099-INT by January 31 of the following year. This form reports the interest earned. You must include this amount on your federal tax return for the year you cashed the bond. State and local taxes on bond interest vary by location—check your state's tax rules.

If you own the bond in a child's name, the interest may be taxable to the child, not to you as the parent. This can result in a lower tax bill if the child has little other income. Consult a tax professional if you're unsure how to report the interest.

What happens if you lose a paper bond

If your paper Series EE bond is lost, stolen, or destroyed, you can request a replacement from the Treasury. Contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov and look for the "Lost, Stolen, or Destroyed Securities" section.

You'll need to provide the bond's serial number, the issue date, the denomination, and the name and Social Security number of the owner. The process takes several weeks. In the meantime, you cannot cash the bond—the Treasury will not honor it if someone else tries to redeem it without proof of ownership.

To avoid this hassle, consider converting paper bonds to electronic form through TreasuryDirect. Once they're in your online account, they're backed up by the Treasury's system and cannot be physically lost.

Cashing bonds from a deceased owner's estate

If the bond owner has died, the executor or administrator of the estate can redeem the bonds. You'll need the original bond certificate (for paper bonds), a death certificate, and proof of your authority—typically a court-issued letter of testamentary or letters of administration.

For electronic bonds in TreasuryDirect, the account must be transferred to the estate or to an authorized heir before redemption can occur. Contact the Bureau of the Fiscal Service at 844-284-2676 to start this process. They will guide you through the steps and the required documents, which vary depending on whether the deceased left a will and whether the estate went through probate.

Frequently Asked Questions

Can I cash a Series EE bond before one year?

No. Series EE bonds cannot be redeemed before one year of ownership under any circumstances. If you need the money sooner, you'll have to look for other sources.

Do I lose all my interest if I cash before five years?

No, only the last three months of interest. If you've owned the bond for two years, you receive all interest earned through the two-year mark minus three months. After five years, you keep all interest earned.

What if my bank won't cash my paper bond?

Some smaller branches don't handle bond redemptions. Ask if another branch in the same bank system can cash it, or try a different bank. As a last resort, you can mail the bond to the Treasury, though this takes longer. Instructions are on treasurydirect.gov.

Do I have to report the interest on my taxes?

Yes. The interest is taxable federal income in the year you cash the bond. The Treasury will send you a Form 1099-INT, and you must report it on your tax return. State and local taxes depend on where you live.

Can I cash a bond registered to two people if only one person is present?

Policies vary by bank. Some require both owners present; others accept a power of attorney from the absent owner. Call your bank ahead of time to find out what they require.