Where to cash your savings bond

You can cash a savings bond at most banks and credit unions, even if you don't have an account there. Walk in with the bond itself and a valid photo ID — a driver's license, passport, or state ID card all work. The teller will verify the bond's serial number, check that it has reached its final maturity date (or that you're past any penalty period for early withdrawal), and give you the cash or deposit it into an account you name.

If you don't want to visit a bank in person, you can cash Series I and Series EE bonds through the U.S. Department of the Treasury's TreasuryDirect website. You'll need to set up an account, link the bond to it, and request the redemption online. The money arrives in your bank account within a few business days. This route only works for bonds you purchased through TreasuryDirect — not for bonds you inherited or received as a gift that were issued before you owned them.

For older bonds or bonds issued in paper form before 2003, your bank may ask you to mail the bond to the Federal Reserve Bank serving your region. They'll process it and send you a check. This takes longer — usually two to four weeks — but it's the only option if the bond is too old or damaged for a teller to handle.

Key Takeaways

  • You can walk into any bank or credit union with your bond and a photo ID to cash it, regardless of whether you have an account there.
  • Series I and Series EE bonds purchased through TreasuryDirect can be cashed online through your TreasuryDirect account without visiting a bank.
  • Paper bonds issued before 2003 or bonds you cannot cash in person may need to be mailed to the Federal Reserve, which takes two to four weeks.
  • You must wait until the bond reaches its final maturity date or past any early-withdrawal penalty period to receive the full value without loss.
  • Bring the physical bond and a valid photo ID to the bank; the teller will verify the bond's details before processing your request.

What happens when you cash a bond before maturity

If you cash a Series EE bond before it reaches 5 years old, you lose the last three months of interest. So if you cash it at 4 years and 11 months, you get back only the value as of 4 years and 9 months. Series I bonds have the same penalty — you forfeit the last three months of interest if you cash them before age 5.

After the five-year mark, you can cash either bond without penalty, though you still receive only the interest earned up to the date you redeem it. If you cash a Series EE bond at age 20, you get 20 years of interest, not the full 30-year value. The bond stops earning interest once you cash it.

Series HH bonds (no longer sold but still held by many people) work differently — they pay interest twice a year by check or direct deposit, and you don't cash them for a lump sum. Instead, you hold them until they mature at age 20, at which point you can exchange them for Series I bonds or cash them in.

Documents and information you'll need

The bond itself is your main document. Bring the physical certificate if you have a paper bond. For digital bonds held in TreasuryDirect, you'll need your login credentials and the bond's identification number, which appears in your account.

You'll also need a valid photo ID issued by a U.S. government agency or state. A driver's license, passport, state ID card, or military ID all work. Some banks may ask for a second form of ID if the name on the bond doesn't match your current ID exactly — for example, if you've married and changed your name since the bond was issued. Bring a marriage certificate or court order showing the name change if you think this might be an issue.

If you're cashing a bond that was issued to someone else and you inherited it or received it as a gift, bring proof of your right to the bond. This might be a will, a letter of instruction, or a court document. The bank will tell you what they need once you explain the situation.

How the bank verifies your bond

The teller will look up the bond's serial number in a federal database to confirm it exists, hasn't been cashed already, and belongs to the person presenting it. They'll check the issue date to confirm you're past any early-withdrawal penalty period. They'll also verify that the bond has reached its final maturity date if you're trying to cash a very old bond — some bonds stop earning interest after 30 years and must be cashed or exchanged.

This verification usually takes a few minutes. If the bond is very old, damaged, or issued under an unusual program, the teller may need to contact the Federal Reserve or the Bureau of the Fiscal Service for confirmation. In that case, they'll tell you the bond will need to be mailed in, and they'll give you instructions for doing so.

Tax reporting when you cash a bond

The interest you earn on a savings bond is subject to federal income tax. You report it on your tax return for the year you cash the bond, even if you've been holding it for decades. The bank does not withhold taxes automatically — you pay the tax bill when you file.

You'll receive a Form 1099-INT from the bank or the Federal Reserve showing the interest amount. Keep this form with your tax records. If you cashed multiple bonds, you may receive one form listing all of them, or separate forms for each.

Savings bond interest is not subject to state or local income tax in most states, though a few states do tax it. Check your state's tax rules or ask a tax professional if you're unsure. The interest is also not subject to Social Security tax or Medicare tax.

What to do if your bond is lost, stolen, or damaged

If you have a paper bond that's lost or stolen, contact the Bureau of the Fiscal Service at 844-284-2676 or visit savingsbonds.gov. You'll need to provide the bond's serial number, the issue date, and the denomination. They can place a stop on the bond so it cannot be cashed by someone else, and they can issue a replacement.

If the bond is damaged but still readable, most banks will still cash it. Bring it in and let the teller know about the damage. They may need to send it to the Federal Reserve for verification, but you'll still receive the full value.

For digital bonds in TreasuryDirect, there is no physical bond to lose. Your account is protected by your login credentials. If you forget your password or suspect someone has accessed your account, change your password immediately and contact TreasuryDirect support.

Cashing a bond held in someone else's name

If a bond is registered in your name only, you can cash it yourself. If it's registered in two names — yours and another person's — both people typically need to be present and sign the back of the bond. Some banks allow one person to cash it if the other has signed a power of attorney, but policies vary. Call the bank ahead of time to ask what they require.

If a bond is registered in someone else's name and you inherited it after their death, you'll need to show a death certificate and proof that you're the heir or executor of the estate. The bank may ask you to provide a court document or a copy of the will. Some banks handle this themselves; others will direct you to mail the bond to the Federal Reserve with the required documents.

If you're the custodian of a bond for a minor, you can cash it on their behalf, but you'll need to show your custodial relationship — usually a birth certificate or court order. The proceeds belong to the minor, not to you, and you may need to report the interest on their tax return.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash savings bonds, but policies vary. Call ahead or ask a teller when you arrive. Some smaller banks may decline or ask you to mail the bond to the Federal Reserve instead. You don't need to have an account at the bank to cash a bond there.

How long does it take to get my money?

If you cash the bond in person at a bank, you usually receive the money immediately or within one business day. If you redeem through TreasuryDirect online, the money arrives in your linked bank account within a few business days. If you mail the bond to the Federal Reserve, allow two to four weeks.

What if the bond is worth more than I expected?

Savings bonds earn interest every month. The longer you hold the bond, the more it's worth. The bank will calculate the exact value based on the issue date and the redemption date. You can also check the current value of a Series I or Series EE bond on TreasuryDirect before you cash it.

Do I have to cash the entire bond?

No. If a bond is worth more than you need, you can exchange it for a new bond of a different denomination instead of cashing it. This is called a partial redemption. Not all banks offer this option, so ask the teller whether it's possible.

What if I lost the bond certificate?

Contact the Bureau of the Fiscal Service at 844-284-2676 with the bond's serial number and issue date. They can verify that you own it and issue a replacement certificate. This process takes several weeks. For digital bonds in TreasuryDirect, you don't have a physical certificate, so there's nothing to lose.