Where to cash your savings bonds

You can cash U.S. savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury. The easiest route depends on which type of bond you hold and whether you have an account at a financial institution.

Banks and credit unions will cash Series EE, Series I, and Series HH bonds if you have an account there. Some will cash bonds for non-customers, but policies vary — call ahead. Credit unions often have fewer restrictions than banks. If your bank declines, the Treasury will always cash your bonds through its TreasuryDirect website or by mail.

Series HH bonds are an exception: you cannot cash them at a bank. The Treasury must redeem them, either online through TreasuryDirect or by mailing the physical bond to the Bureau of the Fiscal Service.

Key Takeaways

  • Banks and credit unions cash most savings bonds same-day if you have an account, but policies on non-customer bonds vary by institution.
  • Series HH bonds can only be redeemed through the Treasury, not at a bank.
  • You need the bond itself (physical or digital), a photo ID, and proof of ownership if someone other than the registered owner is cashing it.
  • The Treasury processes mail redemptions in four to six weeks, so plan ahead if you use that route.
  • Bonds redeemed before their final maturity date may have a penalty, depending on the bond type and how long you have held it.

What you need to bring to a bank

If you are cashing a physical bond at a bank or credit union, bring the bond itself, a valid photo ID, and your Social Security number. The teller will verify that the bond is genuine and that you are the registered owner or an authorized representative.

If you are not the registered owner — for example, if you are cashing a bond registered to a deceased parent — bring a document proving your authority to redeem it. This might be a power of attorney, a court order, or a death certificate plus proof that you are the executor or beneficiary. Ask the bank what they require before you visit.

If the bond is registered to two people and both names are on the bond, either person can cash it alone. If the bond says "or" between the names, either owner can redeem it. If it says "and," both owners must be present or one must have a signed power of attorney from the other.

Cashing bonds through TreasuryDirect online

If you hold Series EE or Series I bonds in a TreasuryDirect account, you can redeem them online without visiting a bank. Log into your TreasuryDirect account, select the bond you want to cash, and request the redemption. The Treasury deposits the money into the bank account linked to your TreasuryDirect account within one to three business days.

You can only redeem bonds online if they are registered in your name alone or if you are the sole owner of the account. If a bond is registered to two people, both account holders must request the redemption together, or one must have power of attorney over the account.

TreasuryDirect does not charge a fee to redeem bonds online. This is the fastest method if you already have an account set up.

Redeeming bonds by mail

You can mail a physical savings bond to the Bureau of the Fiscal Service, which is part of the Treasury. Include a signed letter requesting redemption, your Social Security number, and the bond itself. Do not send the original bond unless you are certain it is genuine — if it is lost in the mail, the Treasury cannot replace it.

Mail your request to: Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Include a return address and a phone number. The Treasury will process your request in four to six weeks and mail a check to the address you provide.

This method is slower than a bank visit or TreasuryDirect redemption, so use it only if you cannot reach a bank or do not have a TreasuryDirect account. If you are mailing a bond registered to two people, both owners must sign the letter, or one must include a power of attorney from the other.

Early redemption penalties and waiting periods

Series EE bonds purchased after May 2003 have a penalty if you redeem them before five years have passed: you lose the last three months of interest. If you redeem after five years but before 20 years, there is no penalty. After 20 years, the bond stops earning interest, so there is no benefit to holding it longer.

Series I bonds have the same five-year penalty rule. If you redeem before five years, you lose the last three months of interest. After five years, you can redeem without penalty.

Series HH bonds do not have an early redemption penalty, but they stop earning interest 20 years after issue. Series EE bonds issued before May 2003 may have different rules — check the issue date on your bond or contact the Treasury to confirm.

What happens to the money after redemption

If you redeem at a bank, you receive the cash or a check on the same day. If you redeem through TreasuryDirect, the money goes into your linked bank account within one to three business days. If you redeem by mail, the Treasury mails a check, which typically arrives within two weeks after processing.

The redemption amount includes the bond's face value plus all accrued interest up to the redemption date. The Treasury does not withhold taxes at redemption, but the interest is taxable income in the year you redeem the bond. You will receive a Form 1099-INT from the Treasury if the interest exceeds $10 in a calendar year.

Cashing bonds registered to a minor or deceased person

If a bond is registered to a minor in your care, you can redeem it at a bank if you have a court order naming you as guardian, or if the bond is registered "parent or guardian." Bring the court order or the bond itself, your ID, and the child's Social Security number.

If the bond owner has died, the person handling the estate (the executor or administrator) can redeem it. Bring the death certificate, proof of your authority (such as letters testamentary or a court order), your ID, and the bond. Some banks will not cash bonds for deceased owners — if yours declines, use the Treasury mail process instead.

Frequently Asked Questions

Can I cash a savings bond before its maturity date?

Yes. Series EE and Series I bonds can be redeemed anytime after one year of ownership, though redeeming before five years costs you the last three months of interest. Series HH bonds can be redeemed anytime after six months. Check your bond's issue date to confirm which type you hold.

What if I lost my physical savings bond?

Contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov. You will need to file a claim with proof of ownership, such as purchase records or bank statements. The process takes several weeks. If you hold the bond in TreasuryDirect, it is not lost — log into your account to redeem it online.

Do I pay taxes when I cash a savings bond?

You do not pay taxes at the time of redemption, but the interest is taxable income in the year you cash the bond. You can report it on your federal tax return. Some people defer reporting the interest until they redeem the bond, while others report it yearly — check with a tax professional about which method applies to you.

Can someone else cash my savings bond if I give them permission?

Yes, if you sign a power of attorney or a letter authorizing them to redeem it. They will need to bring that signed document, the bond, their photo ID, and your Social Security number to a bank. The bank may require additional proof of your identity or signature verification.

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

At a bank: same day. Through TreasuryDirect: one to three business days. By mail to the Treasury: four to six weeks for processing, plus mail delivery time. Plan ahead if you need the money by a specific date.