Where to cash your savings bond

You can cash a U.S. savings bond at most banks and credit unions, or directly through the U.S. Department of the Treasury. The easiest route depends on whether you have the physical bond or only the registration number.

If you have the paper bond in hand, walk into any bank or credit union where you have an account and ask to redeem it. Most will do this on the spot, though some smaller branches may need to send it to their processing center. If you don't have an account there, many banks will still cash it but may charge a small fee or require you to open one.

If you own the bond but don't have the paper certificate—because it was issued electronically or you've lost track of it—you'll need to go through the Treasury's TreasuryDirect website. This is the only way to redeem bonds you own but cannot physically present.

Key Takeaways

  • Paper savings bonds can be cashed at any bank or credit union, usually within minutes, without needing to contact the Treasury.
  • Electronic bonds registered in TreasuryDirect must be redeemed through that website; you cannot take them to a bank.
  • Series EE and Series I bonds have a one-month waiting period before you can redeem them, and you lose the last three months of interest if you cash them before five years have passed.
  • You'll need the bond's serial number or registration information, and the bank or Treasury will verify ownership before paying you.
  • The redemption value depends on the bond's issue date, series type, and current interest rate; the Treasury's website shows the exact amount you'll receive.

Cashing a paper bond at a bank or credit union

Bring the physical bond certificate and a valid photo ID to any bank or credit union. The teller will look up the bond's current value using the serial number printed on the certificate. This takes a few minutes. They'll then pay you the redemption value in cash or deposit it into your account if you prefer.

Some banks will ask you to sign the back of the bond in front of them. If the bond is registered to two people, both owners may need to be present, or the bank may require a notarized signature from the absent owner. Check with your bank ahead of time if this applies to you.

If your bank cannot redeem it on-site, they can mail it to their Federal Reserve processing center. This takes one to two weeks. Ask whether they charge a fee for this service; most do not, but policies vary.

Redeeming 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 create one with your Social Security number, email address, and a password.

Once logged in, go to "Manage My Securities" and select the bond you want to redeem. The system will show you the current redemption value. Click "Redeem" and confirm the transaction. The Treasury will deposit the funds into the bank account linked to your TreasuryDirect profile within two business days.

If you've forgotten your TreasuryDirect password or username, use the "Forgot Username" or "Forgot Password" link on the login page. You'll answer security questions or verify your identity through your email. If you cannot recover your account, call the TreasuryDirect customer service line at 844-284-2676 to speak with a representative who can help you regain access.

Penalties and waiting periods you should know

Series EE and Series I bonds cannot be redeemed during the first month after purchase. If you try to redeem one before that month has passed, the Treasury will reject the request.

If you redeem a Series EE or Series I bond before it has been held for five years, you will lose the last three months of interest. For example, if you bought a bond 4 years and 11 months ago, you'll receive the value as of 4 years and 9 months ago, not the current value. Series HH bonds have different rules; check the Treasury's website for the specific terms of your bond type.

There is no penalty for redeeming after five years. The bond will continue to earn interest for up to 30 years from the issue date, but you can cash it at any time without losing interest once the five-year mark has passed.

What to do if you've lost the bond certificate

If you own a paper bond but cannot find the certificate, you have two options. First, check whether it was issued electronically through TreasuryDirect; if so, you can redeem it through that website without the physical certificate. Second, if it was a paper bond, you can file a claim with the Treasury for a replacement or redemption.

To file a claim, contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov and look for "Lost or Stolen Securities." You'll need to provide the bond's serial number if you have it, the issue date, the series (EE, I, HH, etc.), and the original purchase amount. The process takes several weeks, and the Treasury may require you to sign an affidavit stating that the bond is lost.

If you never received the bond certificate in the first place—because it was supposed to be mailed to you but never arrived—contact the Treasury immediately with your purchase confirmation or receipt. They can investigate whether the bond was issued and help you recover it.

How redemption value is calculated

The amount you receive when you redeem a savings bond is not the same as what you paid for it. Series EE bonds are sold at half their face value (you pay $50 for a $100 bond), and they earn interest over time. Series I bonds are sold at face value but earn interest based on inflation and a fixed rate set by the Treasury.

The Treasury updates redemption values monthly. To find out exactly what your bond is worth right now, use the Savings Bond Calculator on treasurydirect.gov. Enter the bond's series, denomination, and issue date, and the calculator will show you the current redemption value. This is the amount you'll receive if you redeem today.

If you're redeeming through a bank, the teller will look up this same value in their system. If you're redeeming through TreasuryDirect, the website displays the value before you confirm the transaction, so you'll know exactly what you're getting.

Frequently Asked Questions

Can I cash a savings bond at any bank, or does it have to be my bank?

Most banks will cash a savings bond even if you don't have an account there, though some may charge a small fee or ask you to open one. Your own bank is usually the fastest option. Credit unions will also redeem them if you're a member.

What if the bond is registered to someone who has died?

If the bond is registered to a deceased person and you are the beneficiary or executor, you'll need to provide a death certificate and proof of your authority to redeem it. Contact the bank or the Treasury directly; they'll tell you what documents to bring. The process typically takes longer than a standard redemption.

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

You must redeem the entire bond. You cannot split a single bond into smaller amounts. If you own multiple bonds, you can redeem some and keep others.

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

If you redeem at a bank in person, you'll have the cash or deposit within minutes. If the bank mails it to the Federal Reserve, it takes one to two weeks. Through TreasuryDirect, the deposit arrives within two business days of your request.

Will I owe taxes on the interest I earned?

Yes. The interest on savings bonds is subject to federal income tax. You can report it on your tax return for the year you redeem the bond, or you can report it each year as it accrues. State and local taxes do not apply to savings bond interest. Keep your redemption receipt for your records.