Where to cash your savings bonds

You can cash a US savings bond at most banks and credit unions, or directly through the US Treasury if you have a TreasuryDirect account. Banks and credit unions are the fastest route — you walk in with the bond, they verify it, and you get paid the same day. Not every branch handles bonds, so call ahead or ask a teller when you arrive.

If you want to avoid the bank, you can redeem bonds through TreasuryDirect online if the bond was issued after 2011 and you have the bond's serial number and issue date. For older paper bonds, the Treasury will process redemptions by mail, though this takes longer. You can also contact the Treasury's Savings Bonds Operations Center at 1-800-553-2663 if you have questions about a specific bond.

Key Takeaways

  • Most banks and credit unions will cash savings bonds the same day, but you need the physical bond and a valid ID.
  • Series I and EE bonds issued after 2011 can be redeemed online through TreasuryDirect if you have the serial number and issue date.
  • Older paper bonds can be mailed to the Treasury's Savings Bonds Operations Center, but redemption takes several weeks.
  • You will owe federal income tax on the interest your bond earned, though you can choose to report it all at once or spread it across years.

What you need to bring to the bank

Bring the physical bond itself and a government-issued ID — a driver's license, passport, or state ID card. The teller will check that the bond is genuine, verify the serial number, and confirm you are the registered owner or an authorized representative. If the bond is registered to someone else, you will need a power of attorney or proof that you are the legal representative of the estate.

If you have lost the bond or it is damaged, you cannot redeem it at a bank. Instead, you will need to file a claim with the Treasury, which requires proof of ownership (like a purchase receipt or bank statement showing the purchase) and a completed Form FS Form 1048. This process takes several months.

How the bank calculates what you receive

The bank will look up the current redemption value of your bond using the Treasury's official tables. The value depends on the bond's series (EE, I, or older series), the issue date, and how long you have held it. You can check the current value yourself before you go to the bank by entering the bond information into the Treasury's Savings Bond Calculator on TreasuryDirect, or by calling 1-800-553-2663.

The amount you receive is the redemption value — the original purchase price plus all interest earned. If you cash the bond before it reaches final maturity (which varies by series), you may lose some or all of the most recent interest payment. Series EE bonds, for example, lose the last three months of interest if redeemed before five years have passed. Check the Treasury's redemption rules for your specific bond series before you cash it.

Tax reporting when you cash a bond

The interest your bond earned is subject to federal income tax. You do not pay tax when you cash the bond — instead, you report the interest on your tax return for the year you redeem it. The bank does not withhold anything or send you a 1099 form; the Treasury will mail you a Form 1099-INT if the interest exceeds $10, but you are responsible for reporting it even if you do not receive the form.

You have a choice about when to report the interest. Most people report all the interest in the year they cash the bond. However, you can also choose to report the interest each year as it accrues, even while you still hold the bond — this spreads the tax burden across multiple years and may lower your tax bracket in the year you redeem. Once you choose a method, you must stick with it for that bond. Talk to a tax professional if you are cashing a large bond or have held it for many years.

Redeeming bonds online through TreasuryDirect

If your bond was issued after 2011 and you have a TreasuryDirect account, you can redeem it without visiting a bank. Log into your account, find the bond in your holdings, and select the option to redeem. You will need the bond's serial number and issue date. The Treasury will transfer the redemption value to your linked bank account within one to three business days.

If you do not have a TreasuryDirect account, you can create one for free at treasurydirect.gov. You will need a Social Security number, a valid email address, and a US bank account. Once your account is set up, you can add older bonds to it by providing their serial numbers, though this works only for bonds issued after 1974.

Mailing in older paper bonds

If you have a paper bond issued before 2011 and cannot redeem it at a bank, you can mail it to the Treasury. Send the bond and a completed Form FS Form 1048 to the Savings Bonds Operations Center, 200 Third Street, Parkersburg, WV 26106. Include a copy of your ID and a letter stating your name, address, and the reason for redemption.

The Treasury will process the request and mail you a check, which typically takes four to six weeks. Do not send the bond by regular mail — use certified mail with return receipt so you have proof of delivery. Keep a copy of everything you send. If the bond is lost in the mail, the Treasury can issue a replacement, but you will need to file a claim and provide proof of ownership.

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

If the bond is registered to a deceased person and you are the executor or beneficiary, you will need to provide the bank or Treasury with a death certificate and proof that you have the legal authority to act on the estate. This might be a will, a court order, or a letter of testamentary from the probate court. Different banks have different requirements, so call ahead and ask what documents they need.

If the bond is registered as "payable on death" to you, the process is simpler — you just need the death certificate and your ID. If it is not, you may need to go through probate or provide a power of attorney from the estate. The Treasury's Savings Bonds Operations Center can also handle redemptions for deceased owners if you mail in the bond with the required documents.

Frequently Asked Questions

Can I cash a savings bond before it reaches maturity?

Yes, you can redeem a savings bond at any time after you have held it for one year. However, if you cash it before five years have passed, you will lose the last three months of interest (for Series EE and I bonds). Check the specific rules for your bond series before you redeem.

What happens if I cash a bond and owe taxes?

You report the interest on your tax return for the year you redeem the bond. The bank does not withhold taxes. If you owe additional tax because of the bond interest, you pay it when you file your return. You can also make estimated tax payments during the year if you expect a large tax bill.

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

Yes, if you give them a power of attorney or written authorization. The bank will need to see the original document and verify the person's ID. For large amounts or complex situations, have a lawyer draft the power of attorney to avoid problems at the bank.

How do I find a bond I lost track of?

Use the Treasury's Savings Bond Search tool at treasurydirect.gov. Enter your Social Security number and the bond information you remember. If you cannot find it that way, call the Savings Bonds Operations Center at 1-800-553-2663 and they can search their records.

Do I have to cash the entire bond, or can I cash part of it?

You must redeem the entire bond — you cannot cash a portion. If you own multiple bonds, you can choose which ones to redeem and leave the others untouched.