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. Department of the Treasury. The easiest route depends on whether your bonds are paper or digital.

If you hold paper bonds, walk into any bank or credit union where you have an account and ask to redeem them. Bring the bonds themselves, a valid ID, and your Social Security number. Most institutions will cash them the same day or within a few business days. Some banks charge a small fee (typically $5 to $15) to process the redemption, though many waive it for account holders.

If you hold digital bonds through TreasuryDirect (the government's online bond platform), you redeem them directly on the website without visiting a bank. Log into your TreasuryDirect account, navigate to the ManageDirect section, and select the bonds you want to cash. The money goes to your linked bank account within one to three business days.

Key Takeaways

  • Paper Series EE bonds can be cashed at any bank or credit union; digital bonds are redeemed through your TreasuryDirect account online.
  • 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 redeem before five years.
  • The redemption value is printed on paper bonds; for digital bonds, TreasuryDirect shows the current value before you confirm the transaction.
  • You will receive a 1099-INT tax form if your bonds earned $10 or more in interest during the year, and you owe federal income tax on all interest earned.

Timing rules: when you can actually redeem

Series EE bonds have two holding-period rules that affect when you can cash them and how much you receive. You must hold the bond for at least one year before you can redeem it at all. If you try to cash a bond before that year is up, the financial institution will refuse.

If you redeem the bond between one and five years, you lose the last three months of interest. For example, if you bought a bond in January 2020 and cash it in March 2023 (just over three years), you receive the value as of December 2022, not March 2023. After five years, you keep all accrued interest no matter when you redeem.

Series EE bonds continue to earn interest for 30 years from the issue date, so there is no penalty for holding them longer. Many people hold them well past five years simply because they forget about them or want to let the interest compound.

What you will actually receive

The amount you receive when you cash a Series EE bond is the redemption value, which is always at least the face value you paid. If you bought a $100 bond, you will receive at least $100 when you redeem it, even if interest rates were low when you purchased it.

For paper bonds, the redemption value is printed on the bond itself or you can look it up on the Treasury's Savings Bond Calculator (treasurydirect.gov/indiv/research/indiv_research.htm). Enter the bond series, denomination, and issue date, and the calculator shows what the bond is worth on any given date.

For digital bonds in TreasuryDirect, the current value appears on your account dashboard and updates monthly. When you initiate a redemption, the system shows you the exact amount you will receive before you confirm the transaction.

How to redeem paper bonds at a bank

Bring the physical bond certificate, a government-issued ID (driver's license, passport, or state ID), and your Social Security number to any bank or credit union. You do not need to have an account there, though some institutions prefer it.

Tell the teller you want to redeem the bond. They will verify the bond's authenticity, check that it meets the one-year holding requirement, and calculate the redemption value. You will sign the back of the bond in front of the teller. The bank then deposits the money into your account (if you have one there) or issues a check, usually within one to five business days.

If you have multiple bonds to cash, bring them all at once. The teller can process several in a single transaction. Some banks limit the number they will redeem in one day, so call ahead if you are cashing more than five or six bonds.

Redeeming digital bonds through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. If you do not have an account, you will need to create one with your Social Security number and a valid email address.

Once logged in, click on "ManageDirect" in the left menu. Find the Series EE bond you want to redeem and select it. The system will show you the current redemption value and confirm that the bond meets the one-year holding requirement. Click "Redeem" and confirm the transaction. The money will be deposited into the bank account you linked to your TreasuryDirect account within one to three business days.

You can redeem bonds one at a time or select multiple bonds and redeem them together. TreasuryDirect does not charge a fee for redemptions.

Tax reporting and what you owe

The interest you earn on Series EE bonds is subject to federal income tax. You do not owe state or local income tax on the interest, but you do owe federal tax.

If your bonds earned $10 or more in interest during the calendar year, the Treasury will send you a Form 1099-INT by January 31 of the following year. You report this interest on your federal tax return for the year you redeemed the bond (or the year the bond matured, if you did not redeem it). If you earned less than $10 in interest, you still owe tax on it, but you will not receive a 1099-INT form — you report the interest based on your own records.

You can defer reporting the interest until the year you actually redeem the bond, or you can report it each year as it accrues. Most people wait until redemption because it is simpler. Talk to a tax professional if you have questions about which approach works for your situation.

What to do if you lost the paper bond

If you have a paper Series EE bond but cannot find the physical certificate, contact the Treasury's Bureau of the Fiscal Service at savingsbonds.gov or call 1-800-553-2663. You will need to provide the bond's series, denomination, and issue date.

The Treasury can issue a replacement bond if you can prove you owned it. The process takes several weeks and requires documentation such as purchase records or bank statements showing the original purchase. Once the replacement arrives, you can redeem it like any other paper bond.

If you have no documentation at all, the Treasury may still be able to locate the bond in their records if you provide your Social Security number and the approximate purchase date. Call or visit the website to start the search.

Frequently Asked Questions

Can I cash a Series EE bond before one year?

No. All Series EE bonds must be held for at least one year before redemption. If you try to cash one before that, any bank or the Treasury will refuse the transaction. Plan accordingly if you need the money sooner.

What happens if I cash my bond between one and five years?

You lose the last three months of interest. The redemption value is calculated as of three months before your redemption date. After five years, you keep all accrued interest regardless of when you redeem.

Do I have to pay state income tax on Series EE bond interest?

No. Series EE bond interest is exempt from state and local income tax. You only owe federal income tax on the interest earned. This is one reason some people use them for education savings.

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

Paper bonds cashed at a bank usually take one to five business days to deposit or issue as a check. Digital bonds redeemed through TreasuryDirect typically arrive in your linked bank account within one to three business days.

What if I want to cash only part of a Series EE bond?

You cannot redeem a partial bond. Series EE bonds are all-or-nothing — you either cash the entire bond or keep it. If you need only part of the value, you will have to redeem the whole bond and reinvest the excess elsewhere.