Where and how to redeem EE bonds

You can redeem EE savings bonds at most banks and credit unions, or directly through the U.S. Treasury's TreasuryDirect website. The bank route is fastest if you have an account there — you walk in with the bonds, show ID, and the teller processes the redemption on the spot. TreasuryDirect redemption takes a few business days and requires you to set up an account online if you do not already have one.

Banks will not redeem bonds issued before May 2003 in person; you must use TreasuryDirect for those older bonds. If your bank declines to redeem a bond for any reason, TreasuryDirect is your backup option and will accept it.

You do not need the original bond certificate if you registered it with TreasuryDirect when it was issued. If you have a paper certificate and it is lost or damaged, you can still redeem it through TreasuryDirect by requesting a replacement or by filing a claim with the Treasury.

Key Takeaways

  • Banks and credit unions can redeem EE bonds issued after May 2003 in person with your ID, usually the same day.
  • TreasuryDirect online redemption works for any EE bond, including older ones, and takes three to five business days.
  • You must wait at least one year from the issue date before redeeming any EE bond, and you forfeit the last three months of interest if you redeem before five years.
  • The Treasury sends redemption proceeds by electronic transfer to your bank account or by check, depending on which method you choose.
  • You will receive a 1099-INT form at tax time reporting the interest earned, which you owe federal income tax on in the year you redeem.

The one-year and five-year rules

You cannot redeem an EE bond until at least one year after the issue date, no matter which redemption method you use. If you try to redeem before that, the bank or TreasuryDirect will reject the request.

If you redeem between one and five years after issue, you lose the last three months of interest. For example, if you redeem a bond 18 months after it was issued, you receive interest only through month 15. After five years, you keep all the interest earned up to the redemption date, with no penalty.

The issue date is printed on the bond certificate or shown in your TreasuryDirect account. If you are unsure when a paper bond was issued, the bank teller can look it up during redemption.

Redeeming through a bank or credit union

Bring the bond certificate and a government-issued photo ID to any bank or credit union branch. The teller will verify the bond, confirm you meet the one-year holding requirement, and process the redemption. You will receive the proceeds as a deposit to your account at that bank, a check, or cash, depending on the institution's policy.

Some banks charge a small fee for bond redemption — typically $5 to $10 — though many waive it for account holders. Call ahead if you want to confirm the fee and whether you need an appointment. Bring the bond in its original form; do not sign it until the teller asks you to.

If the bond is registered in two names, both owners must be present with ID, or one owner must bring a notarized power of attorney from the other. If the bond is registered to a minor, a parent or legal guardian must bring ID and the minor's birth certificate.

Redeeming through TreasuryDirect online

Log into your TreasuryDirect account at treasurydirect.gov. If you do not have an account, you will need to create one using your Social Security number, email address, and a password. The process takes about 10 minutes.

Once logged in, go to "Manage My Securities" and select the EE bond you want to redeem. Click "Redeem" and confirm the amount. TreasuryDirect will show you the current value, including all interest earned to date. You cannot redeem a partial amount — you must redeem the entire bond.

Choose how you want to receive the money: electronic transfer to a U.S. bank account (three to five business days) or a check mailed to your address (five to seven business days). Electronic transfer is faster and more secure. The Treasury will send you a confirmation email once the redemption is processed.

What happens to the interest you earned

The interest on EE bonds is federal income tax, and you owe tax on it in the year you redeem the bond. The Treasury will send you a Form 1099-INT in January showing the total interest earned. You report this on your federal tax return for that year.

You do not owe state or local income tax on EE bond interest. If you redeemed the bond in a different state than where you live, you still report it only to your home state.

If you have held the bond for many years, the interest amount may be substantial. For example, a $100 EE bond held for 20 years could have earned $50 or more in interest, depending on the rate at issue. Keep your redemption confirmation so you can match it to the 1099-INT when it arrives.

Redeeming bonds registered to a deceased owner

If the bond owner has died, the redemption process depends on whether the bond is registered in one name or two. If it is registered to the deceased person only, the estate or a court-appointed representative must redeem it. You will need a certified copy of the death certificate and proof of authority (such as letters testamentary from the probate court).

If the bond is registered in two names and the surviving owner is still living, the surviving owner can redeem it alone by providing a certified death certificate to the bank or TreasuryDirect. The surviving owner does not need court approval.

Contact TreasuryDirect at 844-284-2676 if you are unsure about the registration or need guidance on the documents required. They can advise you on the fastest path forward.

Paper bonds versus digital bonds in TreasuryDirect

If you own a physical EE bond certificate, you can redeem it at a bank or through TreasuryDirect. If you own an EE bond in your TreasuryDirect account (issued after 2002), you can only redeem it online through TreasuryDirect — banks will not accept digital bonds.

Many people who bought bonds years ago still have paper certificates. These are just as valid as digital bonds and earn interest at the same rate. The only difference is the redemption method: paper bonds give you the option of a bank, while digital bonds require TreasuryDirect.

If you have a paper bond and want to avoid the bank trip, you can request that TreasuryDirect convert it to a digital bond in your account. This takes a few weeks and requires you to provide the bond details. Once converted, you can redeem it online anytime after the one-year holding period.

Frequently Asked Questions

Can I redeem part of an EE bond and keep the rest?

No. EE bonds are redeemed in full only. You cannot split a bond or redeem a portion of it. If you need only part of the value, you must redeem the entire bond and reinvest the extra money elsewhere.

What if I lost my paper EE bond certificate?

Contact TreasuryDirect at 844-284-2676 or visit treasurydirect.gov to file a claim. You will need to provide the bond's serial number, issue date, and denomination if you have them. The Treasury can issue a replacement or process a redemption without the physical certificate.

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

Bank redemptions are usually same-day if you redeem in person. TreasuryDirect electronic transfers take three to five business days. Checks mailed by the Treasury take five to seven business days from the redemption date, plus mail delivery time.

Do I owe taxes when I redeem an EE bond?

You owe federal income tax on the interest earned, reported on a 1099-INT form. You do not owe tax on the original principal amount you paid. State and local taxes do not apply to EE bond interest.

Can someone else redeem my EE bond if I give them permission?

At a bank, no — only the registered owner or a legal representative can redeem in person. Through TreasuryDirect, you can authorize someone else by granting them power of attorney, but this requires a notarized document and must be set up in advance.