How to Cash In Your Series EE Savings Bonds

You can redeem Series EE bonds at your bank, through the Treasury Department, or by mail — but the method depends on whether you own paper bonds or digital ones

Series EE bonds purchased after 2005 exist only as digital records in your TreasuryDirect account, and you redeem them online by logging in and requesting the cash transfer to your bank account. Paper Series EE bonds (issued before 2012) must be redeemed in person at a bank or credit union, or by mail to the Treasury Department. The process takes a few days to a few weeks depending on your method, and you will owe federal income tax on the interest earned — though not state or local tax.

Before you redeem, check whether your bond has reached final maturity. Series EE bonds issued after May 2003 stop earning interest after 30 years. If you redeem before the bond reaches its final maturity date, you forfeit any interest that would have accrued after your redemption date. The Treasury Department website shows your bond's issue date and maturity date if you own digital bonds; for paper bonds, the issue date is printed on the front.

Key Takeaways

Digital Series EE bonds are redeemed through your TreasuryDirect account online, with funds arriving in your bank account within one to three business days.
Paper Series EE bonds must be cashed at a bank, credit union, or post office in person, or mailed to the Bureau of the Fiscal Service with a signed form.
You will owe federal income tax on all interest earned, which you can report on your tax return in the year you redeem or spread over the years you held the bond.
Series EE bonds stop earning interest at 30 years, so redeeming after that date does not cost you future earnings.
The redemption value is always the purchase price plus all interest earned to date — there is no penalty for early redemption, though you forfeit future interest.

Redeeming digital bonds through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Click on "Manage My Securities" and select the Series EE bond you want to redeem. The screen will show the current value (purchase price plus accrued interest), the issue date, and the final maturity date. Click "Redeem" and confirm the transaction.

The Treasury Department will transfer the redemption value to the bank account you have on file in your TreasuryDirect account within one to three business days. If you need to change the bank account before redeeming, update it in your account settings at least one business day before you request the redemption. The funds arrive as a direct deposit, not a check.

Cashing paper Series EE bonds at a bank or credit union

Bring the physical bond certificate and a valid photo ID to any bank or credit union where you have an account. You do not need to be a customer of that specific bank — most will cash Series EE bonds for anyone — but calling ahead to confirm they offer this service saves a trip. The teller will verify the bond's serial number and your identity, then issue a check or deposit the funds directly to your account if you request it.

The bank will withhold 25 percent of the interest earned for federal income tax purposes if you do not provide your Social Security number. If you provide your SSN, no withholding occurs, and you will report the full interest amount on your tax return. The redemption happens the same day, and you receive the check or deposit immediately.

Mailing paper bonds to the Treasury Department

Complete Form PD F 1522, "Request for Payment of Series EE and Series I Savings Bonds," which you can download from treasurydirect.gov or request by mail. Sign the form in front of a notary public or a bank officer (a bank teller can notarize for free if you have an account there). Include your Social Security number on the form to avoid tax withholding.

Mail the signed form and the physical bond certificate to the Bureau of the Fiscal Service at the address listed on the form. Include a cover letter with your name, address, phone number, and the account where you want the funds deposited. The Treasury Department will mail you a check or deposit the funds directly to your bank account, which typically takes two to four weeks. Keep a copy of everything you send for your records.

Understanding the tax on redeemed bonds

The interest you earn on Series EE bonds is subject to federal income tax but not state or local tax. You report this interest in the year you redeem the bond, or you can elect to report it each year you hold the bond (called "accrual method"). Most people report it all at once in the redemption year because it is simpler.

If you redeem at a bank and do not provide your SSN, the bank withholds 25 percent of the interest for federal taxes. This withholding is not the final tax you owe — it is just a deposit toward your tax liability. When you file your tax return, you will report the full interest amount and receive a credit for the amount withheld. If you redeem through TreasuryDirect, no withholding occurs, and you report the interest on your return when you file.

What happens if you redeem before 30 years

Series EE bonds have no early redemption penalty — you can cash them at any time after one year of ownership. However, if you redeem before the bond reaches final maturity (30 years from issue), you forfeit all interest that would have accrued after your redemption date. For example, if you redeem a bond at year 20, you receive the purchase price plus 20 years of interest, but you lose the interest from years 21 through 30.

The redemption value you receive is always the purchase price plus accrued interest to the redemption date — there is no discount or penalty applied. If you are unsure whether to redeem now or wait, check the bond's current value and maturity date in your TreasuryDirect account or on the paper certificate to calculate what you would gain by holding it longer.

Replacing lost or damaged paper bonds

If your paper Series EE bond is lost, stolen, or damaged, you can request a replacement from the Treasury Department. Complete Form PD F 1048, "Claim for Lost, Stolen, or Destroyed U.S. Savings Bonds," and mail it with any remaining pieces of the bond and a cover letter explaining what happened. The Treasury Department will verify the bond's serial number and issue date, then send you a replacement certificate or the redemption value by check.

This process takes several weeks. If you need the funds urgently, contact the Treasury Department's Savings Bonds customer service at 1-800-553-2663 to ask about expedited processing. You will need the bond's serial number, issue date, and your Social Security number to start a claim.

Frequently Asked Questions

Can I redeem a Series EE bond before one year?

No. Series EE bonds must be held for at least one year before you can redeem them. If you try to redeem before one year has passed, the Treasury Department will reject the request. After one year, you can redeem at any time, though you will forfeit interest that would have accrued after your redemption date.

What if I lost the paper bond certificate?

You can file a claim with the Treasury Department using Form PD F 1048. You will need the bond's serial number, issue date, and your Social Security number. The process takes several weeks, and the Treasury Department will either send you a replacement certificate or the redemption value by check once they verify the bond's details.

Do I have to report the interest when I redeem?

Yes. The interest earned on Series EE bonds is subject to federal income tax. You report it on your tax return in the year you redeem the bond (or each year you hold it, if you choose the accrual method). State and local taxes do not apply to savings bond interest.

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

TreasuryDirect transfers arrive within one to three business days. Banks process redemptions the same day. Mail-in redemptions to the Treasury Department take two to four weeks. The exact timing depends on your bank's processing speed and mail delivery time.

Can I redeem someone else's Series EE bond?

Only the registered owner can redeem a bond. If the owner has died, the person handling the estate can redeem it by providing a death certificate and proof of authority (such as letters testamentary). Contact the Treasury Department's customer service for guidance on the specific documents needed.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.