Where to redeem your savings bonds

You can redeem U.S. savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury. Banks are usually the fastest option if you have an account there — many will cash them the same day. Credit unions often do the same, though some require membership. If your bank declines (which happens occasionally with older bonds), the Treasury will redeem them by mail or through TreasuryDirect, the government's online platform.

The Treasury's direct redemption route takes longer — typically one to two weeks by mail — but works for any bond, any amount, and any person. You do not need to be the original owner. If you inherited bonds or received them as a gift, you can still redeem them at a bank or through the Treasury.

Key Takeaways

  • Banks and credit unions redeem savings bonds same-day or next-day if you have an account, but some will not cash bonds issued before 1974.
  • You need the physical bond certificate and a valid ID; the bank will verify the serial number and your identity before paying you.
  • Series I bonds and Series EE bonds issued after May 2003 can be redeemed online through TreasuryDirect without visiting a bank.
  • Bonds redeemed before their final maturity date may have a penalty — usually three months of interest — depending on the bond type and age.
  • The Treasury will mail you a check within one to two weeks if you redeem by mail, or deposit funds to your bank account if you use TreasuryDirect.

What you need to bring to a bank

Bring the physical bond certificate and a government-issued photo ID — a driver's license, passport, or state ID card. The bank will not redeem a bond without both. If you are redeeming a bond you inherited or received as a gift, bring your ID and the original certificate. Some banks ask for a thumbprint or signature on the back of the certificate as proof you presented it in person.

If the bond certificate is lost or damaged, you cannot redeem it at a bank. You will need to contact the Treasury directly and request a replacement or file a claim. This process takes several weeks and requires proof of ownership — usually the original purchase receipt or documentation showing the bond was issued in your name.

Redeeming bonds online through TreasuryDirect

Series I bonds and Series EE bonds issued after May 2003 can be redeemed online if you have a TreasuryDirect account. Log in, select the bond you want to redeem, and request the cash. The Treasury will deposit the money into your linked bank account within one to two business days. You do not need the physical certificate.

Older bonds or other bond types (Series A through Series H, for example) cannot be redeemed online. You will need to use a bank or mail the certificate to the Treasury. If you have a TreasuryDirect account but your bonds are not showing up, contact the Treasury's customer service line at 844-284-2676 to confirm the bonds are registered in your account.

Understanding redemption penalties and timing

Most savings bonds carry a penalty if you redeem them before they reach their final maturity date. Series EE bonds issued after May 2003 have a three-month interest penalty — you lose the last three months of interest you earned. Series I bonds have the same penalty. Older bonds may have different rules depending on when they were issued.

If a bond has already reached its final maturity date, there is no penalty. You receive the full face value plus all accrued interest. You can check a bond's maturity date on the certificate itself or through TreasuryDirect. Bonds stop earning interest after they mature, so there is no benefit to holding them longer.

How the redemption amount is calculated

The amount you receive is the bond's current redemption value, not its face value. For example, a $100 Series EE bond purchased 10 years ago may be worth $150 or more, depending on how much interest it has earned. The bank or Treasury will calculate this value using the bond's issue date, type, and current interest rates.

You can look up the current value of any bond before you redeem it. Go to the Treasury's Savings Bond Calculator at treasurydirect.gov, enter the bond's series, denomination, and issue date, and it will show you what the bond is worth today. This helps you decide whether to redeem now or wait longer.

Tax reporting when you redeem

The interest you earn on savings bonds is subject to federal income tax. When you redeem a bond, the bank or Treasury does not withhold taxes automatically — you owe the tax when you file your return. You will receive a Form 1099-INT in January of the following year showing the interest you earned.

Some people choose to report the interest each year as they earn it, rather than all at once when they redeem. This can lower your tax bill if you are in a lower tax bracket in the years you hold the bond. Talk to a tax professional about which approach makes sense for your situation. State and local taxes may also apply depending on where you live.

What to do if a bank refuses to redeem your bond

Banks sometimes decline to redeem very old bonds — typically those issued before 1974 — because they are difficult to verify. If this happens, contact the Treasury directly. You can mail the bond certificate to the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328, along with a letter stating you want to redeem it. Include a copy of your ID and a return address.

The Treasury will verify the bond, calculate its value, and mail you a check. This process usually takes four to six weeks. You can also call the Treasury at 844-284-2676 to ask about your options before mailing anything. Keep a copy of your letter and the bond's serial number for your records.

Frequently Asked Questions

Can someone else redeem my savings bond for me?

No. The person redeeming the bond must present a government-issued photo ID. If you are unable to redeem it yourself, you can authorize someone with power of attorney to do it on your behalf, but they will still need to show their own ID and documentation of the authorization.

What happens if I redeem a bond before it stops earning interest?

You will receive the full value the bond has earned up to that point, minus the redemption penalty. For most bonds issued after 2003, that penalty is three months of interest. Bonds issued before 1974 may have different penalties or may not have one at all — check the bond certificate or call the Treasury to confirm.

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

You must redeem the entire bond. You cannot split a $100 bond and cash in $50. If you need only part of the money, you will receive the full redemption value and can deposit the rest elsewhere.

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

At a bank, usually same-day or next-day. Through TreasuryDirect online, one to two business days. By mail to the Treasury, four to six weeks. The exact timing depends on your bank's processing speed and the Treasury's workload.

What if my bond certificate is torn or faded?

Banks may still redeem it if the serial number and issue date are readable. If the certificate is too damaged to read, contact the Treasury to request a replacement. You will need to provide proof of ownership and wait several weeks for a new certificate to be issued.