Where and how to redeem your savings bonds

You can redeem US savings bonds at most banks and credit unions, or directly through the US Department of the Treasury's online system called TreasuryDirect. The fastest route depends on which bonds you hold and whether you have a TreasuryDirect account already set up.

If your bonds are paper bonds, walk into any bank or credit union with your bond, a valid ID, and your Social Security number. The teller will verify the bond's serial number, confirm you are the registered owner, and issue you a check on the spot—usually within minutes. Not every branch handles bonds, so call ahead to confirm.

If your bonds are electronic (held in TreasuryDirect), you log into your account online, select the bonds you want to redeem, and request the redemption. The Treasury deposits the money into your linked bank account within one to three business days. You do not need to visit a physical location.

Key Takeaways

  • Paper savings bonds can be redeemed at any bank or credit union by showing your bond, ID, and Social Security number—no appointment needed.
  • Electronic bonds held in TreasuryDirect are redeemed online and deposited to your bank account in one to three business days.
  • Series EE and I bonds have a minimum holding period of one year; redeeming before that period ends means you forfeit the last three months of interest.
  • You can redeem bonds in any amount, but the Treasury processes the redemption at face value plus accrued interest up to the redemption date.
  • If you lose a paper bond, you can file a claim with the Treasury, but the process takes several weeks and requires proof of ownership.

Minimum holding periods and interest penalties

Series EE bonds and Series I bonds must be held for at least one year before you can redeem them. If you redeem either type before five years have passed, you lose the last three months of interest. This penalty applies regardless of when you bought the bond.

For example, if you bought a Series I bond on January 15 and want to redeem it on March 1 of the following year, you have held it for more than one year, so you can redeem it. However, you will forfeit the interest earned from December 15 to March 1, and you will receive only the interest through December 14.

Series HH bonds (no longer sold but still held by many people) have different rules: they can be redeemed after six months, but interest is paid semiannually by check or direct deposit rather than added to the bond's value. Check your bond's issue date and type before you redeem to understand what interest you will actually receive.

Redeeming paper bonds at a bank or credit union

Bring your paper bond, a government-issued photo ID, and your Social Security number. The bank teller will examine the bond to confirm it has not been altered, check that you match the registered owner's name, and verify the serial number in their system.

The teller will then calculate the current value—the face value plus all accrued interest up to the redemption date—and issue you a check. Some banks offer to deposit the funds directly into your account instead. The entire process usually takes 10 to 15 minutes.

If the bond is registered to two people (joint ownership), both owners must be present to redeem it, or one owner must bring a signed power of attorney from the other. If the bond is registered to a minor, a parent or legal guardian must present it along with proof of guardianship.

Redeeming electronic bonds through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Navigate to "Manage My Securities" and select the bonds you want to redeem. You can redeem all of them at once or choose specific bonds.

Click "Redeem" and confirm the redemption request. The Treasury will process it and deposit the funds into the bank account you have linked to your TreasuryDirect account. The deposit usually arrives within one to three business days, though it can take longer if your bank processes transfers slowly.

If you do not have a TreasuryDirect account but hold electronic bonds, you will need to create one first. You can do this at treasurydirect.gov by providing your Social Security number, email address, and banking information. The account setup takes about 10 minutes.

What happens if you lose a paper bond

If your paper bond is lost, stolen, or destroyed, you can file a claim with the Treasury to have it replaced or redeemed. Contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov and select "Lost, Stolen, or Destroyed Securities."

You will need to provide the bond's serial number (if you have it), the issue date, the series, and the denomination. If you do not have the serial number, provide as much information as you can remember about when and where you bought it. The Treasury will search their records to locate the bond.

Once the Treasury confirms the bond exists and that you are the registered owner, they will either issue a replacement bond or redeem it and send you a check. This process typically takes four to eight weeks. You will not receive interest for the time the bond was missing.

Redeeming bonds owned by a deceased person

If you are the beneficiary or executor of an estate that includes savings bonds, you can redeem them, but the process depends on how the bonds were registered. If the bonds are registered to the deceased person alone, you will need to provide a death certificate and proof that you have the legal authority to act on the estate—usually letters testamentary or a court order.

If the bonds are registered "payable on death" to you, you can redeem them by providing the death certificate and your ID. The Treasury will treat you as the owner and process the redemption without requiring probate documents.

For paper bonds, bring the death certificate and your authorization documents to a bank. For electronic bonds in TreasuryDirect, contact the Bureau of the Fiscal Service to update the account ownership before you redeem. The process can take several weeks if the estate is in probate.

Understanding the value you will receive

The amount you receive when you redeem a bond is the face value (the amount printed on the bond) plus all accrued interest earned from the issue date through the redemption date. The Treasury calculates interest monthly, so the exact amount depends on the day you redeem.

Series EE bonds are sold at a 50 percent discount—you pay $50 for a $100 bond—but they are redeemed at face value plus interest, so you always receive at least what you paid. Series I bonds are sold at face value, and the interest rate changes every six months based on inflation.

You can redeem a bond for any amount of its current value; you do not have to wait until it reaches a specific target. However, once you redeem a bond, it is gone—you cannot partially redeem it or undo the transaction.

Tax reporting when you redeem bonds

The interest you earn on savings bonds is subject to federal income tax, but not to state or local income tax. When you redeem a bond, the Treasury does not automatically withhold taxes, so you are responsible for reporting the interest on your tax return.

You have two options: report the interest in the year you redeem the bond, or report it in the year you bought the bond and each year after until you redeem it. Most people choose to report it all in the year of redemption because it is simpler. Keep your redemption receipt as proof of the amount you received.

If you redeemed bonds in a given year, the Treasury will send you a Form 1099-INT in January showing the interest earned. Use this form to complete your tax return. If you did not receive a 1099-INT but redeemed bonds, contact the Treasury to request one.

Frequently Asked Questions

Can I redeem a savings bond before one year has passed?

No. Series EE and I bonds must be held for at least one year. If you try to redeem before that period ends, the bank or Treasury will refuse the request. After one year, you can redeem at any time, but you will lose the last three months of interest if you redeem before five years have passed.

What if I do not know the serial number of my paper bond?

The serial number is printed on the bond itself. If you cannot read it because the bond is damaged or faded, bring the bond to a bank anyway—the teller can look it up in their system using your name and Social Security number. If the bond is too damaged to read, the bank may ask you to contact the Treasury directly.

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

At a bank, you receive a check immediately or within minutes. If you request direct deposit, the funds appear in your account within one to three business days. For TreasuryDirect redemptions, the deposit typically arrives within one to three business days, depending on your bank's processing speed.

Do I have to redeem all my bonds at once?

No. You can redeem one bond, some of your bonds, or all of them. Each bond is redeemed separately, and you can choose which ones to cash in. This is useful if you want to keep some bonds earning interest while accessing cash from others.

What if my name has changed since I bought the bond?

Bring your bond, your current ID, and a document showing the name change (marriage certificate, court order, etc.). The bank will verify that you are the same person registered on the bond and process the redemption. For TreasuryDirect, update your account information before you redeem.