Where to take your savings bond to turn it in

You can cash a savings bond at most banks and credit unions, even if you don't have an account there. Walk in with your bond and a valid photo ID, and the teller can process it on the spot — most banks cash bonds the same day. If the bond is in someone else's name or you're cashing it on behalf of a minor, bring documentation showing you have the right to do so (a power of attorney, guardianship papers, or a will naming you as executor).

If you don't want to visit a bank in person, you can also redeem bonds through the U.S. Treasury's TreasuryDirect website. This requires setting up an account, uploading images of your bond, and waiting for processing — typically five to seven business days. TreasuryDirect handles only Series I bonds and Series EE bonds purchased after May 2003; older bonds or other series must go through a bank.

The Federal Reserve also processes bond redemptions by mail if you send your bond directly to them, though this is slower and requires more paperwork than a bank visit. Most people find a local bank the fastest and simplest option.

Key Takeaways

  • Any bank or credit union will cash your savings bond on the same day if you bring the bond itself and a valid photo ID.
  • You need documentation (power of attorney, guardianship papers, or executor designation) if the bond is in someone else's name or belongs to a minor.
  • TreasuryDirect online redemption works for Series I and Series EE bonds purchased after May 2003, but takes five to seven business days.
  • Older bonds or other series must be cashed at a bank or through the Federal Reserve by mail.

What to bring when you cash your bond

Bring the physical bond certificate itself — the bank cannot process a copy or a photo. Bring a valid photo ID issued by a government agency: a driver's license, passport, state ID card, or military ID all work. If you've lost the bond certificate, you'll need to file a claim with the Treasury to get a replacement before you can cash it.

If someone else owns the bond and you're cashing it on their behalf, bring proof of your authority. For a minor's bond, bring a birth certificate or court order showing you're the legal guardian. For an adult's bond, bring a power of attorney document signed by the bondholder, or if they've passed away, bring the will or court order naming you as executor. The bank will ask to see these documents before processing.

What happens when you cash the bond

The teller will verify the bond's serial number, check that it has reached maturity (or confirm you understand you may lose some interest if it hasn't), and calculate the current value. The bank then deposits the money into your account if you have one there, or issues you a check. If you're not a customer, they'll issue a check — you can deposit it at your own bank or cash it there.

The bank will ask you to sign the back of the bond certificate and provide your Social Security number or Tax ID. This information goes to the Treasury so they can track who redeemed the bond for tax reporting purposes. You'll receive a receipt showing the bond's serial number, the redemption date, and the amount paid.

Understanding the tax consequences

When you cash a savings bond, the interest you earned becomes taxable income in the year you redeem it. If you bought a $50 bond for $25 and it's now worth $75, that $50 in interest is taxable. You'll receive a Form 1099-INT from the bank or Treasury showing the interest amount, which you report on your tax return.

You can choose to report the interest all at once in the year you cash it, or you can elect to report interest annually as it accrues — but most people don't make this election and simply report it when they redeem. If you're cashing bonds that have been held for many years, the interest payout could push you into a higher tax bracket, so consider spreading redemptions across multiple years if possible.

Cashing bonds owned by someone who has died

If the bondholder has passed away, you'll need to prove you have the legal right to cash the bond. Bring the original bond certificate, the death certificate, and either the will naming you as executor or a court order granting you authority over the estate. Some banks may ask for additional paperwork depending on the size of the bond and your relationship to the deceased.

If the bond is registered in the deceased's name only, the bank will require proof that the estate has been opened or that you've been appointed executor. If the bond names a beneficiary (a second person who inherits it if the owner dies), that beneficiary can cash it by bringing the death certificate and their ID — no executor paperwork needed.

What to do if you've lost your bond certificate

Contact the Treasury's Bureau of the Fiscal Service to file a claim for a lost or destroyed bond. You'll need to provide the bond's serial number (if you have it), the issue date, the series, and the denomination. You can file online through TreasuryDirect or by mail using Form PD F 1048.

The Treasury will investigate your claim and issue a replacement certificate if they confirm the bond hasn't already been redeemed. This process typically takes several weeks. Once you have the replacement, you can take it to a bank to cash it just like the original.

Cashing bonds before they reach full maturity

You can cash most savings bonds before they mature, but you'll lose some or all of the interest depending on how long you've held them. Series EE bonds must be held for at least one year before you can cash them; if you redeem before five years, you lose the last three months of interest. Series I bonds have the same one-year minimum, and early redemption costs you the last three months of interest.

Series HH bonds and older series have different rules, so check the bond's terms before you redeem. The bank can tell you the exact penalty when you bring the bond in. If you're considering early redemption, ask the teller to calculate what you'll receive so you can decide whether it's worth the lost interest.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash savings bonds whether or not you have an account there. Call ahead if you're unsure, but the vast majority accept them. You'll need the physical bond and a valid photo ID.

What if the bond is in my child's name?

Bring the bond, your ID, your child's birth certificate, and proof of guardianship (usually a birth certificate showing you as the parent). If your child is old enough to sign, some banks may ask them to sign the back of the bond as well.

Do I have to pay taxes on the interest when I cash the bond?

Yes. The interest you earned is taxable income in the year you redeem the bond. The bank or Treasury will send you a Form 1099-INT showing the interest amount, which you report on your tax return.

How long does it take to get the money?

At a bank, you get the money the same day — either deposited to your account or issued as a check. Through TreasuryDirect online, processing takes five to seven business days. By mail through the Federal Reserve, it can take several weeks.

What if I don't know the bond's serial number?

The serial number is printed on the bond certificate itself. If you've lost the bond, you'll need to file a claim with the Treasury to get a replacement before you can cash it. If you still have the bond but can't read the number, the bank can help you locate it.