Most banks will cash savings bonds, but not all of them, and the rules depend on the bond type and your account status

Your bank can cash Series EE and Series I savings bonds if you have an account there and can prove you own the bond. You'll need to bring the physical bond certificate (or bonds) and a government-issued ID. The bank verifies your identity, checks that the bond is genuine, and deposits the cash into your account. Some banks will also cash bonds for non-customers, but they may charge a fee or require you to open an account first.

The process is straightforward at most institutions, but a few things can slow it down or block it entirely. If the bond is registered to someone else, you'll need that person present or a signed power of attorney. If the bond is old or damaged, the bank may refuse it or send it to the Treasury for verification, which takes weeks. And if you're cashing a bond before it reaches final maturity, you may lose the last three months of interest — that's a real cost, not just an inconvenience.

Key Takeaways

  • Most banks will cash Series EE and Series I bonds for account holders, but you must bring the physical certificate and a government ID.
  • If a bond is registered to someone else, that person must be present or provide a notarized power of attorney.
  • Cashing a bond before the final maturity date costs you the last three months of accrued interest.
  • Some banks charge a fee to cash bonds for non-customers, and a few may refuse altogether.
  • Damaged or very old bonds may be rejected and sent to the Treasury for verification, a process that takes several weeks.

Which banks accept savings bonds

Large national banks — Bank of America, Chase, Wells Fargo, Citibank, and most regional banks — will cash savings bonds for customers. Credit unions often do as well. The best approach is to call your bank's main customer service line and ask whether they cash savings bonds, because policies vary by branch and by institution.

Some smaller banks and credit unions refuse to cash bonds altogether, citing the verification burden or the risk of fraud. If your bank declines, you can always redeem the bond directly through the Treasury at TreasuryDirect.gov, though that process takes longer and requires you to set up an account online if you don't already have one.

A few banks will cash bonds for non-customers, but they typically charge a fee — anywhere from $5 to $25 — or require you to open an account. Ask before you go in.

What you need to bring to the bank

Bring the physical bond certificate itself and a government-issued photo ID — a driver's license, passport, or state ID card. The bank will not cash a bond based on a photocopy or a picture. The bond must be in your name or you must have legal authority to cash it.

If the bond is in a joint name — yours and a spouse's, for example — both of you should go to the bank, or one of you can go with a notarized power of attorney from the other. If the bond is registered to someone else entirely, that person must be present or provide a notarized power of attorney. The bank will verify the signature on the power of attorney against the signature on the bond.

If you've lost the bond certificate, you cannot cash it at a bank. You'll need to contact the Treasury directly and request a replacement, which involves filing a form and waiting for the Treasury to verify your ownership.

Why banks sometimes refuse to cash bonds

A bank may refuse a bond if it's damaged, faded, or so old that the bank cannot verify it. Bonds printed decades ago may use security features the bank's equipment cannot read. In these cases, the bank will usually offer to send the bond to the Treasury for verification, but that process takes four to eight weeks and you won't have access to the money during that time.

Banks also refuse bonds if there's a signature mismatch, if the bond appears to have been altered, or if the person presenting it cannot prove they own it. If you're cashing a bond that's in someone else's name, the bank will ask for documentation — a will, a power of attorney, or a court order — proving you have the right to do so.

A few banks refuse all savings bonds as a matter of policy, usually because they lack the equipment to verify them or because they've had fraud problems in the past. If your bank falls into this category, the Treasury is your only option.

The cost of cashing early

Series EE bonds reach final maturity at 30 years. Series I bonds reach final maturity at 30 years as well. If you cash either type before the final maturity date, you lose the last three months of accrued interest. That's not a fee the bank charges — it's a penalty built into the bond itself.

For example, if you cash a Series EE bond at 29 years and 11 months, you'll receive the value as of 29 years and 9 months. The three months of interest you would have earned simply disappears. This is true whether you cash at a bank or through the Treasury.

Series I bonds have an additional rule: if you cash them before five years have passed, you also lose the last three months of interest. So if you cash a Series I bond at four years and 11 months, you get the value at four years and nine months.

Cashing bonds through the Treasury instead

If your bank refuses the bond or you prefer not to go to a branch, you can redeem it through TreasuryDirect.gov. You'll need to set up an account, upload an image of the bond, and provide proof of ownership. The Treasury will verify the bond and deposit the cash into your bank account, but the process takes one to two weeks.

The Treasury charges no fee and does not require you to have a bank account with any particular institution. You can use any U.S. bank account for the deposit. This route is slower than a bank but more reliable if the bond is old, damaged, or registered to multiple people.

What happens if the bond is lost or destroyed

If you've lost the physical bond certificate, you cannot cash it at a bank. You must contact the Treasury directly through TreasuryDirect.gov or by calling 1-844-284-2676. You'll file a form requesting a replacement and provide proof of ownership — usually the original purchase receipt or documentation showing the bond was issued in your name.

The Treasury will verify your claim and issue a replacement certificate, which you can then cash at a bank or redeem online. This process takes several weeks. If the bond was destroyed — burned, water-damaged, or otherwise physically ruined — bring what's left of it to a bank or the Treasury along with a written explanation of what happened. The bank or Treasury will decide whether the remains are sufficient to verify the bond's authenticity.

Frequently Asked Questions

Can I cash a savings bond at any bank branch, or only at my home branch?

Most banks will cash bonds at any of their branches, but call ahead to confirm. Some smaller branches may not have the equipment to verify bonds, and a few banks require you to cash at the branch where you opened your account. It's worth asking before you make the trip.

What if I want to cash a bond but I'm not sure how much it's worth?

The bank will tell you the current value when you bring it in. You can also check the value yourself at TreasuryDirect.gov by entering the bond series, denomination, and issue date. The Treasury updates bond values monthly, so the amount you see online may be slightly different from what the bank shows on the day you cash it.

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

You must cash the entire bond. You cannot split a bond or redeem a portion of it. If you have multiple bonds, you can cash some and keep others, but each individual bond is an all-or-nothing transaction.

What if the bond is in my child's name but I want to cash it?

You'll need a notarized power of attorney from your child, or you'll need your child to be present at the bank with a government ID. If your child is a minor, the bank may require a court order or guardianship documentation proving you have legal authority to manage their assets. Call your bank first to ask what they need.

Can I cash a savings bond if I don't have a bank account?

Some banks will cash bonds for non-customers, but many will not. Those that do may charge a fee or require you to open an account. Your best option is to redeem the bond through TreasuryDirect.gov, which does not require you to have a bank account — you can use any U.S. bank account for the deposit, including one you open after you start the redemption process.