You can cash a savings bond at a bank, credit union, or the U.S. Treasury
The place you cash your bond depends on what type of bond you hold and whether you own it outright or jointly. Most people cash bonds at their own bank or credit union, which is the fastest route if you have an account there. You can also cash any U.S. savings bond directly through the Treasury if your bank refuses or if you prefer to avoid a middleman.
Before you go anywhere, check the bond's issue date. Series EE and I bonds cannot be cashed in the first year you own them. If you cash them before five years have passed, you lose the last three months of interest. Older bonds—Series A through D, for example—may have matured and stopped earning interest, which changes where and how you can redeem them.
Key Takeaways
- Your own bank or credit union is usually the fastest place to cash a bond if you have an account there, though some branches require advance notice.
- The U.S. Treasury will cash any savings bond directly through TreasuryDirect or by mail, and charges no fee.
- Series EE and I bonds lose three months of interest if cashed before the five-year mark, even if you are past the one-year holding period.
- Matured bonds that have stopped earning interest can sometimes only be cashed through the Treasury, depending on the series and age.
Cashing at your bank or credit union
This is the easiest option if you already bank somewhere. Bring the bond itself, a government-issued photo ID, and your account information. The teller will verify the bond's serial number and current value, then deposit the cash into your account or give it to you on the spot. Most banks do this for free, though a few charge a small fee—call ahead to ask.
Some branches require you to call or visit in advance, especially for larger bonds or if the branch is small. If the bond is registered in two names (joint ownership), both owners usually need to be present, though some banks will accept a notarized letter from the co-owner authorizing you to cash it. If the bond is in a deceased person's name, you will need a death certificate and proof that you are the authorized heir or executor.
If your bank refuses to cash the bond—which occasionally happens with very old series or bonds issued decades ago—do not argue. Move to the Treasury option instead; they will cash any legitimate U.S. savings bond.
Cashing through TreasuryDirect online
TreasuryDirect is the Treasury's online platform, and it is the fastest way to cash a bond if you own it through that system. Log into your account, select the bond, and request redemption. The money lands in your linked bank account within one to three business days. There is no fee.
This only works if the bond was issued through TreasuryDirect (mostly bonds issued after 2002). If you have a paper bond—the physical certificate—you cannot redeem it through TreasuryDirect. You will need to use the mail-in method or go to a bank.
Cashing by mail through the Treasury
If you have a paper bond and do not want to use a bank, you can mail it directly to the Treasury. Send the bond, a completed FS Form 1522 (Request for Payment of Savings Bond), a copy of your ID, and a letter with your name, address, and the bond's serial number to the Bureau of the Fiscal Service in Parkersburg, West Virginia.
The address is: Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Processing takes four to six weeks. The Treasury will mail you a check or deposit the funds directly into your bank account if you provide routing and account numbers on the form. Send the bond by certified mail so you have proof of delivery.
This method is slower than a bank visit but guarantees the bond will be cashed correctly, and there is no fee. It is also the only option if your bond is in a deceased person's name and you need to provide estate documents.
What to bring when you cash in person
| Item | Why you need it |
|---|---|
| The bond itself (paper certificate or TreasuryDirect confirmation) | Proof of ownership and the serial number |
| Government-issued photo ID (driver's license, passport, military ID) | Verification that you are who you claim to be |
| Your bank account number (if depositing) | Routing for the deposit |
| Co-owner ID or notarized letter (if joint ownership) | Proof the other owner consents to the redemption |
| Death certificate and executor letter (if the bond is in a deceased person's name) | Legal proof you have the right to cash it |
Timing and fees
A bank will usually cash a bond on the same day you visit, or within one business day. TreasuryDirect takes one to three business days. Mail takes four to six weeks. No federal agency charges a fee to redeem a savings bond, but some banks charge $5 to $15 if you are not a customer. Call ahead to confirm.
If you are cashing the bond before it has been five years, the Treasury will automatically hold back the last three months of interest as a penalty. This is not a fee—it is a reduction in the amount you receive. For example, if a Series I bond is worth $1,050 but you cash it at year three, you will receive $1,025 instead (losing the last three months of accrued interest). This applies even if you are past the one-year holding period.
What happens if the bond is lost or stolen
If your paper bond is lost or damaged, you can request a replacement through the Treasury. Fill out FS Form 1048 and mail it with a detailed explanation of what happened. The Treasury will verify the bond's existence in their records and issue a replacement certificate. This takes several weeks.
If the bond was stolen and cashed by someone else, contact the Treasury immediately. They can flag the bond and may be able to recover the funds, but only if you report it before the thief cashes it. If it has already been redeemed, the case becomes more complex and may require law enforcement involvement.
Frequently Asked Questions
Can I cash a savings bond at any bank, or only the one where I have an account?
Most banks will cash a savings bond even if you do not have an account there, but some charge a fee for non-customers—usually $5 to $15. Your own bank is the safest bet. If you do not have a bank account, the Treasury will cash it by mail for free.
What if my savings bond is from 1985 and I do not know if it is still worth anything?
The Treasury has a Savings Bond Calculator on their website where you can enter the bond's series, denomination, and issue date to see its current value. Bonds do not expire—they stop earning interest after a certain period (typically 20 to 40 years depending on the series), but you can still redeem them for whatever they are worth at that point.
Do I have to cash the entire bond, or can I cash part of it?
You must redeem the entire bond. You cannot split a single bond into smaller amounts. If you own multiple bonds, you can cash some and keep others.
What if the bond is in my child's name but I am the parent?
If the bond is registered only in your child's name, your child must be present and sign the redemption form, even if they are a minor. If you are listed as a co-owner, you can cash it without them. Check the bond's face to see whose name appears first.
Can I cash a savings bond at the U.S. Treasury building in Washington, D.C.?
No. The Treasury does not have a walk-in redemption office. You must use a bank, TreasuryDirect, or mail your bond to the Bureau of the Fiscal Service in Parkersburg, West Virginia.