Your bank or credit union is usually the fastest place to cash a savings bond

Most banks and credit unions will cash savings bonds for their customers at no charge. Call ahead to confirm they handle bonds — not every branch does — and bring the bond itself, a government-issued ID, and your account number. 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. This typically takes 10 to 15 minutes.

If you don't have a bank account or prefer not to use your current bank, you can open a basic savings account at any major bank just to cash the bond. You won't need a minimum balance for most institutions, and you can close the account afterward if you want to.

Key Takeaways

  • Your own bank or credit union will cash savings bonds for free if you have an account there, and most can do it the same day you visit.
  • The U.S. Treasury's official bond redemption site lets you cash Series I and Series EE bonds online without leaving home, though the process takes a few business days.
  • If you don't have a bank account, the Federal Reserve Bank serving your region can cash bonds in person, though you may need to mail them or visit by appointment.
  • Savings bonds cannot be cashed at retail stores, check-cashing services, or pawn shops — only at banks, credit unions, or the Treasury itself.
  • Bring the physical bond, a government ID, and proof of your Social Security number to any in-person redemption.

Cashing bonds online through the U.S. Treasury

If you own Series I or Series EE bonds issued after 2011, you can redeem them directly through the U.S. Treasury's TreasuryDirect website without visiting a bank. Log in with your TreasuryDirect account, navigate to the "Manage Securities" section, and select the bond you want to cash. The Treasury will deposit the proceeds into your linked bank account within two to three business days.

This method works only if the bond is registered in your TreasuryDirect account. Older bonds or bonds purchased in paper form before the Treasury moved to digital-only sales in 2012 cannot be redeemed online. If you have paper bonds, you'll need to use a bank or the Federal Reserve.

Federal Reserve Banks if you don't have a local bank

Each of the 12 Federal Reserve Banks across the country can redeem savings bonds, even if you don't have an account with them. You can mail your bonds to the Federal Reserve Bank serving your region, along with a letter stating the bond serial numbers and the amount you want to redeem. Include a copy of your ID and sign the letter. The Federal Reserve will send you a check within two to three weeks.

Some Federal Reserve locations also accept bonds in person by appointment. Contact the Federal Reserve Bank in your region to ask about walk-in hours or to schedule. You can find the correct regional bank and contact information on the Federal Reserve's official website by searching for your state.

What you need to bring or provide

For in-person redemption at a bank or credit union, bring the physical bond itself, a government-issued photo ID (driver's license, passport, or state ID), and your Social Security number or Tax ID. Some banks may also ask for your account number if you're a customer.

If you're mailing bonds to the Federal Reserve, include a signed letter with your name, address, phone number, and the bond serial numbers. Photocopy your ID and include that as well. Do not mail the original bond unless the Federal Reserve specifically instructs you to — many will accept a certified copy or a photo of the bond instead. Call ahead to confirm what the Federal Reserve Bank in your region requires.

Why some places won't cash your bond

Retail stores, check-cashing services, and pawn shops cannot legally redeem savings bonds. Only banks, credit unions, the U.S. Treasury, and Federal Reserve Banks have the authority to verify bonds and process redemptions. If a business claims it can cash your bond, it is not a legitimate redemption channel.

Some banks may refuse to cash bonds if you don't have an account with them, though most will do so for a small fee (usually $5 to $10). Call ahead to ask about their policy for non-customers.

Cashing bonds if they're registered to someone else

If a bond is registered in someone else's name, that person must be present to redeem it in person, or they must sign a power of attorney form authorizing you to cash it on their behalf. The bank will need the original power of attorney document and a copy of the bond owner's ID.

If the bond owner has passed away, the bond becomes part of their estate. The executor or administrator of the estate can redeem it, but they will need to provide a certified copy of the death certificate and proof of their authority (such as letters testamentary from the probate court). Contact the bank or Federal Reserve for the exact documents they require.

How to find the Federal Reserve Bank in your region

The Federal Reserve System is divided into 12 districts, each serving multiple states. To find the one nearest you, visit the Federal Reserve's main website and use the "Find Your Reserve Bank" tool, or search for "Federal Reserve Bank" plus your state name. Each regional bank has its own phone number and mailing address for bond redemptions.

When you call, ask specifically about their process for redeeming savings bonds and whether they accept walk-ins or require an appointment. Some locations have limited hours or may ask you to mail bonds instead of visiting in person.

Frequently Asked Questions

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

Most banks will cash bonds at any of their branches if you have an account there. Call the branch you plan to visit to confirm they handle bond redemptions, since some smaller branches may not. If you don't have an account, you may need to visit a main branch or call ahead to ask about their policy for non-customers.

What if my savings bond is damaged or the serial number is hard to read?

Bring the bond anyway and let the teller know about the damage. Banks have tools to verify bonds even if the printing is faded. If the bond is severely damaged, the Federal Reserve can help — contact them with photos of the bond and your documentation, and they can guide you through the redemption process.

How long does it take to get the money after I redeem a bond?

At a bank or credit union, you get the money immediately or within one business day if it's deposited to your account. Through TreasuryDirect online, it takes two to three business days. By mail to the Federal Reserve, expect two to three weeks from the date they receive your package.

Do I have to pay taxes when I cash a savings bond?

Yes, the interest earned on the bond is subject to federal income tax in the year you redeem it. You'll receive a Form 1099-INT from the bank or Treasury showing the interest amount. State and local taxes may also apply depending on where you live. Keep your redemption receipt for your tax records.

What if I lost my savings bond but still have the serial number?

Contact the Treasury Department's Bureau of the Fiscal Service with the bond's serial number, issue date, and your identification. They can verify whether the bond exists and help you redeem it or replace it. You can reach them through the TreasuryDirect website or by calling their customer service line.