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

Most banks and credit unions will cash Series EE and Series I savings bonds for you on the spot, often without a fee. Call ahead to confirm they handle bonds — not every branch does — and bring the bond itself plus a government-issued ID. If you have a checking or savings account there, the process typically takes a few minutes and the money goes directly into your account or as cash.

Credit unions sometimes have an edge over banks because they tend to charge fewer fees and may process bonds more readily. If you bank with a smaller institution, ask whether they cash bonds in-house or send them to a processing center, which adds a few days to the timeline.

Key Takeaways

  • Your own bank or credit union is the first place to try, since they can often cash bonds immediately if you have an account there.
  • The U.S. Treasury's TreasuryDirect website lets you redeem Series EE and I bonds online without leaving home, though the money takes three to five business days to arrive.
  • If your bank won't cash the bond, the Federal Reserve Bank in your region will do it by mail, and you can find the right one through the Federal Reserve's website.
  • Bring the physical bond and a government ID to any in-person location; you cannot cash a bond without the certificate itself.
  • Savings bonds issued before 1974 may have stopped earning interest, so check the issue date and series before cashing to understand what you will receive.

Cashing bonds through TreasuryDirect online

If you own Series EE or Series I bonds that you purchased through TreasuryDirect (the Treasury's online platform), you can redeem them directly on the website without visiting a bank. Log into your TreasuryDirect account, navigate to the "Manage Securities" section, and select the bond you want to cash. The system will show you the current value and ask you to confirm the redemption.

The money typically arrives in your linked bank account within three to five business days. This route works only for bonds you bought through TreasuryDirect after 2003 — paper bonds issued before that date must be cashed in person or through the mail.

Redeeming paper bonds through the Federal Reserve

Paper savings bonds can be cashed by mail through the Federal Reserve Bank that serves your region. Find the correct Federal Reserve Bank on the Federal Reserve's website by entering your state; each region handles redemptions for its area. Mail the bond, a completed Form PD 1522 (available on the Treasury website), and a copy of your ID to the address listed for that bank.

Processing takes two to three weeks after the Federal Reserve receives your package. Include a return address and consider sending it via certified mail so you have proof of delivery. The Federal Reserve will mail you a check or deposit the funds directly to your bank account if you provide those details on the form.

What happens if your bank refuses to cash the bond

Some banks, especially larger ones, have stopped cashing savings bonds because the volume is low and the process ties up staff time. If your bank declines, ask whether they can refer you to another branch or institution that does handle bonds. Many community banks and credit unions still cash them regularly.

If no local bank will help, the Federal Reserve by mail is your backup option. It takes longer but costs nothing and requires only the bond, a form, and a copy of your ID. TreasuryDirect online is also available if your bonds are registered there.

Bonds issued before 1974 and stopped-earning bonds

Savings bonds stop earning interest after a certain number of years — typically 30 years for Series EE bonds and 30 years for Series I bonds, though some older series have different timelines. You can still cash a bond after it stops earning, but the value will not increase from that point forward. Check the issue date on your bond and calculate when it stops earning to know whether you are leaving money on the table by cashing early.

Bonds issued before 1974 may have matured decades ago. You can still redeem them for their face value plus any accrued interest, but the interest calculation becomes more complex. The Treasury's Savings Bond Calculator on its website can tell you the current value of any bond if you enter the series, denomination, and issue date.

Cashing bonds as a minor or on behalf of someone else

If you are cashing a bond registered in a minor's name, a parent or legal guardian must present the bond along with their own ID and proof of guardianship. The bank will verify the relationship before processing. If the bond is in a trust or estate, bring the trust document or letters testamentary along with the bond and your ID.

You cannot cash someone else's bond without legal authority to do so. If you are the executor of an estate or trustee of a trust, the bank will need documentation showing that role. Contact the bank ahead of time to ask what paperwork they require so you can gather it before you visit.

Tax reporting when you cash a bond

When you redeem a savings bond, the interest you earned is subject to federal income tax. You report it on your tax return for the year you cash the bond, even if you bought it many years earlier. The Treasury will not send you a 1099 form automatically, so keep your own records of the bond's purchase price and redemption value so you can calculate the interest.

Series I bonds have a special rule: if you use the money for may have access to education expenses in the same year you redeem the bond, you may be able to exclude the interest from your taxable income. This requires filing Form 8815 with your tax return and meeting income limits. Consult a tax professional if you think this applies to you.

Frequently Asked Questions

Can I cash a savings bond before its maturity date?

Yes. Series EE and I bonds can be cashed anytime after you own them for one year, though you will forfeit the last three months of interest if you redeem before five years have passed. Older series have different rules — check the Treasury's website or ask your bank about the specific series you own.

What if I lost the physical bond certificate?

Contact the Treasury's Bureau of the Fiscal Service at 1-844-284-2676 or through the Treasury website to report it lost or stolen. They can issue a replacement, though the process takes several weeks. You will need to provide the bond's series, denomination, and issue date.

Do I need to pay a fee to cash a savings bond?

Most banks and credit unions do not charge a fee to cash savings bonds for customers. The Federal Reserve does not charge either. If a bank quotes you a fee, ask whether it applies to all bonds or only certain types, and consider taking your bond elsewhere.

Can I cash a bond at any bank, or only the one where I have an account?

Banks are not required to cash bonds for non-customers, though many will. Call ahead to ask. If your bank refuses and you do not have an account elsewhere, the Federal Reserve by mail or TreasuryDirect online are your options.

How do I know how much my bond is worth right now?

Use the Treasury's Savings Bond Calculator on its website — enter the series, denomination, and issue date, and it shows the current value and interest earned. For bonds in TreasuryDirect, log into your account to see the value listed there. Your bank can also look up the value when you bring the bond in.