Your bank, the Federal Reserve, or the Treasury are your three main routes

You can cash a savings bond at your bank, through the Federal Reserve, or directly through the U.S. Department of the Treasury. Most people start with their bank because it is the fastest and requires no paperwork beyond what you already have. If your bank declines or you do not have an account there, the Federal Reserve and Treasury both handle bonds by mail, though the process takes longer.

The route you choose depends on whether your bond is a paper bond or a digital bond held in TreasuryDirect, your bank's hours, and how quickly you need the money. Paper bonds issued before 2012 and digital bonds issued after 2012 follow different paths, and some institutions have restrictions on which ones they will accept.

Key Takeaways

  • Your own bank is usually the fastest option for cashing a paper savings bond, often taking one business day if you have an account there.
  • The Federal Reserve accepts paper bonds by mail and typically processes them within two to three weeks, with no account required.
  • Digital bonds held in TreasuryDirect can only be redeemed through your TreasuryDirect account online, not at a bank or the Federal Reserve.
  • You will need the bond itself, a valid ID, and proof of ownership if someone other than the registered owner is cashing it.
  • Some banks charge a small fee or require you to be a customer; always call ahead to confirm they accept savings bonds.

Cashing a paper bond at your bank

Call your bank first and ask whether they cash savings bonds. Most banks do, but some have stopped accepting them or limit the number they will process. If they say yes, ask whether you need an account with them or if you can walk in as a non-customer. Some banks require you to be a customer; others will cash bonds for anyone with proper ID.

Bring the physical bond, a government-issued ID (driver's license, passport, or state ID), and your Social Security number. If the bond is registered to someone else and you are cashing it on their behalf, bring a signed letter from the registered owner authorizing you to cash it, plus ID for both of you. The teller will verify the bond's serial number and current value, then deposit the money into your account or give you a check.

Processing usually takes one business day if you have an account at that bank. Non-customers may wait longer or be asked to return the next day. Some banks charge a small fee (typically $5 to $10) for cashing bonds from non-customers, so ask about this when you call.

Redeeming a digital bond through TreasuryDirect

If your bond is digital and held in a TreasuryDirect account, you cannot cash it at a bank or through the Federal Reserve. You must log into your TreasuryDirect account online at treasurydirect.gov, navigate to the bond you want to redeem, and request the redemption. The Treasury will deposit the money into the bank account linked to your TreasuryDirect profile within one to two business days.

You will need your TreasuryDirect login credentials and access to the email address or phone number associated with your account, since the Treasury may send a confirmation code. If you have forgotten your password, use the "Forgot Password" link on the login page to reset it. If you cannot access your account, call the TreasuryDirect customer service line at 844-284-2676 (Monday through Friday, 8 a.m. to 8 p.m. Eastern time).

Sending a paper bond to the Federal Reserve by mail

If your bank will not cash the bond or you do not have a bank account, you can mail the bond to the Federal Reserve. Contact the Federal Reserve Bank in your region (find yours at federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm) and request a redemption form. Some Federal Reserve Banks provide the form online; others will mail it to you.

Fill out the form, sign it, and mail it with your bond to the address provided. Include a copy of your ID (front and back) and a letter stating your name, address, and the account number where you want the money deposited. The Federal Reserve will deposit the funds into your bank account within two to three weeks of receiving the package. Use certified mail with a return receipt so you have proof of delivery.

Do not send cash or checks with the bond. The Federal Reserve will only deposit the redemption amount into a U.S. bank account in your name.

Redeeming through the U.S. Treasury if the bond is lost or damaged

If your paper bond is lost, stolen, or too damaged to cash, you can file a claim with the Bureau of the Fiscal Service (part of the Treasury Department). You will need to fill out Form PD F 1048, which asks for the bond's serial number, issue date, and denomination. If you do not have the serial number, provide as much information as you remember about when and where you bought it.

Mail the form and a copy of your ID to the address listed on the form. The Treasury will investigate and, if they confirm the bond was issued in your name, issue a replacement or send you a check. This process takes four to six weeks. You can download Form PD F 1048 from treasurydirect.gov or request it by calling 844-284-2676.

What happens if the bond has matured

Savings bonds stop earning interest after a certain number of years (usually 30 years for Series EE bonds and 30 years for Series I bonds). Once a bond has matured, you can still cash it at any time, but you will not earn any additional interest. The value you receive is the final value it reached before maturity.

There is no penalty for cashing a matured bond late. However, if you have held the bond for less than five years, you will lose the last three months of interest when you redeem it early. This penalty does not apply once the bond has matured.

Fees and what to expect

Most banks do not charge a fee to cash savings bonds if you are a customer. Non-customers may be charged $5 to $25, depending on the bank. The Federal Reserve does not charge a fee. TreasuryDirect does not charge a fee for redemptions.

The amount you receive is the bond's current redemption value, which you can look up on treasurydirect.gov before you cash it. The Treasury publishes updated values monthly. You will receive the full amount owed; there are no hidden deductions or taxes withheld at the time of redemption. You will owe federal income tax on the interest earned when you file your tax return, but the bond issuer does not report this to the IRS automatically, so you are responsible for tracking it.

Frequently Asked Questions

Can I cash someone else's savings bond?

Only if the bond is registered to both of you as co-owners, or if you have a signed letter from the registered owner authorizing you to cash it. Bring the authorization letter and ID for both people to your bank. If the registered owner is deceased, you will need to provide a death certificate and proof that you are the heir or executor of the estate.

What if I lost the physical bond but remember the serial number?

Contact the Treasury at 844-284-2676 or file Form PD F 1048 to report it lost. Provide the serial number and any other details you remember. The Treasury will search their records and, if they find it, issue a replacement or send you a check. This takes four to six weeks.

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

You owe federal income tax on the interest the bond earned, but no tax is withheld when you redeem it. You report the interest on your tax return for the year you cash it. If you held the bond for many years, the interest may be substantial, so set aside money for taxes or ask a tax professional how much you might owe.

Can I cash a savings bond at a credit union instead of a bank?

Some credit unions cash savings bonds, but policies vary widely. Call your credit union and ask. If they do not, ask whether they can refer you to a bank that will, or use the Federal Reserve mail-in option instead.

How do I know the current value of my bond before I cash it?

Go to treasurydirect.gov and use the Savings Bond Calculator. Enter the bond's series, denomination, issue date, and final interest-bearing date. The calculator will show you the current redemption value. You can also call the Treasury at 844-284-2676 and they will look it up for you.