Your bank 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, as long as you have your bond certificate and a valid ID. Call ahead to confirm they handle savings bonds—some smaller branches do not—but this is almost always faster than mailing bonds to the Treasury. You do not need to be a customer of that bank to cash a bond there, though some banks may ask you to open an account or charge a small fee if you are not.

Bring the physical bond certificate itself. If you have lost the certificate, you will need to contact the Treasury Department directly, which takes longer. The teller will verify the bond's serial number, check that it has reached maturity or that you are past the minimum holding period (one year for Series EE and I bonds), and give you cash or a check on the same day.

Key Takeaways

  • Your bank or credit union can cash most savings bonds the same day if you bring the certificate and a valid ID.
  • The U.S. Treasury Department's TreasuryDirect website lets you redeem electronic bonds instantly into your bank account.
  • If you own paper bonds issued before 2003, you can mail them to the Treasury's Bureau of the Fiscal Service with a form.
  • Series EE bonds must be held at least one year before cashing; Series I bonds have the same rule, though you lose three months of interest if you cash before five years.
  • If your bond certificate is lost or damaged, contact the Treasury directly—banks cannot replace it.

Cashing electronic bonds through TreasuryDirect

If you own bonds registered in TreasuryDirect—the Treasury's online system for bonds issued after 2003—you can redeem them directly through your account without leaving home. Log in to TreasuryDirect.gov, navigate to the "Manage My Securities" section, select the bond you want to cash, and request redemption. The money goes into the bank account you have linked to your TreasuryDirect account, usually within one to three business days.

This method works only for bonds you bought through TreasuryDirect or that were transferred into your TreasuryDirect account. If you have paper certificates, you cannot use this route. TreasuryDirect also does not charge a fee for redemption, and you can cash bonds in any amount—you do not have to redeem the whole certificate at once.

Mailing paper bonds to the Treasury

If you own paper savings bonds issued before 2003 or prefer not to use a bank, you can mail them to the Bureau of the Fiscal Service. Send your bonds along with Form PD 1239 (Request for Payment of Savings Bonds) to the address listed on the form. The Treasury will verify the bonds, process your request, and mail you a check, which typically takes four to six weeks from the date they receive your package.

Use certified mail with return receipt so you have proof the Treasury received your bonds. Include a copy of your ID and a note with your phone number in case the Treasury needs to contact you about the bonds. Do not send bonds by regular mail—the risk of loss is too high. The Treasury charges no fee for this service.

What to do if your bond certificate is lost or damaged

If you have lost your paper bond certificate or it is too damaged to cash, you cannot walk into a bank with a copy or a photo. Instead, contact the Bureau of the Fiscal Service directly by phone at 844-284-2676 or through their website at treasurydirect.gov. They will ask you for the bond's serial number, issue date, and denomination, and they can issue a replacement certificate or process a claim for the lost bond.

This process takes longer than cashing a bond in person—usually several weeks—because the Treasury must verify that the bond was issued in your name and that you are the rightful owner. Have your Social Security number and any documentation of the bond's details ready when you call. If you cannot locate the serial number, the Treasury may ask for additional proof of ownership.

Cashing bonds at the Federal Reserve

Some Federal Reserve Banks accept savings bonds for redemption, though this is less common than using a commercial bank. Call your regional Federal Reserve Bank to ask whether they cash savings bonds and what their process is. If they do, you will need to bring the bond certificate and ID in person during business hours. This option is useful mainly if you live near a Federal Reserve office and your regular bank does not handle bonds.

Federal Reserve locations are in major cities only, so this is not a practical option for most people. Your local bank or TreasuryDirect will almost always be faster and more convenient.

Timing and minimum holding periods

Series EE bonds must be held for at least one year before you can cash them. If you try to redeem one before that year is up, the bank or Treasury will refuse. Series I bonds have the same one-year minimum. However, if you cash a Series I bond before five years have passed, you lose the last three months of interest—so a bond cashed at four years and eleven months will be paid as if it were four years and eight months old.

Series EE bonds issued before May 2005 stop earning interest after 30 years, so if you own older bonds, check the issue date on the certificate. Bonds that have stopped earning interest should be cashed soon, since holding them longer gains you nothing. You can find the issue date printed on the front of the certificate.

Fees and taxes when cashing

Banks do not charge a fee to cash savings bonds, and neither does the Treasury. However, the interest you earn on the bond is subject to federal income tax in the year you cash it. You will not receive a 1099 form automatically—you are responsible for reporting the interest on your tax return. If the bond was issued in someone else's name but you are cashing it on their behalf, make sure you have written permission and bring documentation of your authority to act.

Some states tax savings bond interest and some do not. Check your state's tax rules or ask a tax professional if you are unsure whether your state taxes this income. The interest is not subject to Social Security tax or Medicare tax.

Frequently Asked Questions

Can I cash a savings bond before it matures?

Series EE and I bonds can be cashed after one year, even if they have not reached their full maturity date. However, Series I bonds cashed before five years lose three months of interest. There is no penalty for early redemption beyond the lost interest.

What if I lost my savings bond certificate?

Contact the Bureau of the Fiscal Service at 844-284-2676 or through treasurydirect.gov. They can issue a replacement or process a claim if you provide the bond's serial number, issue date, and denomination. This process takes several weeks.

Do I need to be a customer of the bank to cash a bond there?

Most banks will cash savings bonds for non-customers, though some may charge a small fee or ask you to open an account. Call ahead to confirm the bank's policy before you visit.

How long does it take to get my money after I cash a bond?

At a bank or Federal Reserve, you get cash or a check the same day. Through TreasuryDirect, the money reaches your linked bank account in one to three business days. Mailing bonds to the Treasury takes four to six weeks.

Will I owe taxes on the interest from my savings bond?

Yes, the interest is subject to federal income tax in the year you cash the bond. You report it on your tax return. Some states also tax savings bond interest, so check your state's rules.