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

Most banks and credit unions will cash your US savings bonds for you if you have an account there. Walk in with your bond, your ID, and your account number. The teller will verify the bond's serial number, check that it has reached final maturity or that you are past the holding period, and deposit the cash into your account. This typically takes a few minutes.

Not all banks handle bonds the same way. Some process them same-day; others send them to a processing center and credit your account within one to three business days. Call your bank's main number or ask at your branch whether they cash savings bonds before you go in. If your bank declines, ask which banks in your area do — many regional banks and credit unions participate even if your current institution does not.

Key Takeaways

  • Your own bank or credit union is the fastest option if they offer bond cashing, usually taking minutes to a few business days.
  • The US Treasury's TreasuryDirect website lets you redeem Series I and EE bonds online without leaving home, though the process takes about five business days.
  • If your bond is lost, stolen, or damaged, the Treasury can replace it, but you will need to file a form and wait several weeks.
  • Savings bonds cannot be cashed before their holding period ends — typically one year for Series EE and I bonds — even if you own them.
  • The Federal Reserve's Savings Bond Wizard tool can tell you the current value of your bond and whether it has stopped earning interest.

Redeem Series I and EE bonds directly through TreasuryDirect

If you own your bond through a TreasuryDirect account (the Treasury's online system), you can redeem it without going anywhere. Log into your account at treasurydirect.gov, find the bond in your holdings, and select the option to redeem. The Treasury will deposit the proceeds into the bank account linked to your TreasuryDirect profile within about five business days.

This method works only for bonds you purchased through TreasuryDirect or that were transferred into that account. If you have a paper bond, you cannot redeem it online — you will need to use your bank or the Treasury's mail-in process instead.

Mail your bond to the Federal Reserve if your bank will not cash it

If your bank declines to cash your bond and you do not have a TreasuryDirect account, you can mail the bond directly to a Federal Reserve Bank. You will need to fill out Form PD 1048-2 (for Series EE and I bonds) or the appropriate form for your bond type, sign it in front of a witness or notary, and send both the form and the bond to the Federal Reserve address for your region.

The Federal Reserve publishes a list of regional addresses on its website. Mail takes time — expect the process to take two to four weeks from the day the Federal Reserve receives your package. Include a cover letter with your name, address, phone number, and the bond's serial number so the Federal Reserve can track your submission. Send it certified mail so you have proof of delivery.

What to do if your bond is lost, stolen, or damaged

A lost or stolen bond can still be redeemed, but you will need to file a claim with the Treasury. Fill out Form PD 1048 and send it to the Bureau of the Fiscal Service along with any documentation you have — a photo of the bond if you have one, proof of purchase, or a statement from your bank showing you owned it. The Treasury will investigate and, if satisfied, issue a replacement bond or payment.

This process takes several weeks to several months. If the bond has already matured and stopped earning interest, the Treasury will pay you the final value. If it is still earning, they will calculate the value as of the date they receive your claim. A damaged bond — one with torn corners, water damage, or faded text — can usually be cashed at your bank if enough of the serial number and denomination are still readable. Ask your teller whether they can process it before you submit a replacement claim.

Check your bond's maturity date before you try to cash it

Savings bonds cannot be cashed until they reach their holding period. Series EE bonds must be held for at least one year before you can redeem them. Series I bonds also have a one-year holding period. If you cash either type before five years have passed, you lose the last three months of interest as a penalty.

Use the Federal Reserve's Savings Bond Wizard tool at savingsbonds.gov to find out your bond's current value and whether it has stopped earning interest. Enter your bond's series, denomination, and issue date, and the tool will tell you the exact redemption value and whether you would face an interest penalty. This takes the guesswork out of whether cashing now makes sense.

Verify your bond's denomination and series before you go

Savings bonds come in different series — EE, I, HH, and older types like E and H. The series is printed on the bond itself, usually near the top. The denomination (the face value) is also printed clearly. When you go to your bank or fill out a form, you will need to tell them both pieces of information so they can look up the current redemption value.

The redemption value is not always the same as the face value, especially for older bonds. A $50 Series EE bond issued in 2000 might be worth $80 or more today because of accrued interest. The Savings Bond Wizard will calculate the exact amount you will receive, so you know what to expect before you cash it.

Frequently Asked Questions

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

Most banks will cash a savings bond even if you do not have an account there, but policies vary. Call ahead to ask. Some banks charge a small fee to cash a bond from a non-customer, while others do it for free. Your own bank is the safest bet because they have your ID on file and can deposit the funds directly into your account.

What happens if I cash a Series I bond before five years?

You will lose the last three months of interest. So if your bond has earned $200 in interest but you cash it after four years, you will receive the principal plus only nine months of interest. The Treasury automatically deducts the penalty — you do not have to calculate it yourself.

Do I need to report the redemption to the IRS?

Yes, if the bond earned interest, that interest is taxable income in the year you cash it. The bank or Federal Reserve will not send you a tax form, so you will need to track the interest yourself using the Savings Bond Wizard. Keep your redemption receipt for your records.

What if my bond is from the 1980s and I do not know where it is?

The Treasury keeps records of all bonds issued. Contact the Bureau of the Fiscal Service with your name, address, and the bond's serial number if you have it. They can search their database and tell you whether the bond is still active and what it is worth. If you cannot find the serial number, provide the issue date and denomination instead.

Can someone else cash my bond if I give them permission?

No. Only the person whose name is on the bond can redeem it. If the bond is registered to you and your spouse as co-owners, either of you can cash it. If you want someone else to handle it, you will need to sign a power of attorney form, which your bank or the Treasury can provide.