You can cash savings bonds at most banks, credit unions, and the U.S. Treasury
The easiest place to cash a savings bond is usually your own bank or credit union. Most financial institutions will cash them for free during normal business hours, as long as the bond has reached its issue date and you have the bond certificate and a valid ID. If your bank doesn't cash bonds, they can tell you where the nearest location that does is.
If you don't have a bank account or prefer not to use your bank, you can cash bonds directly through the U.S. Treasury's TreasuryDirect website or by mail. The Treasury route takes longer but works from anywhere, and you don't need to be a customer of any financial institution.
Key Takeaways
- Your bank or credit union is the fastest way to cash a savings bond, usually the same day, if you bring the bond certificate and a photo ID.
- You cannot cash a bond before its issue date, even if you own it — the Treasury will not process it and your bank will refuse it.
- The U.S. Treasury will cash bonds by mail or through TreasuryDirect online, but processing takes one to two weeks longer than a bank.
- Some banks charge a small fee to cash bonds issued to someone else (a gift bond, for example), so ask before you hand over the certificate.
- If a bond is lost or destroyed, the Treasury can issue a replacement, but you will need proof of ownership and the bond's serial number.
Cashing bonds at your bank or credit union
Walk in during business hours with the physical bond certificate and a government-issued photo ID — a driver's license, passport, or state ID card all work. The teller will check that the bond has reached its issue date (you cannot cash it before then), verify the serial number, and process the cash or deposit to your account on the spot.
Most banks and credit unions do not charge a fee to cash bonds issued in your own name. If the bond was issued to someone else and you are cashing it on their behalf, some institutions charge $5 to $15 to verify ownership and process the transaction. Call ahead if you are unsure, because policies vary by bank.
If your bank does not cash savings bonds, ask the teller which banks in your area do. Many regional and national banks offer this service, but some smaller institutions or online-only banks do not have the infrastructure to verify and process bond certificates.
Cashing bonds through TreasuryDirect online
If you own the bond and it is registered in TreasuryDirect (the Treasury's online account system), you can cash it without leaving home. Log into your TreasuryDirect account, navigate to the bond you want to redeem, and request the cash-out. The Treasury will deposit the money into your linked bank account within one to two business days.
This method works only if the bond was originally purchased through TreasuryDirect or if it was transferred into your TreasuryDirect account after purchase. Paper bonds issued before 2012 or purchased from a bank are not automatically in TreasuryDirect, so you cannot use this method for them unless you first register them with the Treasury.
Cashing bonds by mail to the Treasury
You can mail a physical bond certificate directly to the Treasury's Bureau of the Fiscal Service. Include a letter stating your name, the bond's serial number, and the amount you want to redeem. Sign the back of the bond in front of a witness (a notary public, bank teller, or other authorized person), and mail everything to the address listed on the Treasury's website.
Processing takes one to three weeks after the Treasury receives your package. The Treasury will mail you a check or deposit the funds to a bank account you provide. This method is slower than a bank but works if you live far from any financial institution or prefer not to visit one in person.
What you need to bring or provide
Each cashing method requires different documents, and knowing what to gather before you go saves a trip back home.
| Method | What You Need | Time to Cash |
|---|---|---|
| Bank or credit union | Physical bond certificate, government photo ID | Same day |
| TreasuryDirect online | TreasuryDirect account login, bond in your account | 1–2 business days |
| Mail to Treasury | Physical bond, signed letter, notarized signature | 1–3 weeks |
For the bank method, your photo ID must be government-issued — a driver's license, passport, or state ID card. For the mail method, you will need to find a notary public to witness your signature; many banks offer this service for free to customers, and some public libraries also have notaries available.
Bonds that cannot be cashed yet
A savings bond cannot be cashed before its issue date, no matter who owns it or where you try to cash it. The issue date is printed on the certificate itself. If you try to cash a bond before that date, your bank will refuse it and the Treasury will return it by mail.
Series EE bonds issued after May 2003 also have a penalty if you cash them within five years of purchase — you lose the last three months of interest. This penalty does not apply to Series I bonds or older Series EE bonds, so check your bond's series and issue date before you cash it if you are close to the five-year mark.
If your bond is lost or damaged
Contact the Treasury's Bureau of the Fiscal Service with the bond's serial number, your name, and proof that you own it (a copy of the original purchase receipt or a statement from TreasuryDirect). The Treasury can issue a replacement certificate, which you can then cash at a bank or through the mail.
If you do not have the serial number, the process takes longer because the Treasury has to search their records. Gather any documentation you have — a bank statement showing the purchase, a letter from the original purchaser if it was a gift, or a copy of the bond itself if you have one. Send everything to the address on the Treasury's website and allow four to six weeks for a response.
Frequently Asked Questions
Can I cash someone else's savings bond?
Only if you are listed as the owner or co-owner on the bond certificate. If the bond was issued to someone else, that person must cash it themselves or sign a power of attorney giving you permission. A bank will not cash a bond in someone else's name without legal documentation.
What happens if I cash a bond before it matures?
You get the current redemption value, which is less than the face value if the bond has not reached its full maturity date. Series EE bonds issued after May 2003 also lose three months of interest if cashed within five years. Check your bond's series and issue date to understand what you will receive.
Do I have to report the cash-out to the IRS?
The interest earned on the bond is taxable income in the year you cash it. The Treasury does not report the transaction to the IRS automatically, so you are responsible for reporting it on your tax return. Keep records of the redemption value and the original purchase price so you can calculate the interest.
Can I cash a bond at a bank that is not my own?
Yes. Any bank or credit union that cashes savings bonds will cash yours, even if you do not have an account there. Bring the bond certificate and photo ID. Some banks may charge a small fee if the bond is not in your name, so ask before you proceed.
What if the bond is in both my name and someone else's name?
Both owners can cash it, but only one signature is needed. Either person can walk into a bank with the certificate and ID and cash it. If one owner wants to cash it without the other, they will need written permission or a power of attorney from the co-owner.