The three places that will cash your savings bonds

You can cash a savings bond at your bank, at the Federal Reserve, or through the U.S. Department of the Treasury. Most people use their bank because it is the fastest and most convenient — you walk in with the bond and leave with cash or a deposit to your account. If your bank will not cash it, the Federal Reserve and Treasury both have processes that take longer but will work for any bond you own.

The method you choose depends on whether you have a bank account, how quickly you need the money, and what type of bond you hold. Paper bonds and digital bonds (held in TreasuryDirect) have different cashing routes.

Key Takeaways

  • Your own bank is usually the fastest way to cash a savings bond, and most banks will do it for free if you have an account there.
  • The Federal Reserve will cash any savings bond by mail, but the process takes two to four weeks and requires you to find your regional Federal Reserve Bank.
  • TreasuryDirect bonds can be cashed online through your account without visiting a bank or mailing anything.
  • Paper bonds require your signature in front of a witness or bank officer, and some banks charge a fee if you are not a customer.
  • You must wait until a bond reaches its issue date before you can cash it, and cashing early may mean losing accrued interest.

Cashing a paper bond at your bank

Bring your physical bond certificate and a valid photo ID to any bank branch. The teller will verify the bond, check that you are the registered owner, and process the redemption. If you have a checking or savings account at that bank, the cash usually goes directly into your account, and there is no fee. The whole process takes a few minutes.

If you do not have an account at the bank, some branches will still cash it but may charge a fee — typically $5 to $25. Call ahead to ask whether they cash bonds for non-customers and what they charge. Larger banks are more likely to do this than small local banks.

You will need to sign the bond in front of a bank officer or notary public. If the bond is registered to two people, both must sign. If you are cashing a bond registered to a deceased person, bring the death certificate and proof that you are the authorized heir or executor.

Cashing a TreasuryDirect bond online

If you hold your bond in a TreasuryDirect account, you do not need to go anywhere. Log into your TreasuryDirect account at treasurydirect.gov, select the bond you want to redeem, and request the redemption. The money is deposited directly into the bank account linked to your TreasuryDirect account within one to three business days.

This is the simplest method if you have digital bonds. You can cash them at any time, from any device with internet access, and there are no fees. The only requirement is that the bond has reached its issue date — you cannot redeem it before that.

Cashing a bond through the Federal Reserve

If your bank will not cash the bond and you do not have a TreasuryDirect account, you can mail the bond to your regional Federal Reserve Bank. Find your region on the Federal Reserve's website, then mail the bond with a letter requesting redemption and your contact information. Include a copy of your ID.

The Federal Reserve will verify the bond, process the redemption, and mail you a check. The entire process takes two to four weeks. There is no fee, but you lose the ability to track the bond in real time, and if the check is lost in the mail, you will need to file a claim to have it reissued.

This method is slower than a bank but works for any bond, including older ones that banks may be reluctant to handle. You do not need to be a customer of any bank.

Cashing a bond through the U.S. Treasury

The Treasury Department itself does not have walk-in offices where you can redeem bonds. However, you can contact the Bureau of the Fiscal Service, which handles bond redemptions for people who cannot use a bank or the Federal Reserve. They will provide instructions for mailing your bond and processing the redemption by mail.

This route is slower than the Federal Reserve and is typically used only when other options are not available. Call the Bureau of the Fiscal Service at 844-284-2676 to ask about your specific situation.

What you need before you cash

Check your bond's issue date. You cannot redeem a savings bond before its issue date arrives. Most savings bonds can be cashed anytime after that, but some older bonds have maturity dates — once they reach final maturity, they stop earning interest, and you should cash them.

If you are cashing before five years have passed since the bond was issued, you will lose the last three months of interest. For example, if you bought a bond on January 1 and try to cash it on August 1 of the same year, you will receive the value as of May 1 instead. This penalty does not apply after five years.

Gather your photo ID and the bond itself. If the bond is registered to someone else or to two people, you will need documentation showing you have the right to redeem it — a will, power of attorney, or court order.

What happens if your bank refuses

Some banks, especially smaller branches, do not cash savings bonds because they are unfamiliar with the process or do not want to handle the verification. If your bank says no, ask to speak with a manager — sometimes the first teller does not know the policy. If they still refuse, try a different bank branch or a larger bank in your area.

If no bank will help, the Federal Reserve is your next step. It is slower, but it will work. You can also call the Bureau of the Fiscal Service for guidance on your specific bond.

Frequently Asked Questions

Can I cash a savings bond before it reaches its issue date?

No. A savings bond cannot be redeemed before its issue date. Check your bond certificate for the exact date. If you try to cash it early, the bank or Federal Reserve will reject it.

What if I lost my savings bond certificate?

Contact the Bureau of the Fiscal Service at 844-284-2676. They can search their records for your bond using your Social Security number and the approximate issue date. If found, they can issue a replacement certificate or process a redemption without the physical bond.

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

Yes. The interest earned on a savings bond is subject to federal income tax. You will receive a Form 1099-INT from the issuer showing the interest amount, which you report on your tax return. State and local taxes may also apply depending on where you live.

Can someone else cash my savings bond for me?

Only if they have power of attorney or are the authorized representative on the bond. The person cashing it must sign in front of a bank officer or notary. If the bond is registered to two people, both must be present or one must have written authorization from the other.

What if I cash a bond and then change my mind?

Once a bond is redeemed, the transaction is final. You cannot undo it or get the bond back. If you need to reinvest the money, you can purchase new savings bonds through TreasuryDirect, but the original bond is gone.