Your bank or credit union is the fastest place to cash a savings bond
Most banks and credit unions will cash savings bonds for you on the spot if you have an account there. Walk in with your bond, your ID, and your account number, and the teller can process it the same day. If you don't have an account at a bank, many will still cash bonds for non-customers, though some charge a small fee or require you to open an account.
Call ahead before you go. Ask whether they cash savings bonds, whether you need an account, and what ID they require. Some branches have limits on how many bonds they'll cash in one visit, or they may need to verify the bond's value before handing over the money. This five-minute call saves you a wasted trip.
Key Takeaways
- Your own bank or credit union will cash savings bonds same-day if you bring your ID and the bond itself.
- The U.S. Treasury's TreasuryDirect website lets you redeem Series I and EE bonds online without leaving home, though the money takes three to five business days to arrive.
- If your bond issuer is no longer in business, the Federal Reserve Bank serving your region can cash it for you by mail.
- Savings bonds must be fully matured or you must be the registered owner to cash them; bonds held by minors require a parent or guardian's signature.
Cashing bonds through TreasuryDirect online
If your Series I or Series EE bonds are registered in TreasuryDirect (the Treasury's online system), you can redeem them without going anywhere. Log into your TreasuryDirect account, select the bonds you want to cash, and request the redemption. The money goes directly to your linked bank account in three to five business days.
This method works only for bonds you bought after 2003 and registered online. If you have paper bonds, you cannot use TreasuryDirect to cash them. You'll need to use one of the other methods instead. Check your records or log into TreasuryDirect to see which bonds are registered there.
Paper bonds: the Federal Reserve Bank route
If you have a paper savings bond and your original bank no longer exists or won't cash it, you can mail it to the Federal Reserve Bank that serves your region. The Federal Reserve maintains a list of regional banks on its website, organized by state. You'll mail your bond, a completed form, and a copy of your ID to the address listed for your region.
Processing takes four to six weeks by mail. Include a return address and consider sending it certified mail so you have proof of delivery. The Federal Reserve will send you a check to the address you provide. This is slower than a bank visit, but it's your option when no local bank will help.
What you need to bring or provide
Bring your original savings bond and a government-issued ID (driver's license, passport, or state ID card). If the bond is in a minor's name, the parent or guardian must sign it and bring their own ID. If you're cashing a bond on behalf of someone else who is deceased, you'll need to provide a death certificate and proof that you have the legal right to the bond.
Some institutions ask for your Social Security number or tax ID. Have it ready. If you're cashing multiple bonds, bring them all at once — it's faster than making separate trips. Write down the series and denomination of each bond before you go so you can answer questions quickly.
Bonds held in a minor's name
A parent or guardian must be present to cash a bond registered to a minor. Both the adult and the child (if old enough to sign) must sign the back of the bond. The adult will need to show ID. Some banks require the minor to be present in person; others allow the parent to handle it alone if they have the bond and proper documentation.
Call the bank ahead of time to ask their specific policy. If the child is 18 or older and the bond is in their name alone, they can cash it themselves with just their ID. This matters because a 17-year-old's bond may require different steps than a 19-year-old's.
Finding the right Federal Reserve Bank for your state
The Federal Reserve system is divided into 12 regional banks, each serving a specific set of states. To find yours, locate your state in the list below and note which Federal Reserve Bank serves it. Visit that bank's official website to get the current mailing address and download the form you'll need to include with your bond.
| Federal Reserve District | States Served |
|---|---|
| Federal Reserve Bank of Boston | Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont |
| Federal Reserve Bank of New York | New Jersey, New York, Connecticut (parts), Pennsylvania (parts) |
| Federal Reserve Bank of Philadelphia | Delaware, New Jersey (parts), Pennsylvania, Maryland, Virginia, West Virginia, Washington D.C. |
| Federal Reserve Bank of Cleveland | Ohio, Kentucky, Indiana, Pennsylvania (parts), West Virginia (parts) |
| Federal Reserve Bank of Richmond | Virginia, West Virginia, North Carolina, South Carolina, Maryland (parts), Washington D.C. (parts) |
| Federal Reserve Bank of Atlanta | Florida, Georgia, Alabama, Louisiana, Mississippi, Tennessee |
| Federal Reserve Bank of Chicago | Illinois, Indiana, Iowa, Michigan, Missouri, Wisconsin |
| Federal Reserve Bank of St. Louis | Arkansas, Illinois (parts), Indiana (parts), Kentucky (parts), Mississippi (parts), Missouri, Tennessee (parts) |
| Federal Reserve Bank of Minneapolis | Minnesota, Montana, North Dakota, South Dakota, Wisconsin (parts) |
| Federal Reserve Bank of Kansas City | Colorado, Kansas, Nebraska, Oklahoma, Wyoming, New Mexico (parts), Texas (parts) |
| Federal Reserve Bank of Dallas | Texas, Louisiana (parts), New Mexico (parts) |
| Federal Reserve Bank of San Francisco | California, Nevada, Oregon, Washington, Alaska, Hawaii, Utah (parts), Idaho (parts) |
Addresses and procedures can change, so checking the Federal Reserve's website before you mail is worth the few minutes it takes. You'll also find the specific form to complete and instructions on what to include with your bond.
When a bond is matured or not yet matured
Series EE bonds reach final maturity at 30 years; Series I bonds at 30 years as well. You can cash them before maturity, but if you cash them before five years have passed, you lose the last three months of interest. After five years, you can cash them without penalty.
If your bond hasn't reached five years yet and you need the money, you'll still get your principal back plus whatever interest has accrued — you just won't get the full interest you would have earned. Check the issue date on your bond to know where you stand. The date is printed on the front of the bond.
Frequently Asked Questions
Can I cash a savings bond at any bank, or only the one that issued it?
Most banks will cash savings bonds even if they didn't issue them, as long as you have an account there. Banks that don't have an account relationship with you may still cash bonds, but some charge a fee or require you to open an account. Call ahead to confirm their policy.
What happens if I lose my paper savings bond?
Contact the Treasury at 1-844-284-2676 or visit TreasuryDirect.gov to report it lost. You'll need to provide the bond's series, denomination, and serial number if you have it. The Treasury can issue a replacement, though the process takes several weeks and requires documentation.
Can I cash a savings bond if someone else's name is on it?
No, unless you are the registered owner or have legal authority (such as power of attorney or guardianship). If the bond owner is deceased, you'll need a death certificate and proof of your right to the bond, such as being named in their will or being the executor of their estate.
How long does it take to get my money after I cash a bond?
At a bank or credit union, you get cash or a deposit same-day. Through TreasuryDirect online, the money reaches your bank account in three to five business days. By mail to the Federal Reserve, expect four to six weeks from the time they receive your bond.
Do I have to pay taxes when I cash a savings bond?
Yes, the interest you earned is subject to federal income tax. You'll report it on your tax return for the year you cash the bond. Some states don't tax savings bond interest, so check your state's rules. The bank or Federal Reserve won't withhold taxes, so you're responsible for reporting it yourself.