Banks and credit unions are your fastest option

Most US savings bonds can be cashed at any bank or credit union where you have an account. You do not need to use the bank that issued the bond — any financial institution will do. Bring the bond itself, a valid photo ID, and your account information. The teller will verify the bond's serial number and current value, then deposit the cash into your account or give it to you in person.

Some banks have limits on how many bonds they will cash in a single day or require advance notice for large amounts. Call ahead if you are cashing more than a few bonds or if the total value is over $10,000. Credit unions often have the same process but may move more slowly than large banks, so plan for an extra day or two.

Key Takeaways

  • Any bank or credit union will cash your savings bond if you have an account there, and you can use a different bank than the one that issued it.
  • The US Treasury's TreasuryDirect website lets you redeem Series I and EE bonds online without visiting a bank, though the process takes several business days.
  • If you do not have a bank account, the Federal Reserve Banks in your region will cash bonds for a small fee, or you can open a basic savings account at most banks for free.
  • Bring your bond, a photo ID, and proof of your Social Security number when you visit in person.
  • Some bonds have maturity dates or penalties for early redemption — check your bond's issue date and type before you cash it.

Cashing bonds online through TreasuryDirect

If your savings bond is a Series I or Series EE bond and you own it through a TreasuryDirect account, you can redeem it directly on the Treasury website without leaving home. Log into your TreasuryDirect account, select the bond you want to cash, and request the redemption. The Treasury will deposit the money into the bank account linked to your TreasuryDirect profile.

The online process typically takes three to five business days from the time you submit your request. You will see the transaction status in your account dashboard. This method works only if the bond is registered in your TreasuryDirect account — if you have a physical paper bond, you must use a bank or the Federal Reserve instead.

Federal Reserve Banks if you have no bank account

If you do not have a bank account, you can take your bond to a Federal Reserve Bank in your region. The Federal Reserve will cash it for you and issue a check or money order. There is usually a small fee — typically $5 to $15 — though some Federal Reserve locations waive the fee for certain bond types or amounts.

To find the Federal Reserve Bank nearest you, visit the Federal Reserve's website and search by state. Call ahead to confirm their hours and whether they require an appointment. Bring your bond, a photo ID, and your Social Security number. The process takes about 15 minutes, and you will receive a check the same day.

What to bring and how to prepare

Bring the physical bond itself — the actual paper certificate if you have one. If you lost the paper bond but registered it with the Treasury, you can request a replacement through TreasuryDirect before cashing it. You will also need a valid photo ID such as a driver's license or passport.

If the bond is registered in someone else's name, that person must be present to sign it over, or you will need a power of attorney document. If the bond owner has died, the person redeeming it will need to bring a death certificate and proof that they are an authorized heir or executor. Different banks handle these situations differently, so call ahead if the bond is not in your name.

Understanding penalties for cashing early

Series EE and Series I bonds have a minimum holding period of one year. If you cash them before one year has passed, the bank will refuse the transaction. After one year, you can cash them anytime, but if you cash a Series EE or Series I bond before it reaches five years old, you will lose the last three months of interest as a penalty.

For example, if you cash a Series EE bond after two years, you lose the interest from months 21 through 24. Series HH bonds and older bond types have different rules — check the issue date and type printed on your bond, or look it up on the Treasury website using your bond's serial number. The bank teller can also tell you whether a penalty applies before you complete the transaction.

Bonds held in a deceased person's name

If you are cashing a bond that belonged to someone who has died, the process depends on whether the bond names a beneficiary and the size of the estate. If the bond names you as a beneficiary, bring the death certificate and your ID. If there is no named beneficiary, the executor of the estate or the closest heir will need to bring the death certificate, proof of their authority (such as letters testamentary from probate court), and their ID.

Some banks will not handle deceased owner bonds and will direct you to the Federal Reserve instead. Call your bank first to ask whether they process these transactions. The Federal Reserve Banks will always cash them, though the process may take longer because they verify the death certificate and the heir's legal standing.

What happens after you cash the bond

Once the bond is cashed, it is gone — you cannot get it back or undo the transaction. The Treasury stops paying interest on that bond immediately. If you cashed it at a bank, the money appears in your account within one business day. If you received a check from the Federal Reserve, deposit it at your bank as you would any other check.

The bank will send you a 1099-INT form at the end of the year if the bond earned more than $10 in interest during that tax year. You will report this interest as income on your federal tax return. Keep your records of the bond's purchase price and redemption amount in case the IRS asks questions later.

Frequently Asked Questions

Can I cash a savings bond at any bank, or does it have to be my bank?

You can cash it at any bank or credit union, even if you do not have an account there. However, most banks will only cash it if you are a customer. If you do not have a bank account, the Federal Reserve will cash it for a small fee.

What if I lost my physical savings bond?

If you registered it with TreasuryDirect, you can redeem it online without the physical bond. If you have a paper bond and lost it, contact the Treasury to request a replacement certificate. Bring proof of ownership, such as your purchase records or tax documents showing you bought the bond.

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

You owe federal income tax on the interest the bond earned, but not on the original amount you paid. You will receive a 1099-INT form if the interest was more than $10. State and local taxes vary by location — some states do not tax savings bond interest at all.

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

At a bank, the money usually appears in your account within one business day. Through TreasuryDirect online, it takes three to five business days. At the Federal Reserve, you receive a check the same day, but you must deposit it at your bank afterward.

What if the bond is in my child's name?

The child must be present to sign the bond, or a parent or legal guardian must have power of attorney. If the child is a minor, most banks will require the parent or guardian to co-sign. Call your bank first to ask what documents they need.