You can redeem a savings bond at most banks, credit unions, and the U.S. Treasury

The place you redeem depends on the bond's age and whether you own it electronically or on paper. Paper bonds issued before May 2003 can go to a bank or credit union. Paper bonds issued after May 2003 and all electronic bonds (held through TreasuryDirect) must go to the Treasury itself. A bank or credit union will cash most paper bonds on the spot, but the Treasury takes longer and requires you to set up an account if you do not have one.

You do not need to be a customer of the bank or credit union to redeem a bond there. Walk in with the bond, a form of ID, and proof of Social Security number. The teller will verify the bond's authenticity, check that you are the registered owner, and give you the cash or deposit it into an account you name.

Key Takeaways

  • Paper Series EE and I bonds issued before May 2003 can be cashed at any bank or credit union that offers savings bond redemption services.
  • Paper bonds issued after May 2003 and all electronic bonds held in TreasuryDirect must be redeemed through the U.S. Treasury website or by mail.
  • Banks and credit unions typically redeem bonds the same day, while the Treasury takes one to two weeks after receiving your request.
  • You will need the physical bond (for paper bonds), a government-issued ID, and proof of your Social Security number to redeem at a bank or credit union.
  • Electronic bonds in TreasuryDirect can only be redeemed by logging into your account online or by calling the Treasury's customer service line.

Redeeming paper bonds at a bank or credit union

Most banks and credit unions will redeem paper Series EE and I bonds issued before May 2003. Call ahead to confirm the branch handles bond redemptions—not every location does, and some larger branches are more likely to have staff trained in the process. Bring the bond itself, a photo ID (driver's license, passport, or state ID), and a document showing your Social Security number (tax return, W-2, or Social Security card).

The teller will examine the bond to confirm it has not been altered, check the issue date and series, and verify that the name on the bond matches your ID. If everything checks out, you will receive the full redemption value in cash or as a deposit to an account. The process usually takes 15 to 30 minutes. If the bond is registered to two people, both owners must be present, or one owner must have a signed power of attorney from the other.

If a bond was issued after May 2003 as a paper bond, most banks will turn you away. The Treasury stopped issuing paper bonds in 2011, so any paper bond you hold was issued before that year. Check the issue date printed on the bond itself—if it says 2003 or later, you will need to redeem it through the Treasury instead.

Redeeming electronic bonds through TreasuryDirect

If your bonds are held electronically in a TreasuryDirect account, you cannot take them to a bank. You must redeem them online through your TreasuryDirect account or by phone. Log in at treasurydirect.gov, navigate to the "Manage My Securities" section, and select the bond you want to redeem. Confirm the redemption, and the Treasury will deposit the proceeds into the bank account you have on file.

The redemption request is processed within one to two weeks. The Treasury will send you a confirmation email with the transaction details. If you do not have a TreasuryDirect account but own electronic bonds, contact the Treasury at 844-284-2676 to locate your account or set one up. You will need your Social Security number and the bond's issue date.

Electronic bonds can be redeemed at any time after purchase, but Series EE bonds earn interest for 30 years and Series I bonds for 30 years as well. Redeeming early means you forfeit future interest, so check the bond's maturity date and current value before you decide.

Redeeming bonds by mail

If you cannot visit a bank or access TreasuryDirect online, you can redeem a paper bond by mail. Send the bond, a completed Form PD 1522 (Request for Payment of Savings Bond), a copy of your ID, and a copy of a document showing your Social Security number to the Treasury at the address listed on the form. The Treasury will mail you a check within two to three weeks of receiving your package.

Download Form PD 1522 from treasurydirect.gov or request it by phone at 844-284-2676. Include a cover letter stating your name, the bond's series and denomination, and the address where you want the check sent. Mail everything to the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Do not send the original bond by regular mail—use certified mail with return receipt so you have proof of delivery.

This method is slower than a bank visit or online redemption, but it works if you live far from a bank that handles bonds or prefer not to set up a TreasuryDirect account. Keep a copy of everything you send for your records.

What happens if you cannot find the physical bond

If you own a paper bond but have lost it, you can still redeem it or replace it. Contact the Treasury at 844-284-2676 with the bond's series, denomination, and issue date. The Treasury can verify that the bond was issued to you and either issue a replacement bond or process a redemption without the physical certificate. This takes longer than a standard redemption—typically four to six weeks—because the Treasury must confirm the bond has not been cashed elsewhere.

If the bond was issued after May 2003, it may have been issued electronically and never had a paper certificate. In that case, check your TreasuryDirect account or call the Treasury to confirm. Electronic bonds cannot be lost because they exist only in the Treasury's system.

Redeeming bonds held in someone else's name

If you are the beneficiary or executor of an estate and need to redeem a bond registered to a deceased person, the process differs slightly. You will need the original bond, a certified copy of the death certificate, and proof that you are authorized to act on behalf of the estate (such as letters testamentary or a power of attorney). Some banks will handle this; others will direct you to the Treasury.

Contact the Treasury at 844-284-2676 before you visit a bank. The Treasury can explain what documents you need and whether you should redeem through them or a bank. Processing an estate redemption takes longer than a standard redemption because the Treasury must verify your authority and confirm the registered owner's death.

Frequently Asked Questions

Can I redeem a savings bond before its maturity date?

Yes. Series EE and I bonds can be redeemed at any time after you own them for one year. If you redeem before five years have passed, you lose the last three months of interest. After five years, you receive the full current value with no penalty.

What if my bank says it does not redeem savings bonds?

Not every bank branch handles bond redemptions. Try another branch of the same bank, a different bank, or a credit union in your area. If no local institution redeems bonds, use TreasuryDirect online or redeem by mail through the Treasury.

How do I know how much my bond is worth?

For electronic bonds in TreasuryDirect, log into your account and the current value appears on your dashboard. For paper bonds, use the Savings Bond Calculator at treasurydirect.gov. Enter the bond's series, denomination, and issue date, and it will show you the current redemption value.

Do I have to pay taxes on the interest when I redeem?

Yes. The interest earned on a savings bond is subject to federal income tax in the year you redeem it. Some bonds may also be exempt from state and local taxes. Consult a tax professional about your specific situation, as tax treatment depends on how the bond was purchased and registered.

What if the bond is damaged or torn?

A slightly damaged bond can usually still be redeemed at a bank if the serial number and issue information are legible. Bring it to a bank and ask. If the damage is severe, contact the Treasury—they can issue a replacement bond or process a redemption based on your ownership records.