Where you can cash a bond depends on what kind of bond you own

Treasury bonds, savings bonds, corporate bonds, and municipal bonds each have different redemption paths. The U.S. Treasury handles its own instruments directly. Savings bonds issued by the Treasury go through banks or the TreasuryDirect website. Corporate and municipal bonds typically go through a brokerage account or the bank where you bought them. The wrong institution will turn you away; the right one will process the redemption in days.

Your first step is to identify which type of bond you hold. Check the bond certificate itself, your brokerage statement, or the confirmation email from when you bought it. The issuer's name tells you where to look: if it says "United States of America," you contact the Treasury. If it names a corporation or municipality, you contact your broker or the original seller.

Key Takeaways

  • Treasury bonds and notes are redeemed directly through the U.S. Treasury or a bank that holds them in your TreasuryDirect account.
  • Series EE and Series I savings bonds must be redeemed through a bank, credit union, or the TreasuryDirect website, and cannot be cashed before one year of ownership.
  • Corporate and municipal bonds are cashed through the brokerage firm where you hold them or the bank that sold them to you.
  • If you own a bond in physical certificate form, you will need to deposit it at a bank or brokerage to convert it to cash.

Treasury bonds and notes through TreasuryDirect or your bank

If you own a Treasury bond or Treasury note, you can redeem it at maturity through TreasuryDirect, the U.S. Treasury's online platform. Log into your account, select the security you want to redeem, and confirm the transaction. The Treasury deposits the principal and any accrued interest into your linked bank account within one business day of the maturity date.

If you do not have a TreasuryDirect account or prefer not to use it, you can redeem Treasury securities at most banks and credit unions. Bring the bond certificate or your account statement showing the security, plus a government-issued ID. The bank will charge a small fee—typically $25 to $50—to process the redemption on your behalf through the Federal Reserve. This route takes three to five business days.

You can also sell a Treasury security before maturity on the secondary market through a brokerage account. This is different from redemption: you are selling the bond to another investor at the current market price, which may be higher or lower than what you paid. A broker can execute this sale in minutes.

Series EE and Series I savings bonds through banks or TreasuryDirect

Series EE and Series I savings bonds—the paper or digital bonds issued by the Treasury for individual savers—are redeemed through banks, credit unions, or TreasuryDirect. If you own a physical paper bond, take it to any bank or credit union. You will need the bond itself, a government-issued ID, and a signature. The institution will verify the bond's authenticity and pay you the current redemption value, which includes the principal and all accrued interest.

If you own a digital Series EE or I bond through TreasuryDirect, log into your account, select the bond, and request redemption. The funds appear in your linked bank account within one business day. You cannot redeem a savings bond before you have owned it for one year. If you redeem it before five years of ownership, you forfeit the last three months of interest as a penalty.

Some banks charge a small redemption fee for savings bonds—usually $5 to $15—while others do not. Call ahead to ask. TreasuryDirect charges nothing.

Corporate and municipal bonds through your brokerage or the original seller

Corporate bonds and municipal bonds are almost always held in a brokerage account, not in physical form. To redeem one at maturity, contact your brokerage firm—Fidelity, Charles Schwab, Vanguard, or whoever holds your account. Tell them you want to redeem the bond by its CUSIP number (a nine-character identifier printed on the bond certificate or shown in your account). The brokerage will process the redemption and deposit the principal and interest into your cash account within two to three business days of the maturity date.

If you own a corporate or municipal bond in physical certificate form, you cannot cash it directly. You must deposit it at a bank or brokerage. The institution will hold it in your account and then redeem it at maturity, or you can ask them to sell it on the secondary market if you need the cash before maturity.

If you want to sell a corporate or municipal bond before maturity, your brokerage can sell it on the secondary bond market. The price you receive depends on interest rates and the bond issuer's credit quality at the time of sale. This transaction usually settles in two business days.

Physical bond certificates and how to convert them to cash

If you hold a bond in physical certificate form—a paper document with the issuer's seal and your name printed on it—you cannot walk into a store and exchange it for cash. You must first deposit it at a financial institution that can hold it and process the redemption.

Take the certificate to a bank, credit union, or brokerage. Bring your government-issued ID and be prepared to sign the back of the certificate. The institution will deposit the bond into an account in your name and hold it until maturity or until you ask them to sell it. Once the bond matures or is sold, the proceeds are deposited into your cash account.

Some smaller banks and credit unions do not accept bond deposits. Call ahead to confirm they offer this service. If your local bank declines, try a larger regional bank or a brokerage firm like Fidelity or Charles Schwab, which accept physical bonds from the public.

What to do if you have lost the bond certificate or cannot find the issuer

If you own a bond but have lost the physical certificate, contact the issuer directly. For Treasury securities, call the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov. For corporate bonds, call the company's investor relations department. For municipal bonds, contact the municipality's finance office or the bond trustee listed on any paperwork you have.

The issuer can confirm whether the bond exists, verify your ownership, and issue a replacement certificate or arrange redemption without one. This process can take several weeks. Bring proof of ownership—old statements, purchase confirmations, or tax documents showing the bond purchase.

If you cannot locate the issuer at all, check your state's unclaimed property database. Bonds that reach maturity and are never redeemed are often transferred to the state after a set period. You can search for your name at missingmoney.com, which aggregates state databases.

Timing: when the cash actually reaches your account

Redemption timing varies by bond type and institution. Treasury securities redeemed through TreasuryDirect deposit within one business day of maturity. Bank redemptions of Treasury securities take three to five business days. Brokerage redemptions of corporate and municipal bonds take two to three business days after maturity.

If you redeem before maturity by selling on the secondary market, the settlement is usually two business days. If you redeem a savings bond at a bank, you may receive cash the same day, though some institutions require you to wait one business day.

Plan ahead if you need the cash by a specific date. Maturity dates do not always fall on a business day, and weekends and holidays extend the timeline. If you are redeeming before maturity, confirm the settlement date with your broker before you execute the sale.

Frequently Asked Questions

Can I cash a bond at any bank?

No. Treasury bonds and savings bonds can be cashed at most banks and credit unions, but corporate and municipal bonds cannot—they must go through a brokerage. Even for Treasury and savings bonds, some smaller institutions do not offer redemption services. Call ahead to confirm.

What if my bond has not matured yet?

You can sell it on the secondary market through a brokerage at the current market price, which may be higher or lower than what you paid. You cannot redeem it early at face value. For savings bonds, you cannot redeem them before one year of ownership, and redeeming before five years costs you three months of interest.

Do I need the original purchase receipt to cash a bond?

No. If the bond is in your name and you have a government-issued ID, most institutions will redeem it. If you lost the certificate, the issuer can verify your ownership through other records and process the redemption without it.

What happens if I try to cash a bond at the wrong place?

They will tell you they cannot process it and direct you to the correct institution. For example, a bank cannot redeem a corporate bond held in a brokerage account. You will need to contact your broker instead.

Is there a fee to cash a bond?

Banks and credit unions often charge $5 to $50 to redeem Treasury or savings bonds. Brokerages typically charge nothing for redemptions at maturity but may charge a commission if you sell before maturity. TreasuryDirect charges no fees.