Your bank or credit union is usually the fastest place to cash a savings bond

Most savings bonds can be cashed at any bank or credit union where you hold an account. Walk in with the bond itself, your ID, and your account number. The teller will verify the bond's serial number and current value, then deposit the cash directly into your account or give it to you on the spot. This takes minutes to an hour, depending on how busy the branch is.

Not all banks cash bonds for non-customers. Call ahead and ask whether they will cash a savings bond if you don't have an account there. Some large national banks like Bank of America, Wells Fargo, and Chase will do it; many smaller regional banks and credit unions will not. If your bank declines, move to your next option.

Key Takeaways

  • Your own bank or credit union can cash most savings bonds in minutes if you bring the bond, your ID, and proof of account ownership.
  • The U.S. Treasury will cash bonds by mail if no bank will do it, but the process takes two to four weeks and requires specific forms.
  • Series EE and Series I bonds must reach their final maturity date (30 years) before the Treasury will cash them by mail; banks have no such restriction.
  • Bonds issued before May 2003 are paper; bonds issued after are digital and require a different process to redeem.
  • If you have lost the bond or it is damaged, the Treasury can issue a replacement, but you will need proof of purchase or ownership.

The U.S. Treasury's mail-in redemption process

If no bank will cash your bond, you can send it directly to the U.S. Treasury's Bureau of the Fiscal Service. This is slower but always available. You will need to fill out Form PD F 1522 (for paper bonds) or Form PD F 1522-1 (for digital bonds held in TreasuryDirect). Mail the completed form and the bond itself to the address listed on the form.

Processing takes two to four weeks. The Treasury will mail you a check to the address on file. You cannot request a direct deposit to your bank account through this method — it is check only. If you are in a hurry, this is not the route to take.

One important limit: Series EE and Series I bonds have a final maturity date of 30 years. The Treasury will not cash them by mail until they reach that date, even if you own them. Banks, however, will cash them before maturity. This is a major reason to use your bank if you have one.

Paper bonds versus digital bonds in TreasuryDirect

Bonds issued before May 2003 are physical paper certificates. You hold them in your hand, and you cash them by taking them to a bank or mailing them to the Treasury. If you lose a paper bond, you will need to file a claim with the Treasury and provide proof of purchase — a receipt, a bank statement showing the purchase, or a prior tax return on which you reported the bond.

Bonds issued after May 2003 are digital and held in a TreasuryDirect account. You do not have a physical certificate. To cash a digital bond, log into your TreasuryDirect account online, select the bond you want to redeem, and request the redemption. The money goes into your linked bank account within one to two business days. This is the fastest method available and requires no trip to a bank.

If you own digital bonds but do not remember your TreasuryDirect login, go to treasurydirect.gov and use the "Forgot Password" link. If you cannot recover your account, call the TreasuryDirect customer service line at 844-284-2676.

What to bring when you go to your bank

Bring three things: the bond itself (in good condition), a government-issued photo ID, and your account number at that bank. If the bond is in someone else's name, you will need a power of attorney or proof that you are the executor of their estate. Banks will not cash a bond in a deceased person's name without legal documentation.

If the bond is damaged — torn, faded, or water-stained — the bank may refuse it and direct you to the Treasury instead. The Treasury can replace a damaged bond, but the process takes several weeks. Avoid this by storing bonds in a safe deposit box or a fireproof safe at home.

Cashing bonds held in a minor's name

If a bond is registered in a child's name, a parent or legal guardian can cash it. Bring the child's birth certificate or Social Security card along with your ID. Some banks will ask the child to be present; others will not. Call your branch ahead of time to find out their policy.

If the bond is in a custodial account (set up under the Uniform Transfers to Minors Act), the custodian can redeem it, but the funds belong to the minor and must be used for their benefit. The custodian cannot keep the money for personal use.

What happens if your bank refuses

If your bank will not cash the bond, ask them to refer you to another bank in their network that will. Large banks often have branches in other cities that handle bonds for non-customers. If that does not work, contact your state's banking regulator — usually called the Department of Financial Services or Division of Banking — and ask for a list of banks in your area that cash savings bonds.

Your last resort is the Treasury by mail. It is slow, but it always works. Fill out the form, mail the bond, and wait. You will get your money.

Tax reporting when you cash a bond

When you cash a savings bond, you owe federal income tax on the interest it earned. The bank does not withhold this tax — you report it yourself when you file your tax return. The Treasury will send you a Form 1099-INT in January of the year after you cash the bond, showing how much interest you earned.

If you cashed the bond through the Treasury by mail, you will still receive a Form 1099-INT. Keep it with your tax records. State income tax may also apply, depending on where you live.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only at my own bank?

Most large national banks will cash bonds for anyone with a valid ID, whether or not you have an account there. Smaller banks and credit unions often limit this to account holders. Call ahead to confirm. If your bank declines, try another bank in the same network or contact the Treasury.

What if my savings bond is in someone else's name and they have died?

You will need a death certificate and legal proof that you are the executor of their estate or the beneficiary named on the bond. Bring these documents to the bank along with your ID. If the bank cannot process it, the Treasury can, but you will need to submit the documents by mail along with the bond.

How long does it take to get my money if I mail the bond to the Treasury?

The Treasury typically takes two to four weeks to process a mailed bond redemption. They will send you a check to the address on file. If you need the money faster, use your bank instead — most banks process bonds in minutes to an hour.

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

Yes. The interest earned on the bond is subject to federal income tax. You report this on your tax return in the year you cash the bond. The Treasury will send you a Form 1099-INT showing the interest amount. State income tax may also apply depending on your state.

What if I lost my paper savings bond?

Contact the Treasury and file a claim. You will need to provide proof that you owned the bond — a receipt, a bank statement from the purchase, or a prior tax return on which you reported the bond. The Treasury can issue a replacement, but the process takes several weeks.