Where you can cash bonds depends on the bond type and who issued it

U.S. savings bonds can be cashed at your bank, through the U.S. Department of the Treasury, or at a credit union — but not all institutions handle all bond types, and some have restrictions based on the bond's age and your relationship with them. Series EE and Series I bonds (the most common types sold today) can be redeemed through TreasuryDirect, your bank, or a credit union. Older bonds like Series E or HH bonds have narrower options. The fastest route is usually your own bank if you have an account there, but the Treasury's website lets you redeem bonds without leaving home.

The method you choose depends on whether your bonds are paper certificates or held in a TreasuryDirect account, how old they are, and whether you want to handle the transaction in person or online. Each route has different timelines, fees, and document requirements.

Key Takeaways

  • Banks and credit unions can cash Series EE and Series I bonds if you have an account with them, though some require the account to be in the same name as the bond.
  • TreasuryDirect (treasurydirect.gov) lets you redeem Series EE and Series I bonds online without visiting a bank, though the process takes a few business days.
  • Older bond types like Series E, Series H, and Series HH have limited redemption options and may require going directly to a Federal Reserve Bank or the Treasury.
  • Banks may charge a fee to cash bonds or refuse to cash them altogether, so calling ahead to confirm they handle bond redemptions is worth your time.
  • You need the physical bond certificate or access to your TreasuryDirect account; bonds cannot be cashed by phone or through a third party without legal authority.

Cashing bonds at your bank or credit union

Most banks and credit unions will cash Series EE and Series I bonds if you have an account with them. Walk in with the bond certificate and a photo ID, and the teller can process it on the spot — usually within minutes. Some banks require the account to be registered in the same name as the bond, so if you own the bond but your spouse's name is on the account, you may need to bring them along or use a different institution.

Not every bank handles bond redemptions, and policies vary widely. Some large national banks like Bank of America and Wells Fargo will cash them, but smaller regional banks and some credit unions may decline or charge a fee (typically $10 to $25). Call your bank's main number or visit a branch to ask whether they redeem savings bonds before you show up with the certificate. If they refuse, you have other options — do not assume your first choice is your only choice.

Older bond types (Series E, H, HH, or bonds issued before 1974) are harder to cash at banks. Many institutions no longer handle these because the redemption process is more complex and the bonds are less common. If your bank declines, contact a Federal Reserve Bank directly or use the Treasury's mail-in process.

Redeeming bonds through TreasuryDirect online

TreasuryDirect (treasurydirect.gov) is the U.S. Treasury's official platform for buying and managing savings bonds. If you own Series EE or Series I bonds through a TreasuryDirect account, you can redeem them entirely online without visiting a bank. Log in, select the bond you want to cash, and request the redemption. The Treasury deposits the money into your linked bank account within one to three business days.

This method works only if your bonds are already in a TreasuryDirect account — physical paper certificates cannot be redeemed through the website. If you have paper bonds, you would need to convert them to a TreasuryDirect account first, which requires mailing the certificates to the Treasury along with a form. That process takes several weeks, so it is slower than cashing the paper bond directly at a bank.

TreasuryDirect redemptions are free and do not require you to have a relationship with any bank. This makes it a good option if you do not have a bank account, if your bank refuses to cash the bond, or if you simply prefer to handle everything online.

Mailing bonds to a Federal Reserve Bank

If you cannot cash your bond at a bank or through TreasuryDirect, you can mail it to a Federal Reserve Bank. This is the standard route for older bond types and for paper bonds that banks will not accept. You will need to fill out Treasury Form PD 1048 (Request for Payment of Savings Bond), include the bond certificate, and mail both to the Federal Reserve Bank in your region.

The Federal Reserve Bank processes the request and mails you a check, usually within two to four weeks. You can find the correct address for your region on the Treasury's website (treasurydirect.gov). Send the package via certified mail with return receipt so you have proof of delivery. Do not send bonds via regular mail — the risk of loss is too high.

What to bring when you cash a bond in person

If you are cashing a bond at a bank or credit union, bring the physical bond certificate and a government-issued photo ID (driver's license, passport, or state ID). Some institutions may ask for a second form of ID or proof of address, though this is less common. If the bond is registered in a minor's name, a parent or guardian must be present and bring their own ID.

If someone else is cashing the bond on your behalf (a power of attorney, executor, or guardian), they will need the bond certificate, their own photo ID, and legal documentation proving their authority — such as a power of attorney form, a court order, or letters testamentary. Banks vary in what they will accept, so call ahead to confirm what documents they need.

Fees and restrictions when cashing bonds

Banks are not required to cash savings bonds, and some charge fees ranging from $10 to $25 per bond. A few banks will not cash them at all, particularly if you do not have an account with them. Credit unions are sometimes more flexible than banks, especially if you are a member. The Treasury and Federal Reserve do not charge fees for redemptions.

Some banks impose a minimum account balance or require you to have held the account for a certain length of time. Others will only cash bonds if you are the account holder and the bond is in your name. These policies are set by each institution, so there is no single rule — which is why calling ahead matters.

Redeeming bonds held in a trust or estate

If a bond is registered in the name of a trust or an estate, the redemption process is more involved. The trustee or executor will need to provide the bond certificate, their photo ID, and documentation showing their authority — typically a copy of the trust document or letters testamentary from the probate court. Banks may require a lawyer to review the documents, which can add time and cost.

For trust-held bonds, contacting the Treasury or a Federal Reserve Bank directly is often simpler than trying to navigate a bank's requirements. They are accustomed to handling these situations and can tell you exactly what paperwork they need before you gather it.

Frequently Asked Questions

Can I cash a savings bond at any bank?

No. Most banks will cash Series EE and Series I bonds if you have an account with them, but some decline or charge fees. Older bond types are harder to cash at banks. Call your bank first to confirm they handle bond redemptions before you visit.

What if I lost the physical bond certificate?

If the bond is in a TreasuryDirect account, you can redeem it online without the certificate. If you have a paper certificate that is lost, contact the Treasury at treasurydirect.gov or call 844-284-2676 to report it and request a replacement or redemption.

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

At a bank, you usually get the money the same day or within one business day. Through TreasuryDirect, it takes one to three business days. Mailing bonds to a Federal Reserve Bank takes two to four weeks.

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

Yes, the interest earned on savings bonds is subject to federal income tax. You report it on your tax return for the year you redeem the bond. State and local taxes do not apply to savings bond interest, but check your state's rules.

Can someone else cash my bond for me?

Only if they have legal authority, such as a power of attorney, guardianship, or executor status. They will need to bring the bond, their photo ID, and legal documentation proving their authority. The bank or Federal Reserve will verify the documents before processing the redemption.