Your bank or credit union is the fastest place to cash savings bonds, but the U.S. Treasury and your bond issuer are also options

Most people cash savings bonds at their own bank or credit union — you walk in with the bond and your ID, and they process it on the spot or within a few business days. If your bank won't cash it (some smaller institutions decline), the Federal Reserve Bank in your region will cash it for free, though the process takes longer. You can also mail bonds directly to the Treasury or to the issuing financial institution, but this route is slowest and carries the risk of loss in transit.

The method you choose depends on how quickly you need the money, whether you have a banking relationship, and what type of bond you hold. Paper bonds and digital bonds (held in TreasuryDirect) have different redemption paths.

Key Takeaways

  • Your bank or credit union will cash most savings bonds same-day or within three business days if you bring the bond and a government-issued ID in person.
  • The Federal Reserve Bank in your region cashes savings bonds for free by mail, but the process takes two to four weeks and requires you to find your regional bank's address.
  • Digital bonds held in TreasuryDirect can be redeemed directly through your online account without visiting a bank or mailing anything.
  • Paper bonds require the original document and your signature; you cannot cash a photocopy or have someone else cash it without a power of attorney.
  • Banks may charge a small fee to verify the bond's authenticity, though many waive this for customers with accounts.

Cashing paper bonds at your bank or credit union

Bring the physical bond certificate, a government-issued photo ID (driver's license, passport, or state ID), and proof of your Social Security number if the bank asks. Some banks require you to be a customer; others will cash bonds for non-customers but may charge a verification fee of $5 to $15. Call ahead to confirm your specific bank's policy and whether they need an appointment.

The teller will examine the bond to confirm it has matured (reached its final maturity date) and that you are the registered owner or an authorized representative. If everything checks out, you receive cash or a deposit to your account. The whole process usually takes minutes to a few days, depending on whether the bank needs to verify the bond's authenticity with the Treasury.

If your bank declines to cash the bond — which happens occasionally with very old bonds or unusual denominations — ask whether they can refer you to another local bank that will, or move to the Federal Reserve option.

Redeeming digital bonds through TreasuryDirect

TreasuryDirect is the Treasury's online platform where most new savings bonds are now issued. If you own bonds there, you do not need to go anywhere: log into your account at treasurydirect.gov, select the bond you want to redeem, and request the redemption. The money deposits into your linked bank account within one to three business days.

You will need your TreasuryDirect login credentials and the bank account information you registered with the account. If you have forgotten your password, use the "Forgot Password" link on the login page; if you cannot recover access, contact TreasuryDirect customer service at 844-284-2676 (Monday through Friday, 8 a.m. to 8 p.m. Eastern time).

This method is the simplest and fastest for digital bonds. No fees apply, and you have a record of the transaction in your account history.

Using the Federal Reserve Bank for mail-in redemption

If your bank will not cash the bond, the Federal Reserve Bank serving your region will do so by mail at no cost. First, find your regional Federal Reserve Bank on the Federal Reserve's website (federalreserve.gov) — there are twelve regions across the United States, and your state belongs to one of them.

Mail the original bond certificate, a signed letter requesting redemption, a copy of your ID, and a form of proof of your Social Security number (a copy of your tax return, Social Security card, or W-2) to the address listed for your region. Include a return address and specify the bank account where you want the funds deposited, or request a check instead. The Federal Reserve will verify the bond and send payment within two to four weeks.

This method is free but slow and requires you to trust the mail with the original bond. Some people photocopy the bond before mailing it as a backup record, though the Federal Reserve will only redeem the original.

Mailing bonds directly to the Treasury

You can also mail bonds directly to the Bureau of the Fiscal Service, which oversees savings bonds for the Treasury. Send the original bond, a signed letter requesting redemption, a copy of your ID, and proof of your Social Security number to the address listed on the Treasury's website (treasurydirect.gov). Processing takes three to six weeks, and you will receive either a check or a deposit to a bank account you specify.

This route is less common than using a bank or the Federal Reserve because it is slower and carries the same mail risk. Use it only if your regional Federal Reserve Bank is difficult to reach or if you prefer dealing directly with the Treasury.

What happens if the bond has not matured yet

Savings bonds have a final maturity date — usually 30 years from issue — after which they stop earning interest. You can redeem most savings bonds before maturity, but you will lose the last three months of interest as a penalty. For example, if you redeem a bond one month before its final maturity date, you forfeit three months of accrued interest.

Series EE bonds and Series I bonds can be redeemed after one year of ownership, though the three-month interest penalty applies if you cash them before five years have passed. Check your bond's issue date and maturity date before you redeem; your bank can help you interpret these dates if they are unclear.

Replacing lost or damaged bonds

If your paper bond is lost, stolen, or damaged beyond recognition, you cannot redeem it at a bank. Instead, contact the Treasury's Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov to request a replacement. You will need to provide the bond's serial number (if you have it), issue date, denomination, and series letter. The Treasury will verify that the bond was issued in your name and issue a replacement, which takes several weeks.

If you hold bonds in TreasuryDirect, lost or damaged bonds are not an issue because the bonds exist only as digital records in your account.

Frequently Asked Questions

Can someone else cash my savings bond for me?

Only if you give them a power of attorney or they are a co-owner of the bond. Otherwise, the bank or Federal Reserve will require your signature and ID. If you are unable to sign due to illness or disability, consult a lawyer about creating a power of attorney document before you try to redeem the bond.

What if my savings bond is from 1985 and I do not know where it is registered?

Bring it to your bank with your ID and let them investigate. Banks have access to the Treasury's records and can confirm the registered owner and whether the bond has matured. If the bank cannot help, the Federal Reserve or Treasury can look it up if you provide the serial number and issue date.

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

Yes. The interest you earned is subject to federal income tax and, in most states, state income tax. You do not pay the tax at redemption — you report the interest on your tax return for the year you cash the bond. Keep your redemption receipt as proof of the amount.

Can I redeem a savings bond at a bank that is not my own?

Most banks will cash savings bonds for non-customers, but many charge a fee of $5 to $15 for the verification service. Call ahead to ask about the fee and whether an appointment is needed. If the fee is high, using the Federal Reserve by mail may be cheaper.

How long does it take to get my money after I redeem a bond?

At your own bank, usually same-day or within three business days. Through TreasuryDirect, one to three business days. By mail to the Federal Reserve or Treasury, two to six weeks depending on mail delivery and processing time.