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

Most banks will cash savings bonds for you during regular business hours, whether you have an account there or not. Bring the bond itself, a valid photo ID, and your Social Security number. The teller will verify the bond's serial number and current value, then give you cash or deposit the money into an account. Processing takes a few minutes to a few hours depending on how busy the branch is.

Not every bank does this — some smaller branches or credit unions may decline — so call ahead before you go. Ask specifically whether they cash savings bonds and whether you need an appointment. If your bank won't do it, they can usually tell you which nearby branches will.

Key Takeaways

  • Banks are the most common place to cash savings bonds and usually process them in minutes, but call first to confirm your branch does this.
  • The U.S. Treasury's TreasuryDirect website lets you redeem Series I and EE bonds online without leaving home, though the money takes a few business days to arrive.
  • Your bond's issuing bank — the one printed on the bond itself — will always cash it, even if you no longer have an account there.
  • Credit unions, savings and loan associations, and some brokerage firms also cash savings bonds, though availability varies by location.
  • You cannot cash a savings bond at a retail store, post office, or through a check-cashing service, no matter what the bond says.

Cashing bonds online through TreasuryDirect

If you own Series I or Series EE bonds and you registered them on TreasuryDirect (the Treasury's online system), you can redeem them directly from your computer without visiting a bank. Log into your TreasuryDirect account, select the bond you want to cash, and request the redemption. The Treasury will deposit the money into your bank account within one to three business days.

This method works only if the bond is already in your TreasuryDirect account. If you have a paper bond, you cannot redeem it online — you must cash it in person at a bank or mail it to the Treasury. If you have an older bond that was issued before TreasuryDirect existed, it will not be in the system.

Going to the bond's original issuing bank

Every savings bond has a bank name printed on it — that is the bank that issued it. That bank will always cash the bond for you, even if you closed your account there years ago or never had an account at all. You do not need to be a customer. Bring your ID, the bond, and your Social Security number, and the teller will process it.

This is your safest option if you are unsure whether other banks in your area will cash it. The issuing bank has no reason to refuse — they issued the bond in the first place, and they have the systems to verify it. If the issuing bank is far away or no longer exists, you can mail the bond to the Treasury instead.

Credit unions and savings institutions

Many credit unions and savings and loan associations cash savings bonds for members and non-members alike. Call your local credit union first — some do this routinely, while others do not. If yours does not, they may be able to refer you to one that does.

Brokerage firms and investment companies sometimes cash savings bonds if you have an account with them, but this is less common than at banks. Call ahead to ask. Processing time is usually the same as at a bank — a few minutes to a few hours.

Mailing your bond to the Treasury

If you cannot reach a bank or prefer not to go in person, you can mail your savings bond to the Bureau of the Fiscal Service, which is the Treasury office that handles savings bonds. Include a letter stating that you want to redeem the bond, your name, address, and Social Security number. Sign and date the letter. Mail the bond and letter together to the address listed on the Treasury's website.

The Treasury will verify the bond, calculate its current value, and mail you a check. This process takes four to six weeks. Your bond is at risk while it travels through the mail, so consider insuring the package. Keep a copy of your letter and note the date you mailed it in case you need to follow up.

What you need to bring or provide

Whether you cash your bond in person or by mail, you will need the same basic information. Have your valid photo ID ready — a driver's license, passport, or state ID card all work. You will need your Social Security number. And of course, you need the bond itself.

If someone else is cashing the bond on your behalf, that person will need their own ID and Social Security number, plus a signed letter from you authorizing them to do so. Some banks require the authorization letter to be notarized. Ask the bank what they need before the other person comes in.

Bonds that are too old or damaged to read

If your bond is so faded or damaged that the serial number is illegible, the bank may not be able to verify it. In that case, mail the bond to the Treasury with a letter explaining the damage. Include your name, address, and Social Security number. The Treasury has records of all bonds ever issued and can look up the bond's value even if the paper is damaged.

If you have lost the bond entirely, you cannot cash it. The Treasury does not issue replacements for lost savings bonds. If the bond was registered in your name on TreasuryDirect, you can still redeem it online — the physical paper does not matter. But if it was a paper bond you never registered, it is gone.

Frequently Asked Questions

Can I cash a savings bond at a post office?

No. Post offices used to cash savings bonds decades ago, but they stopped this service. You must use a bank, credit union, the Treasury's online system, or mail the bond to the Treasury. Some people still believe post offices do this, so it is worth calling to confirm before you go.

What if the bank says they do not cash savings bonds?

Ask them for the name of a nearby bank that does. Most banks have a list of branches in your area that offer this service. You can also call the bond's issuing bank directly, or mail the bond to the Treasury. Do not let one "no" stop you — other options exist.

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

In person at a bank, usually a few minutes to a few hours. If you redeem online through TreasuryDirect, one to three business days. If you mail the bond to the Treasury, four to six weeks. The fastest way is always in person at a bank.

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

You will owe federal income tax on the interest your bond earned, but not on the original amount you paid for it. You do not pay the tax when you cash it — you report the interest on your tax return for that year. State and local taxes vary by location. A tax professional can help you understand what you owe.

Can I cash someone else's savings bond?

Only if they give you written permission and you bring that signed letter to the bank along with your ID. Some banks require the permission letter to be notarized. The bond's owner should contact their bank first to ask what proof they need, then give you those instructions before you go.