You can redeem US savings bonds at most banks, credit unions, and the US Treasury — the easiest route depends on the bond type and how much you're cashing in

The place you redeem a savings bond depends on whether it's a paper bond or digital bond held in TreasuryDirect, and whether your bank or credit union will handle it. Paper bonds can go to your bank, credit union, or the Federal Reserve. Digital bonds (Series I and EE bonds issued after 2011) must be redeemed through TreasuryDirect online. If your bank refuses paper bonds — many now do — the Federal Reserve is your backup option.

The process is straightforward once you know where to go, but timing matters. Redemptions through banks typically clear in a few business days. TreasuryDirect transfers happen within one to three business days. The Federal Reserve can take longer, sometimes two to four weeks, because they process by mail.

Key Takeaways

  • Paper savings bonds can be cashed at your bank, credit union, or the Federal Reserve, but many banks have stopped accepting them — call ahead before you go.
  • Digital bonds held in TreasuryDirect must be redeemed online through your TreasuryDirect account; you cannot take them to a bank.
  • Banks and credit unions typically process redemptions within a few business days, while Federal Reserve processing by mail takes two to four weeks.
  • You will need the bond itself (for paper bonds) or your TreasuryDirect login (for digital bonds), plus a valid ID and sometimes proof of ownership if the bond is registered to someone else.

Redeeming paper bonds at your bank or credit union

Your bank or credit union is the fastest option if they accept paper savings bonds. Bring the bond itself, a valid photo ID, and your account information. The teller will verify the bond is genuine, check that you're the registered owner or an authorized representative, and process the redemption. You'll receive the cash or a deposit to your account within a few business days.

However, many large banks have stopped accepting paper bond redemptions because the volume is low and the compliance work is high. Call your bank's main customer service line or visit a branch to ask whether they still redeem savings bonds before you make a trip. Credit unions are more likely to accept them than national banks, but policies vary by institution.

If your bank refuses, ask whether they can refer you to a Federal Reserve branch or another local bank that still handles them. Some community banks and smaller regional banks continue to offer this service.

Redeeming digital bonds through TreasuryDirect

Series I and EE bonds issued after 2011 exist only in digital form in your TreasuryDirect account. You cannot print them or take them anywhere; you redeem them entirely online. Log into your TreasuryDirect account at treasurydirect.gov, navigate to "Manage My Securities," select the bond you want to redeem, and follow the prompts to request the redemption.

The money will be deposited into the bank account you have on file with TreasuryDirect within one to three business days. You can redeem a bond any time after you've held it for one month, though redeeming before five years have passed will cost you the last three months of interest.

If you've lost access to your TreasuryDirect account, you can reset your password or contact TreasuryDirect customer service at 844-284-2676 to regain access before you redeem.

Redeeming bonds through the Federal Reserve

The Federal Reserve accepts paper savings bonds by mail if your bank or credit union will not. Contact your regional Federal Reserve branch to request a redemption form, or download the form from the Federal Reserve's website. You'll mail the bond, the completed form, and a copy of your ID to the address provided.

Processing takes two to four weeks because the Federal Reserve processes paper bonds in batches. The funds will be deposited into the bank account you specify on the form. This route is slower but reliable, and it works for any paper bond regardless of series or issue date.

The Federal Reserve does not charge a fee for this service. If you're concerned about mailing an original bond, ask whether they accept certified copies or whether you can hand-deliver it to a local branch.

What you need to bring or provide

For paper bonds at a bank or credit union, bring the physical bond, a valid government-issued photo ID (driver's license, passport, or state ID), and your account number if you want the funds deposited directly. If the bond is registered to someone else and you're redeeming it on their behalf, bring a power of attorney or a letter of authorization signed by the registered owner.

For digital bonds in TreasuryDirect, you need only your login credentials and the ability to access the email address associated with your account (in case TreasuryDirect sends a verification code). For Federal Reserve redemptions by mail, include a copy of your ID and the completed redemption form; do not send the original ID.

Redeeming bonds registered to a minor or deceased person

If the bond is registered to a minor, a parent or legal guardian can redeem it by bringing the bond, their own ID, and proof of guardianship (birth certificate or court order). The minor does not need to be present.

If the bond owner has died, the person handling the estate can redeem the bond by providing the bond itself, their ID, and a certified copy of the death certificate. Some banks and the Federal Reserve may also ask for a copy of the will or letters of administration showing authority to act on behalf of the estate. Contact the institution where you plan to redeem the bond to ask what documents they require before you visit.

Timing and what happens after redemption

Redemption timing depends on where you go. Banks and credit unions typically process within one to three business days if you redeem in person. TreasuryDirect transfers take one to three business days after you request the redemption online. Federal Reserve processing by mail takes two to four weeks from the date they receive your package.

Once the redemption is complete, you will receive the principal plus any accrued interest up to the redemption date. The interest is taxable as federal income in the year you redeem the bond, even if you don't receive a 1099 form immediately. Keep your own record of the redemption date and amount for your tax records.

If you redeemed a bond before it reached five years of age, you will have lost the last three months of interest as a penalty. This is automatic and cannot be waived, so plan ahead if you know you'll need the money soon.

Frequently Asked Questions

Can I redeem a savings bond at any bank, or only the bank where I have an account?

You can redeem at any bank that accepts savings bonds, not just your own bank. However, most banks now decline to redeem paper bonds due to low volume and compliance costs. Call ahead to confirm the bank accepts them before you visit. If they do, you may be able to deposit the funds into an account at that bank or receive cash.

What if I lost the paper bond itself?

Contact the Treasury at 844-284-2676 or visit treasurydirect.gov to report the bond lost or destroyed. You can request a replacement, though the process takes several weeks and requires proof of ownership (such as old tax records or bank statements showing the purchase). If the bond is digital in TreasuryDirect, you do not need the physical bond — your online account is the proof.

Do I have to redeem the entire bond, or can I cash in part of it?

You must redeem the entire bond at once. You cannot split a bond or redeem a partial amount. If you need only some of the money, you'll receive the full value and will need to manage the extra funds yourself.

Will I owe taxes on the interest when I redeem?

Yes. The interest earned on the bond is taxable federal income in the year you redeem it. You may receive a 1099-INT form from the Treasury, but keep your own records of the redemption amount and date for your tax return. State income tax treatment varies by state.

Can I redeem a savings bond before it matures?

Yes, you can redeem any savings bond after holding it for at least one month. However, if you redeem before five years have passed, you will lose the last three months of interest as a penalty. After five years, you can redeem without penalty, though the bond will continue to earn interest if you hold it longer.