You can redeem savings bonds at most banks, credit unions, and the US Treasury website

The easiest place to cash a savings bond depends on the bond type and how much money you're redeeming. Paper bonds can be cashed at any bank or credit union that holds your account — you don't need to use the bank that issued it. Digital bonds (Series I and EE bonds purchased after 2012) can only be redeemed through TreasuryDirect, the official government website where you hold them. Some banks will cash paper bonds even if you don't have an account there, though they may charge a fee or require you to open one.

The Treasury itself does not have walk-in offices where you can redeem bonds in person. Instead, you work through TreasuryDirect online, or you take paper bonds to a financial institution. If you've lost a bond or it's been damaged, the Treasury can replace it, but that process takes longer than a standard redemption.

Key Takeaways

  • Paper savings bonds can be redeemed at your bank or credit union, but digital bonds must be redeemed through TreasuryDirect online.
  • Most banks will cash paper bonds during normal business hours without an appointment, though some charge a small fee.
  • You must wait until a bond reaches its final maturity date or meet the minimum holding period (usually one year) before you can redeem it without penalty.
  • If you redeem a Series EE or I bond before five years have passed, you lose the last three months of interest as a penalty.
  • Bring the physical bond, a valid ID, and proof of Social Security number when cashing a paper bond at a bank.

Redeeming digital bonds through TreasuryDirect

If you own Series I bonds or Series EE bonds purchased online after 2012, they exist only in your TreasuryDirect account. You cannot take them to a bank because there is no physical certificate. To redeem them, log into your TreasuryDirect account at treasurydirect.gov, select the bond you want to cash, and request the redemption. The money goes directly to the bank account you have linked to your TreasuryDirect profile.

The redemption itself is instant in the system, but the money takes one to three business days to appear in your bank account, depending on your bank's processing speed. You cannot redeem part of a digital bond — you must redeem the entire bond at once. If you've forgotten your TreasuryDirect password, you can reset it on the login page, but if you've lost access to the email address associated with your account, you'll need to contact the Treasury's customer service line at 844-284-2676.

Cashing paper bonds at a bank or credit union

Walk into any bank or credit union during business hours with your paper bond, a valid government-issued ID (driver's license, passport, or state ID), and proof of your Social Security number. The teller will verify the bond's serial number, check that you meet the redemption requirements, and process the cash or deposit. Most banks complete this in a few minutes. You do not need to have an account at that bank, though some institutions reserve the right to refuse service to non-customers or charge a small fee (usually $5 to $10).

If you have a large number of bonds to redeem, call ahead. Some banks ask you to schedule an appointment or bring bonds in during slower hours so a manager can oversee the transaction. Credit unions are often more flexible with non-members than banks are, so if your bank turns you away, a local credit union may accept the bonds.

The bank will ask you to sign the back of the bond in front of the teller. If the bond is registered in two names (yours and another person's), both owners must be present and sign, unless the bond is registered "or" rather than "and" — in which case either owner can redeem it alone. If you cannot both be present, you'll need to contact the Treasury to change the registration before you can cash it.

What you need to bring and what happens next

For a paper bond redemption, bring the physical bond itself, a valid ID, and something showing your Social Security number (a Social Security card, tax return, or W-2). The bank will not accept a photocopy of the bond — it must be the original. If the bond is torn, faded, or otherwise damaged but still readable, most banks will still cash it, though they may require manager approval.

You can receive the money as cash, a deposit to your bank account, or a check. If you're redeeming a large amount, the bank may issue a check rather than cash to reduce security risk. Ask the teller what options are available before you hand over the bond. Once the bond is signed and processed, it is no longer valid — the bank keeps it.

Redemption rules: timing and penalties

You must hold a savings bond for at least one year before you can redeem it. If you try to cash a bond before that year is up, the bank or Treasury will refuse. This rule applies to all savings bonds, whether paper or digital.

If you redeem a Series EE or Series I bond before it has been held for five years, you lose the last three months of interest as a penalty. For example, if you bought a Series I bond on January 15, 2023, and redeem it on March 1, 2024, you would receive interest only through December 2023, not through March 2024. Series HH bonds and older bond types have different rules — check the bond's documentation or call the Treasury if you're unsure.

A bond reaches its final maturity date after 30 years (for Series EE and I bonds). After that date, the bond stops earning interest, and you should redeem it. The Treasury will not cash a bond after its final maturity, so if you miss that window, you'll need to contact the Treasury to have it reissued before you can redeem it.

What to do if you've lost a bond or it's damaged

If your paper bond is lost, stolen, or destroyed, contact the Treasury at 844-284-2676 or visit treasurydirect.gov. You'll need to provide the bond's serial number (if you have it), the issue date, the series, and the denomination. The Treasury will search its records to confirm the bond exists and that you are the registered owner. If found, they will issue a replacement bond, which takes several weeks.

If the bond is damaged but still in your possession, you can take it to a bank and ask if they will cash it as-is. Many banks will, especially if the damage is minor and the bond is still readable. If the bank refuses, you can mail the damaged bond to the Treasury with a letter explaining what happened, and they will replace it. This process is slower than a standard redemption, so only use it if the bank won't accept the bond.

Redeeming bonds held in a deceased person's name

If you are the beneficiary or executor of an estate and need to redeem a bond in the deceased person's name, the process depends on whether the bond is registered in one name or two. If it is registered in the deceased person's name alone, you will need to provide the bank with a death certificate and proof that you have the legal authority to act on the estate (such as letters testamentary or a court order). The bank may require you to work with the Treasury directly rather than processing it in-branch.

Contact the Treasury at 844-284-2676 with the bond details and a copy of the death certificate. The Treasury will guide you through the process, which may involve submitting forms and waiting for the Treasury to verify your authority. If the bond was registered in two names and the deceased person was one of them, the surviving owner can usually redeem it by presenting the bond, their ID, and the death certificate.

Frequently Asked Questions

Can I redeem a savings bond before one year has passed?

No. All savings bonds must be held for at least one year before redemption. If you try to redeem before that, the bank or Treasury will refuse. This is a federal rule that applies to every bond type.

What happens if I redeem a Series I bond after three years but before five years?

You will receive the full interest earned up to three months before the redemption date. For example, if you redeem after three years and two months, you get interest through two months minus three months, which means you lose those three months of interest. This three-month penalty applies only if the bond has been held for less than five years.

Can I redeem a digital bond at my bank?

No. Digital bonds exist only in your TreasuryDirect account and can only be redeemed online through that account. Banks cannot process digital bond redemptions. You must log into TreasuryDirect and request the redemption yourself.

What if both owners' names are on a paper bond and only one of us wants to redeem it?

If the bond is registered with both names connected by "and," both owners must be present and sign the bond. If it is registered with "or" between the names, either owner can redeem it alone. Check the bond's face to see which applies. If you need to change the registration, contact the Treasury before attempting to redeem.

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

The redemption is processed immediately in your TreasuryDirect account, but the money takes one to three business days to reach your linked bank account. Weekends and bank holidays may extend this timeline. Check your bank's deposit schedule if you need the money by a specific date.