Banks and credit unions are your fastest option for cashing savings bonds

Most people cash savings bonds at their own bank or credit union. Walk in with the bond itself, your ID, and a signature card (which the teller will provide), and you can usually walk out with cash the same day. The teller will verify the bond's serial number, check that it has reached final maturity or that you meet the early redemption rules, and process the transaction. Some banks charge a small fee for this service — typically $5 to $15 — though many waive it for account holders.

Not every branch handles bonds, so call ahead. Larger branches are more likely to have staff trained in bond redemption than smaller ones. If your bank cannot process it, ask which branch in your area can, or whether they can send it to a processing center on your behalf.

Key Takeaways

  • Your own bank or credit union is the simplest place to cash a savings bond, usually taking one business day and costing nothing if you have an account there.
  • The U.S. Treasury's TreasuryDirect website lets you redeem Series I and EE bonds online if you own them in electronic form, with funds arriving in your bank account within a few business days.
  • If you inherited a bond or own a paper bond, you cannot redeem it online and must use a bank, credit union, or the Federal Reserve.
  • The bond must have reached its final maturity date or you must meet early redemption rules (usually owning it for at least one year) before any institution will cash it.
  • Bring the physical bond, your ID, and be prepared to sign a form confirming you are the owner or authorized representative.

Redeeming electronic bonds through TreasuryDirect

If you own Series I or Series EE bonds in electronic form through TreasuryDirect (the Treasury's online platform), you can redeem them directly on the website without visiting a bank. Log into your TreasuryDirect account, select the bond you want to cash, and request redemption. The Treasury will deposit the funds into the bank account linked to your TreasuryDirect profile within one to three business days.

This method works only for bonds you purchased electronically through TreasuryDirect. If you own paper bonds or inherited bonds registered in someone else's name, you cannot use this route. You will need to use a bank, credit union, or Federal Reserve branch instead.

Federal Reserve branches for paper bonds and inherited bonds

If your bank declines to cash your bond or you do not have a bank account, you can visit a Federal Reserve branch. The Federal Reserve processes savings bonds for the public, though not all branches offer this service to walk-in customers. Call the nearest Federal Reserve branch to confirm they handle bond redemptions and what hours they are open.

Bring the bond, your ID, and proof of ownership (such as a purchase receipt or the original bond certificate). Processing typically takes one to two weeks. If you inherited the bond, bring documentation showing you are the authorized heir or executor, such as a will or court order.

What happens if the bond is registered to someone else

If the bond is registered in someone else's name — for example, you inherited it from a parent — you cannot cash it yourself. The registered owner or their estate must redeem it, or you must obtain legal authority to do so. This usually means getting a court order naming you as executor or administrator of the estate.

If the original owner is still living and you have their permission, they can sign the back of the bond and authorize you to cash it on their behalf. The bank or Federal Reserve will require their signature and ID as well as yours. Some institutions ask for a notarized power of attorney instead, which costs $10 to $50 depending on your state.

Checking whether your bond is ready to cash

Before you go to a bank or the Federal Reserve, verify that your bond has reached a point where it can be redeemed. Series EE and Series I bonds can be cashed after one year of ownership, though you will lose the last three months of interest if you cash before five years. After five years, you can cash them without penalty.

Series HH bonds (no longer sold but still held by many people) have different rules: they mature after 20 years and cannot be cashed early without losing interest. Check the bond itself or use the Treasury's Savings Bond Calculator at treasurydirect.gov to see the current value and maturity date. Write down the series, denomination, and serial number before you visit the bank — this speeds up the process.

What to bring and what to expect

Bring the physical bond (if you have one), a government-issued ID such as a driver's license or passport, and your Social Security number. If you are cashing a bond for someone else with their permission, bring their ID and Social Security number as well. The teller will ask you to sign a form stating that you are the owner or authorized representative and that the information on the bond is correct.

The teller will verify the bond's serial number against Treasury records to confirm it is genuine and has not already been cashed. This verification usually takes a few minutes in person at a bank, or one to two weeks if you mail the bond to a Federal Reserve branch. Once verified, you will receive the full redemption value in cash or as a deposit to your account.

Mailing bonds to the Federal Reserve if you cannot visit in person

If you cannot reach a bank or Federal Reserve branch, you can mail your bond to the Federal Reserve for redemption. Contact the Federal Reserve Bank serving your region to request a mailing address and instructions. You will need to include a letter stating your name, address, Social Security number, and the bond's serial number, series, and denomination.

Mail the bond via certified mail with return receipt so you have proof of delivery. Processing takes two to four weeks after the Federal Reserve receives it. The Treasury will mail you a check or deposit funds to a bank account you provide. This method is slower and carries the small risk of loss in the mail, so use it only if other options are not available.

Frequently Asked Questions

Can I cash a savings bond before it matures?

Series I and EE bonds can be cashed after one year, but you will forfeit the last three months of interest. After five years, you can cash them without penalty. Series HH bonds cannot be cashed early. Check your bond's series and purchase date to see whether early redemption applies to you.

What if the bank says they cannot cash my bond?

Not all banks process bonds, and some have stopped doing so. Ask the teller which branch in your area handles bonds, or contact a Federal Reserve branch directly. You can also mail the bond to the Federal Reserve, though this takes longer.

Do I need to report the interest when I cash the bond?

Yes. The interest you earned is taxable income in the year you cash the bond. The bank or Federal Reserve will not issue a tax form, so keep your redemption receipt and note the amount of interest earned. You will report this on your tax return.

What if I lost the physical bond?

Contact the Treasury at treasurydirect.gov or call 844-284-2676. You can request a replacement if you have the serial number and proof of purchase. If you own the bond in electronic form through TreasuryDirect, you do not need the physical certificate — you can redeem it online.

Can someone else cash my bond if I give them permission?

Yes, but the bank will require both your signature and theirs, plus both of your IDs. Some banks ask for a notarized power of attorney instead. Call your bank ahead of time to confirm what documentation they need.