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

Most people cash savings bonds at their own bank or credit union. Walk in with the bond itself, your ID, and your Social Security number. The teller will verify the bond's serial number and current value, then deposit the cash into your account or give it to you on the spot. This takes minutes to an hour, depending on how busy the branch is.

Not every bank will do this. Call ahead and ask whether they cash savings bonds — some smaller branches or credit unions may not have the systems to verify them. If your bank declines, they can usually tell you where the nearest branch that does cash bonds is located.

If you don't have a bank account or prefer not to use your bank, you have other options that work just as well.

Key Takeaways

  • Your own bank or credit union will cash a savings bond in minutes if you bring the bond, your ID, and your Social Security number.
  • The Federal Reserve Banks and the Treasury Department will cash bonds by mail, though the process takes one to two weeks.
  • You can cash bonds at any bank, not just the one where you have an account, but calling ahead prevents a wasted trip.
  • If a bond is registered to someone who has died, the executor or beneficiary must submit it with a death certificate and proof of authority.
  • Savings bonds cannot be cashed before their issue date, and some bonds have penalties for early redemption within the first five years.

The Federal Reserve Banks handle bonds by mail

If you prefer not to visit a bank in person, you can mail your bond to a Federal Reserve Bank. Each region has one, and you can find the address for your region on the Federal Reserve's website. Include a letter with your name, address, Social Security number, and the bond's serial number. Sign the back of the bond in front of a witness or notary — the Federal Reserve requires this.

Mail the bond certified, return receipt requested, so you have proof it arrived. The Federal Reserve will deposit the money into your bank account or send you a check. This process takes one to two weeks from the time they receive it.

The Treasury Department also cashes bonds by mail through their Bureau of the Fiscal Service, though the Federal Reserve route is faster for most people.

Any bank can cash your bond, not just your own

You do not need to have an account at a bank to cash a bond there. Any bank that offers savings bond redemption services will cash it for you. This matters if you do not have a bank account, or if your bank refuses to cash bonds.

Call the bank first. Ask whether they cash savings bonds and what documents you need to bring. Most will ask for your ID and Social Security number. Some banks charge a small fee to cash a bond from another institution, though many do not — it is worth asking before you go.

What to bring when you cash a bond in person

Bring the physical bond itself — you cannot cash a bond without it. Bring a government-issued ID with your photo and signature, such as a driver's license or passport. Bring your Social Security number (you can write it on a piece of paper if you do not have a card). Some banks will also ask for a second form of ID.

Do not sign the back of the bond before you arrive at the bank. The teller will watch you sign it as part of the verification process. If you sign it early and then lose it, someone else could potentially cash it.

If the bond is registered to someone else but you are authorized to cash it — for example, as a parent or guardian — bring documentation of that authority along with your ID.

Bonds registered to a deceased person require a death certificate

If the bond owner has died, the executor of the estate or the named beneficiary can cash the bond. You will need the original bond, a certified copy of the death certificate, and a document showing your authority — either the will, a court order naming you executor, or a beneficiary designation form.

Some banks will not handle this in-person. If yours declines, mail the bond to the Federal Reserve Bank in your region with copies of all documents. Include a letter explaining your relationship to the deceased and why you are authorized to redeem the bond. This takes longer than a regular redemption, usually two to four weeks.

Timing rules: when you can and cannot cash a bond

You cannot cash a bond before its issue date. If you have a bond issued on May 1, 2024, you cannot redeem it until May 1, 2024, even if you hold it in your hand on April 30.

Series EE and I bonds have a penalty for redemption within the first five years: you lose the last three months of interest. If you cash a bond before five years have passed, the bank will calculate the redemption value without that interest. After five years, there is no penalty, and you receive the full current value.

Series HH bonds and older series have different rules. Check the bond itself or the Treasury's website to see what applies to your specific bond.

What happens after you cash the bond

If you cash the bond at a bank and the money goes into your account, it is yours to use immediately. If the bank gives you a check, you can deposit it or cash it like any other check.

The bank does not report the redemption to the IRS — you do. Savings bond interest is subject to federal income tax. You will owe tax on the interest earned, not on the original purchase price. Keep a record of the redemption value and the amount you paid for the bond so you can calculate the interest when you file your taxes.

Frequently Asked Questions

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

Yes. Any bank that offers savings bond redemption will cash a bond for you, even if you do not have an account there. Call first to confirm they cash bonds and ask about any fees.

What if I lost the physical bond?

Contact the Treasury Department's Bureau of the Fiscal Service. They can issue a replacement bond if you provide the serial number and proof of ownership. This takes several weeks. You cannot cash a bond without the physical document.

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

You owe federal income tax on the interest the bond earned, not on the amount you paid for it. You report this on your tax return. Some states do not tax savings bond interest, but federal tax applies everywhere.

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

At a bank in person, minutes to an hour. By mail to the Federal Reserve, one to two weeks. If you mail it to the Treasury Department, allow three to four weeks.

Can I cash a bond if it is registered to my child?

Only if you are listed as the co-owner or authorized representative on the bond itself. If your child is the sole owner, they must be present and sign the bond, or you need a power of attorney or court order giving you authority to redeem it.