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 account number (or open an account if you don't have one). The teller will verify the bond, sign it in front of you, and deposit the money into your account or give you cash. This takes about 15 minutes. Not every bank does this — call ahead and ask if they cash savings bonds — but most do.

If you don't have a bank account, you can still cash a bond at a bank where you have no relationship. They may charge a small fee (usually $5 to $10) and will require ID. Some banks limit this service to customers only, so call first.

Key Takeaways

  • Your own bank or credit union is the easiest place to cash a savings bond, and most do it for free if you have an account.
  • The Federal Reserve Bank in your region will cash any U.S. savings bond for free, but you need to mail it in or visit in person.
  • The U.S. Treasury will cash bonds by mail if your bank refuses, though this takes several weeks.
  • Bring the physical bond, your ID, and proof of Social Security number; you cannot cash a bond online or by phone.
  • If a bond is lost or destroyed, the Treasury can issue a replacement, but you'll need proof of purchase or ownership.

How to cash a bond at your bank or credit union

Bring three things: the bond itself (in physical form), a government-issued ID, and your account number if you have one. If you don't have an account at that bank, bring ID and be prepared to provide your Social Security number so the bank can verify you are the owner.

The teller will ask you to sign the bond in front of them. They will then verify the bond's serial number and value in their system. If the bond is legitimate and has reached its maturity date (or you are cashing it early), the money goes into your account or is given to you in cash on the spot. If you are cashing a bond before maturity, you may lose some interest, but the bank will tell you the exact amount before processing.

Call your bank first to confirm they cash savings bonds. Some smaller banks or credit unions do not, and a few require advance notice.

The Federal Reserve Bank route for free cashing

If your bank refuses or charges a fee you don't want to pay, the Federal Reserve Bank serving your region will cash any U.S. savings bond for free. You can visit in person during business hours or mail the bond in.

To find your regional Federal Reserve Bank, go to federalreserve.gov and look for the office nearest you. Call them to ask about their hours and whether you need an appointment. If you mail the bond, send it certified mail with return receipt requested. Include a letter with your name, address, phone number, and Social Security number. The Federal Reserve will send you a check in the mail, which usually takes one to two weeks after they receive it.

Cashing a bond through the U.S. Treasury

The Treasury's Bureau of the Fiscal Service will cash a savings bond by mail if you cannot use a bank or the Federal Reserve. This is the slowest option — it typically takes three to four weeks — but it works if you have no other way.

Mail the bond to the address listed on the Treasury's website (treasurydirect.gov), along with a letter stating your name, address, Social Security number, and the bond's serial number. Include a copy of your ID. The Treasury will send you a check. Do not mail an original bond without certified mail and tracking; use certified mail with return receipt requested so you have proof it arrived.

What to do if your bond is lost, stolen, or destroyed

You cannot replace a lost or destroyed bond with cash immediately. Instead, you file a claim with the Treasury to have the bond reissued in your name. This process takes several weeks.

Go to treasurydirect.gov and download Form FS 1048 (Claim for Lost, Stolen, or Destroyed Savings Bond). Fill it out completely, including the bond's serial number if you have it. If you don't have the serial number, provide as much information as you can: the issue date, denomination, and the bank or location where you bought it. Mail the form to the Treasury with a copy of your ID and any proof of purchase (a receipt, a statement from your bank, or a letter from the original purchaser if someone else bought it for you).

The Treasury will investigate and, if they confirm the bond exists and you own it, reissue it. Once you receive the new bond, you can cash it at your bank or the Federal Reserve.

Cashing bonds owned by someone else or a minor

If you are cashing a bond that was purchased for someone else — a child, a spouse, or another person — you need written permission from the owner. The owner must sign the bond in front of a bank teller or notary public. If the owner is a minor, a parent or legal guardian must sign on their behalf.

If the bond owner has died, the person settling their estate (the executor or administrator) can cash the bond. Bring the death certificate and proof that you are authorized to handle the estate. Some banks may ask for a copy of the will or a court order naming you as executor.

Understanding early redemption and penalties

You can cash a savings bond before it reaches full maturity, but you will lose some of the interest you would have earned. Series EE bonds, for example, must be held for at least one year before you can cash them. If you cash them before five years have passed, you lose the last three months of interest.

Series I bonds have similar rules: you must hold them at least one year, and if you cash them before five years, you lose three months of interest. The bank will calculate the exact penalty and tell you the net amount you will receive before you sign the bond.

If a bond has reached its final maturity date (which varies by series), it stops earning interest. At that point, cashing it immediately makes sense because you are not losing anything by waiting.

Frequently Asked Questions

Can I cash a savings bond without going to a bank?

Yes. The Federal Reserve Bank in your region will cash it for free by mail or in person. The U.S. Treasury will also cash it by mail if you send it certified. Both are free, but the Treasury route takes longer — three to four weeks instead of one to two.

What if my bank says they don't cash savings bonds?

Call the Federal Reserve Bank serving your area. They cash any U.S. savings bond for free, and you can mail it in if visiting in person is not practical. Include your name, address, and Social Security number in a letter with the bond, and send it certified mail.

Do I lose money if I cash a bond early?

You lose interest, not principal. Series EE and Series I bonds must be held at least one year. If you cash them before five years, you forfeit the last three months of interest. Your bank will show you the exact amount before you sign the bond.

What happens if I cash a bond that belongs to my child?

The child (or a parent if the child is a minor) must sign the bond in front of a bank teller or notary. You cannot sign on their behalf unless you are their legal guardian and the bond was purchased in their name with you as custodian.

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

At your bank, usually the same day or the next business day. If you mail it to the Federal Reserve, one to two weeks after they receive it. If you mail it to the Treasury, three to four weeks. Always use certified mail with tracking when mailing a bond.