Your bank or credit union is usually the fastest place to cash Series EE bonds

Most banks and credit unions will cash Series EE bonds for you during normal business hours, often while you wait. You need to bring the physical bond certificate, a valid government-issued ID, and your Social Security number. Some banks limit the number of bonds they'll cash in a single transaction or charge a small fee, so call ahead to confirm their policy.

If you bank online only or your institution doesn't cash bonds, the U.S. Treasury's official redemption route is your backup. You can redeem Series EE bonds through TreasuryDirect, the federal government's online savings bond platform, or by mail through the Treasury Retail Securities Site. Online redemption through TreasuryDirect is available only if you originally purchased the bonds there and they're registered to your account.

For bonds purchased in paper form before you had a TreasuryDirect account, or bonds you inherited, the mail-in method through the Treasury Retail Securities Site is often your only federal option. This route takes longer — typically two to four weeks — but costs nothing.

Key Takeaways

  • Banks and credit unions cash Series EE bonds in person if you bring the certificate, a valid ID, and your Social Security number.
  • TreasuryDirect online redemption works only for bonds you purchased through that platform and that are registered to your account.
  • The Treasury Retail Securities Site accepts mail-in redemptions for paper bonds, including inherited ones, and takes two to four weeks.
  • Some financial institutions charge fees or limit the number of bonds per transaction, so confirm their policy before you visit.
  • You must report the interest earned on Series EE bonds as income on your federal tax return in the year you redeem them, unless you chose the education exclusion when you purchased them.

Cashing bonds at your bank or credit union in person

Walk into any branch of your bank or credit union with your bond certificate, a valid ID (driver's license, passport, or state ID), and your Social Security number. The teller will verify the bond's serial number and current value, then issue you a check or deposit the funds directly into your account. This usually takes 10 to 15 minutes.

Before you go, call the branch to confirm they cash savings bonds. Some smaller institutions or credit unions don't offer this service. If your branch doesn't, ask whether another branch in the network does, or whether they can refer you to a bank that will.

A few institutions charge a small fee (typically $5 to $15) to cash bonds, and some have limits on how many bonds you can redeem in one visit. These policies vary widely, so asking about fees and limits when you call saves a wasted trip.

Redeeming bonds online through TreasuryDirect

If you own Series EE bonds through a TreasuryDirect account, you can redeem them online without leaving home. Log into your account at treasurydirect.gov, select the bonds you want to cash, and confirm the transaction. The Treasury deposits the funds into your linked bank account within one to two business days.

This method works only for bonds you purchased directly through TreasuryDirect and that are currently registered to your TreasuryDirect account. If you inherited bonds or received them as a gift, they won't appear in your account unless the previous owner's estate or the gift-giver transferred them to you through the proper Treasury process.

You'll need your TreasuryDirect login credentials and a linked bank account. If you haven't set up TreasuryDirect yet but own bonds purchased through the program, you can create an account and link your existing bonds by providing the bond serial numbers and other identifying information.

Mailing bonds to the Treasury Retail Securities Site

The Treasury Retail Securities Site accepts paper Series EE bonds by mail. You'll need to complete Form PD F 1048, the official redemption form, and mail it along with your bonds to the address listed on the form. The Treasury processes mail-in requests in the order received, typically within two to four weeks.

This route is necessary if you have paper bonds that were never registered to a TreasuryDirect account, or if you inherited bonds and haven't transferred them into your own account. It's also an option if your bank won't cash them or if you prefer not to visit a branch.

You can download Form PD F 1048 from the Treasury website or request it by phone. Include a copy of your ID and your Social Security number with the form. The Treasury will mail you a check to the address on file, or deposit funds directly into your bank account if you provide account information on the form.

What to do if you inherited Series EE bonds

Inherited bonds require a different process depending on whether the original owner's estate has been settled. If the estate is still open, the executor or administrator should handle the redemption as part of settling the estate. If the estate is closed or the bonds were left to you outside probate, you'll need to establish your ownership before cashing them.

Contact the Treasury Retail Securities Site by phone or mail to report the death of the original owner and request instructions for transferring the bonds into your name. You'll need to provide a certified copy of the death certificate and proof of your relationship to the deceased. Once the bonds are registered to you, you can redeem them through any of the standard methods — your bank, TreasuryDirect, or by mail.

Some banks will cash inherited bonds directly if you bring the bond certificate, a certified death certificate, and proof of your identity and relationship to the deceased. Call ahead to ask whether your bank handles this, as policies vary.

Tax reporting when you redeem Series EE bonds

The interest you earn on Series EE bonds is subject to federal income tax. In the year you redeem the bonds, you must report the total interest earned as income on your federal tax return. The Treasury doesn't issue a 1099-INT form for savings bonds; instead, you calculate the interest yourself by subtracting what you paid for the bond from the redemption value.

If you purchased the bonds with the intent to pay for may have access to education expenses and meet the requirements, you may be able to exclude the interest from your taxable income. This is called the education exclusion. You must have purchased the bonds in your name (not as a gift), been at least 24 years old when you bought them, and used the proceeds for tuition and fees at an accredited school. Keep records of your purchase date, the bond serial numbers, and education expenses to support this claim if the IRS asks.

State and local taxes on savings bond interest vary by location. Some states don't tax federal savings bonds at all, while others tax them like regular income. Check your state's tax rules or consult a tax professional if you're unsure.

Frequently Asked Questions

Can I cash a Series EE bond before it reaches maturity?

Yes, you can redeem Series EE bonds at any time after you've owned them for one year. If you cash them before five years have passed, you'll lose the last three months of interest as a penalty. After five years, there's no penalty, and you receive the full current value.

What if I lost the physical bond certificate?

Contact the Treasury Retail Securities Site to report the lost bond. You'll need to provide the bond serial number, issue date, and denomination. The Treasury can issue a replacement certificate or help you redeem the bond if you can't locate it. If you don't have the serial number, the process takes longer because the Treasury has to search their records.

Do I need to report the bond's value when I redeem it?

You don't need to report the redemption itself to any government agency, but you do report the interest earned as income on your federal tax return. Keep your redemption documentation for your records in case the IRS asks about the transaction.

Can someone else cash my Series EE bonds for me?

No. The person whose name is on the bond must be present to redeem it in person at a bank, or must sign the redemption form if redeeming by mail. The only exception is if you've granted power of attorney to someone or if they're acting as executor of your estate.

How do I know the current value of my Series EE bond before I cash it?

Use the Savings Bond Calculator on the Treasury website. You'll need the bond's series, denomination, issue date, and final maturity date. If the bond is registered in TreasuryDirect, your account shows the current value automatically.