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 if you're an account holder there.

Not every bank will do this — some have stopped cashing bonds altogether, especially smaller branches. Call ahead before you go. If your bank won't cash it, ask if they can refer you to another branch in their system that does, or ask for the name of a bank in your area that handles bonds regularly.

Key Takeaways

  • Your own bank or credit union is the fastest option if they offer bond cashing, usually taking just a few minutes.
  • The Federal Reserve's Treasury Retail Securities Site lets you cash Series I and EE bonds online if you own them in TreasuryDirect.
  • The Bureau of the Fiscal Service will cash any bond by mail if no bank near you will do it, though the process takes several weeks.
  • You need the physical bond, a valid ID, and your Social Security number to cash in person; online redemption requires your TreasuryDirect login.
  • Older bonds and bonds held in paper form may have different redemption rules depending on their series and issue date.

Cashing bonds online through TreasuryDirect

If you own Series I or Series EE bonds in a TreasuryDirect account, you can redeem them online without leaving home. Log into your TreasuryDirect account at treasurydirect.gov, find the bond in your holdings, and select the redemption option. The money goes into the bank account linked to your TreasuryDirect account within a few business days.

This only works for bonds you bought directly from the government through TreasuryDirect. Bonds you received as gifts, inherited, or bought from another person in paper form cannot be redeemed this way — those require a bank or the Federal Reserve.

The Federal Reserve's mail-in option for any bond

If no bank in your area will cash your bond, you can mail it to the Federal Reserve. The process is slower — typically two to four weeks — but it works for any US savings bond, regardless of series or age.

Contact the Federal Reserve Bank serving your region to request a redemption form and mailing instructions. You'll send the bond itself, the form, and a copy of your ID to their address. They'll verify the bond, calculate the current value, and mail you a check. The Federal Reserve's website lists all regional banks and their contact information.

What you need to bring or send

For in-person cashing at a bank, bring the physical bond, a government-issued ID (driver's license, passport, or state ID), and know your Social Security number. Some banks may ask for additional proof of identity or ownership, especially for older bonds or large amounts.

For mail-in redemption through the Federal Reserve, you'll need the bond itself, a completed redemption form (which they provide), and a photocopy of your ID. Do not send the original ID — a copy is sufficient. Never mail a bond without tracking; use registered mail or a service that provides proof of delivery.

Why some banks won't cash bonds anymore

Many banks have stopped offering bond redemption because the transaction is time-consuming and unprofitable for them. Larger banks are more likely to do it than community banks. Credit unions often have better policies on this than banks do, so if your bank declines, try a credit union in your area.

If you're a customer at a large national bank, you have a better chance of finding a branch that will cash bonds. If you bank at a small local institution, the Federal Reserve mail-in route may be your most practical option.

Bonds held in someone else's name or inherited bonds

If a bond is registered in someone else's name, that person must be present to cash it in person, or they must authorize the redemption in writing. For inherited bonds, the process depends on whether the bond is registered as payable on death to you, or whether it's part of an estate being settled.

Bonds payable on death to you can usually be cashed by you alone with proof of the original owner's death (a death certificate). Bonds that are part of an estate may require court documents or a letter from the executor. Contact your bank or the Federal Reserve with the bond and the death certificate to find out what paperwork they need.

Timing: when the money actually reaches you

In-person cashing at a bank is same-day or next-day, depending on whether you get cash or a deposit. Online redemption through TreasuryDirect takes two to three business days. Mail-in redemption through the Federal Reserve typically takes two to four weeks from the day they receive the bond.

If you need the money urgently, your own bank is the only option that gets you cash immediately. If you're planning ahead, any method works — just mail it early enough that you're not waiting at the last minute.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only the one where I have an account?

Most banks will only cash bonds for their own account holders. Some large banks will cash bonds for non-customers, but they may charge a fee or require you to open an account. Call ahead to ask. If no bank will help, the Federal Reserve will cash it by mail regardless of where you bank.

What if my bond is very old or I don't have the original paper copy?

Old bonds can still be cashed, but the process may take longer because the bank has to verify it in older systems. If you've lost the physical bond, contact the Bureau of the Fiscal Service with the bond's series, denomination, and serial number (if you have it) — they can issue a replacement or help you redeem it. You'll need proof of ownership, usually a copy of the original purchase receipt or documentation.

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

Yes, the interest earned on a savings bond is subject to federal income tax. You'll report it on your tax return for the year you cash it. Some bonds may also be subject to state and local taxes, depending on where you live. The bank or Federal Reserve won't withhold taxes — that's your responsibility to report.

What happens if I cash a bond before it reaches final maturity?

You can cash most savings bonds anytime after one year of ownership. If you cash before five years, you'll lose the last three months of interest as a penalty. After five years, there's no penalty. Check your bond's series and issue date to confirm the exact rules — they vary by type.