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

Most banks and credit unions will cash Series EE and Series I savings bonds for you on the spot, often without a fee. You need to bring the physical bond itself, a government-issued photo ID, and your Social Security number. Call ahead to confirm the branch handles savings bonds — not all locations do, especially smaller branches — and ask whether they need an appointment or have a minimum amount they will cash.

If your bank declines, it is usually because they do not have the equipment to verify the bond's authenticity or because they have stopped offering the service. This is becoming more common as fewer people hold paper bonds. In that case, move to your next option rather than pushing back.

Key Takeaways

  • Your bank or credit union can cash most savings bonds in person if you bring the physical bond, a photo ID, and your Social Security number.
  • The U.S. Treasury's TreasuryDirect website lets you cash electronic bonds instantly, but only if you hold them in a TreasuryDirect account.
  • If you inherited a bond or lost the original paperwork, the Treasury can help you verify ownership and issue a replacement before you cash it.
  • Paper bonds issued before May 2003 require a signature may provide from a bank or brokerage, not just a notary.

Cashing electronic bonds through TreasuryDirect

If you own Series EE or Series I bonds in a TreasuryDirect account (the Treasury's online platform), you can cash them directly through your account without leaving home. Log in, select the bond you want to redeem, and request the cash transfer. The money goes to the bank account linked to your TreasuryDirect profile, usually within one to two business days.

This route only works if the bond was purchased through TreasuryDirect or if you transferred a paper bond into a TreasuryDirect account. If you have only paper bonds, you cannot use this method unless you first convert them to electronic form — which requires opening a TreasuryDirect account and working with the Treasury to move the bond over.

Paper bonds and the signature may provide requirement

Paper savings bonds issued before May 2003 require a signature may provide before most banks will cash them. This is not the same as a notary public's signature. A signature may provide must come from a bank officer, a credit union officer, or a brokerage firm representative who is registered with the Securities and Exchange Commission. They are verifying that you are who you say you are and that you are authorizing the transaction.

Bonds issued after May 2003 do not require a signature may provide if you are cashing them in person at a bank with your photo ID. If you are mailing a bond to the Treasury or to a bank, you will need a signature may provide regardless of the issue date. Call the bank or the Treasury before you go in to confirm what they need for your specific bond.

Cashing bonds by mail through the Federal Reserve

If you cannot reach a bank or prefer not to go in person, you can mail your paper bond to a Federal Reserve Bank. You will need to complete Treasury Form PD 1239, which is the official form for redeeming savings bonds by mail. Include your bond, the completed form, a photocopy of your photo ID, and a signature may provide (unless the bond was issued after May 2003 and you are cashing it in person, which you are not in this case).

Mail everything to the Federal Reserve Bank in your region. The Treasury's website lists the address for each region. Processing takes two to four weeks, and the Treasury will send a check to the address on your form. This method is slower than going to a bank in person, but it works if you have lost access to a local branch or if your bond is too old to cash any other way.

What to do if you inherited a bond or cannot find the paperwork

If you inherited a savings bond from someone else, you will need to prove your right to cash it. The Treasury requires a certified copy of the death certificate and documentation showing you are the legal heir or beneficiary. Contact the Federal Reserve Bank in your region or call the Treasury's Savings Bond Operations Center at 1-844-284-2676 to ask what documents they need before you attempt to cash it at a bank.

If you have lost the bond itself but remember the series, denomination, and issue date, the Treasury can search their records and issue a replacement. This process takes several weeks. You will need to file a claim with the Treasury, provide proof of ownership (such as old tax records or bank statements showing the purchase), and wait for them to verify the bond exists in their system.

Cashing bonds held in a deceased person's name

If the bond is registered in the name of someone who has died, the process depends on whether there is a named beneficiary on the bond. If a beneficiary is listed, that person can cash the bond by providing a certified death certificate and proof of identity. If no beneficiary is listed, the bond becomes part of the estate and must go through probate or be handled according to state law.

In either case, bring the death certificate and your ID to a bank, or contact the Federal Reserve Bank in your region. Do not try to cash a bond in a deceased person's name without the death certificate — banks will refuse, and the Treasury will flag the transaction.

Fees and taxes when you cash a savings bond

Banks do not charge a fee to cash savings bonds, though some may charge a small fee if you are not a customer. The Treasury does not charge a fee either. However, you will owe federal income tax on the interest your bond earned, and you may owe state income tax depending on where you live. The interest is taxable in the year you cash the bond, not in the years you held it.

If you cashed a bond and did not report the interest on your tax return, the Treasury will send you a Form 1099-INT the following January showing how much interest you earned. Keep your bond receipt or bank statement showing the redemption amount so you can match it to the 1099-INT when it arrives.

Frequently Asked Questions

Can I cash a savings bond at any bank branch?

Not every branch handles savings bonds. Call ahead to confirm the branch you plan to visit offers the service. Larger branches and those in cities are more likely to cash them than small rural branches.

What if I lost my savings bond?

Contact the Treasury's Savings Bond Operations Center at 1-844-284-2676. They can search their records using the bond's series, denomination, and issue date. If they find it, they will issue a replacement bond, which takes several weeks.

Do I have to cash the entire bond, or can I cash part of it?

You must cash the entire bond. You cannot redeem a portion of a single bond. If you want to keep some of the money invested, you would need to purchase a new bond after cashing the old one.

What happens if a savings bond has matured?

A matured bond stops earning interest but remains valid to cash. You can cash it at any time after maturity. There is no penalty for waiting, but you are not earning anything by holding it, so most people cash matured bonds promptly.

Can I cash a savings bond if I do not have a bank account?

Yes. You can cash it at any bank or credit union, even if you do not have an account there. Some may charge a small fee for non-customers. You can also mail it to the Federal Reserve Bank in your region and request a check by mail.