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

Most people cash savings bonds at their own bank or credit union, and that is still the easiest route if you have an account there. Walk in with the bond itself, your ID, and your account number. The teller will verify the bond's serial number and current value, then deposit the cash directly into your account or give it to you in person. The whole process takes 10 to 20 minutes.

Not every branch handles bonds the same way. Call ahead to confirm your location does this — some smaller branches or credit unions may ask you to mail the bond instead, or they may require you to speak with a manager rather than a teller. If your bank says no, ask whether another branch in your network will do it, or whether they can send it to a processing center on your behalf.

If you do not have a bank account or prefer not to use your current bank, you can open a basic checking account at most banks specifically to cash the bond. You do not need a minimum balance or direct deposit. Some banks waive the monthly fee for the first few months, which gives you time to decide whether to keep the account.

Key Takeaways

  • Your own bank or credit union will cash a savings bond in person if you bring the bond, your ID, and your account number.
  • Call ahead to confirm your branch handles bonds, because some locations require you to mail them or work with a manager instead.
  • The U.S. Treasury's Bureau of the Fiscal Service will cash bonds by mail if no bank will do it in person, though the process takes two to four weeks.
  • Never cash a bond through a third party or online service that charges a fee — you lose money and gain no speed.
  • Savings bonds have no expiration date, so there is no rush to cash them, even if they stopped earning interest years ago.

How to cash a bond at your bank in person

Bring three things: the physical bond certificate, a government-issued ID (driver's license, passport, or state ID), and proof that you own the account you want the money deposited into. If the bond is in your name and you are the registered owner, your ID is enough. If someone else is listed as the owner or co-owner, that person must be present, or you will need a signed power of attorney.

The teller will look up the bond's issue date and series to find its current redemption value. Savings bonds earn interest for 30 years, so an older bond may be worth significantly more than you paid for it. The teller can tell you the exact amount before you cash it. If you want to hold onto it longer, you can walk away — there is no penalty for asking.

Once you agree to cash it, the bank deposits the money into your account or gives it to you in cash on the spot. You will receive a receipt. The bond itself is destroyed and cannot be cashed again. If the bond was registered to multiple people, the bank may require all owners to sign it before cashing, depending on how it was registered.

Cashing bonds by mail through the U.S. Treasury

If no bank near you will cash the bond, or if you prefer not to go in person, you can mail it to the Bureau of the Fiscal Service, which is the federal office that manages savings bonds. This is a free service and takes two to four weeks.

Download the form PD F 1522 from the Treasury website (treasurydirect.gov). Fill it out with your bond's serial number, issue date, and the amount you want to redeem. Sign and date it, then mail both the form and the bond itself to the address listed on the form. Include a copy of your ID and a voided check or bank statement showing the account where you want the money deposited.

The Treasury will verify the bond, calculate its current value, and deposit the money into your bank account. You will receive a confirmation letter in the mail. This method is safest if you are worried about the bond getting lost in the mail — the Treasury has insurance and a tracking system. If you are nervous about mailing the bond, ask your bank one more time whether they will do it in person, even if they said no before.

What not to do: third-party cashing services

Do not use online services, check-cashing stores, or pawn shops that claim they will cash your savings bond for a fee. These services charge anywhere from 5 to 15 percent of the bond's value, which means you lose real money for no reason. Your bank does it for free, and the Treasury does it for free. There is no legitimate reason to pay someone else.

Some of these services also ask for personal information or the bond's serial number before you meet in person. This is a red flag. Never share your bond's details with anyone except your bank or the Treasury. If a service seems pushy or asks for upfront payment, walk away.

Cashing bonds registered to someone who has died

If you inherited a savings bond or are the executor of an estate, the process depends on how the bond was registered. If it was registered to the deceased person alone, you will need a certified copy of the death certificate and proof that you are authorized to handle the estate (such as letters testamentary from the probate court). Bring these to your bank along with the bond.

If the bond was registered as "payable on death" to you, or if you are listed as a co-owner, the process is simpler — you may only need the death certificate and your ID. Call your bank first to ask what documents they need. The Treasury's website also has a form (PD F 5396) for redeeming bonds from a deceased person's estate if you are mailing it instead.

Savings bonds that stopped earning interest

Savings bonds stop earning interest after 30 years, but they do not expire and do not lose their value. If you have a bond from 1994 or earlier, it is no longer growing, but it is still worth whatever it was worth on the day it stopped earning. You can cash it whenever you want — there is no deadline and no penalty for waiting.

Some people hold onto bonds that have stopped earning because they are unsure of the exact value or because they want to keep them as a record. That is fine. If you want the money, cashing it is straightforward. The bank or Treasury will tell you the exact redemption value before you commit.

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 customers. Some larger banks may cash bonds for non-customers, but they may charge a fee or require you to open an account first. Call ahead to ask. If your bank refuses, the Treasury will cash it by mail for free.

What if I lost the physical bond certificate?

Contact the Treasury directly at treasurydirect.gov or call 844-284-2676. They can issue a replacement certificate if you provide the bond's serial number, issue date, and proof of ownership. This process takes several weeks. If you cannot remember the serial number, the Treasury can search their records using your Social Security number and the approximate issue date.

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 do not pay tax when you cash it — you report the interest on your tax return for the year you redeem it. State and local taxes vary by location. A tax professional can help you understand your specific situation.

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

If you cash it in person and ask for cash, you get it immediately. If you ask for a deposit to your account, it usually shows up the same day or the next business day, depending on your bank's processing time. If you mail it to the Treasury, allow two to four weeks.

Can someone else cash my savings bond if I give them permission?

Only if you sign a power of attorney document that specifically authorizes them to do so. The bank will need the original signed power of attorney and a copy of your ID. Without this, the person cashing the bond must be a registered owner or co-owner of the bond itself.