Banks and credit unions are your fastest option for cashing Series EE bonds in person
Most banks and credit unions will cash Series EE savings bonds for you on the spot, as long as you own the bond and can show a government-issued ID. You do not need to have an account at that institution. Walk in during business hours with the physical bond and your ID, and the teller will verify the bond's value using Treasury Department records, then hand you cash or deposit it into an account you name.
Call ahead to confirm the branch handles bond redemptions — some smaller branches or credit unions do not. Large national banks like Bank of America, Wells Fargo, and Chase handle them routinely. Community banks and local credit unions often do too, but policies vary by location.
The teller will ask whether the bond is registered in one name or two. If two names are on the bond, both owners must be present with ID, or the bond must be signed by both parties beforehand. If the bond is in a child's name, a parent or guardian must present it with their own ID and the child's birth certificate or Social Security card.
Key Takeaways
- Banks and credit unions cash Series EE bonds in person for free, usually within minutes, if you bring the physical bond and a government-issued ID.
- The Treasury Department's TreasuryDirect website lets you redeem electronic Series EE bonds online without visiting a bank, though the process takes a few business days.
- If you have lost the physical bond, you can request a replacement from the Treasury Department using Form PD 1048, which takes several weeks.
- Series EE bonds held for less than five years incur a penalty equal to the last three months of interest, so check the purchase date before cashing.
- You will owe federal income tax on the interest earned, though you can defer reporting it until the bond matures or you cash it.
Redeeming electronic bonds through TreasuryDirect
If you own a Series EE bond purchased through TreasuryDirect (the Treasury Department's online platform), you can cash it directly on the website without visiting a bank. Log into your TreasuryDirect account, navigate to the "Manage Securities" section, select the bond you want to redeem, and request the redemption. The Treasury Department will deposit the money into the bank account you have on file, usually within two to three business days.
You can only redeem electronic bonds this way — physical paper bonds must go to a bank or credit union. If you are unsure whether your bond is electronic or paper, check your TreasuryDirect account or look for a certificate in your safe deposit box or home files.
What to do if you have lost the physical bond certificate
If the paper bond is lost, stolen, or destroyed, you can request a replacement from the Treasury Department using Form PD 1048 (Request for Relief — Theft, Loss, or Destruction of U.S. Savings Bonds). You will need to provide the bond's serial number if you have it, or details like the series, denomination, issue date, and the name it was registered under.
Mail the completed form to the Bureau of the Fiscal Service at the address listed on the form, along with a statement explaining what happened. The process typically takes four to eight weeks. Once the Treasury Department issues a replacement, you can cash it at a bank or request a redemption through TreasuryDirect if it is converted to electronic form.
Understanding the early redemption penalty
Series EE bonds cashed before five years have passed from the issue date lose the last three months of interest. For example, if you bought a bond on January 1, 2020, and cash it on December 1, 2024 (just under five years), you forfeit the interest that would have accrued from September 1 to December 1, 2024. The bank teller will calculate this automatically when you redeem the bond.
If you are close to the five-year mark, waiting a few months can save you money. Check the issue date on the bond before you cash it. After five years, there is no penalty, and you can redeem at any time.
Tax reporting when you cash the bond
The interest you earn on a Series EE bond is subject to federal income tax. You have two choices: report the interest each year as it accrues (even though you have not cashed the bond yet), or wait and report all the interest when you finally redeem the bond or it reaches final maturity at 30 years.
Most people choose the second option — report everything at redemption. When you cash the bond, the bank does not issue a 1099 form automatically. Instead, you will report the interest earned on your tax return. The interest amount equals the redemption value minus what you paid for the bond. If you paid $50 for a bond that redeems for $67, you owe tax on $17 of interest.
Keep records of the purchase price and redemption value. If the bond was a gift, the person who received it (not the giver) owes the tax on the interest.
Cashing bonds registered to a minor or estate
If the bond is in a child's name, a parent or legal guardian can cash it by presenting the bond, their own ID, and the child's birth certificate or Social Security card. The child does not need to be present. The interest is taxable to the child, not the parent, so you may want to consult a tax professional about reporting it.
If the bond owner has died, the person handling the estate (the executor or administrator named in the will) can redeem it. Bring the bond, a certified copy of the death certificate, and proof of your authority to act for the estate — usually a letter from the probate court or a copy of the will. Some banks may ask for additional documentation. Contact the bank ahead of time to confirm what they need.
Comparing your cashing options at a glance
| Method | Time to receive money | Requirements | Cost |
|---|---|---|---|
| Bank or credit union in person | Same day (minutes) | Physical bond, government ID, both owners present if two names on bond | Free |
| TreasuryDirect online | 2–3 business days | Electronic bond, TreasuryDirect account login | Free |
| Mail to Treasury Department | 4–8 weeks | Form PD 1048, bond details or serial number, explanation of loss | Free |
Frequently Asked Questions
Can I cash a Series EE bond at any bank?
Most banks and credit unions will cash them, but not all branches do. Call ahead to confirm the location handles savings bond redemptions. You do not need an account there. If your bank declines, try another bank or credit union in your area — at least one will cash it.
What happens if I cash the bond before five years?
You lose the last three months of interest. For example, a bond purchased January 1, 2020, cashed December 1, 2024, forfeits interest from September 1 to December 1. After five years from the issue date, there is no penalty.
Do I get a tax form when I cash the bond?
No. The bank does not issue a 1099. You report the interest earned on your tax return yourself. The interest equals the redemption value minus what you originally paid. Keep your purchase records and the redemption receipt.
Can I cash a bond if someone else's name is on it?
If both names are on the bond, both owners must be present with ID, or both must sign it beforehand. If only the other person's name appears, you cannot cash it — they must do it themselves or sign a power of attorney.
What if the bond is in my child's name?
A parent or guardian can cash it by bringing the bond, their own ID, and the child's birth certificate or Social Security card. The child does not need to be present. The interest is taxable to the child.