Most banks will cash Series EE and Series I bonds, but not all branches handle them the same way

Your own bank is often the fastest place to cash a savings bond, but you need to bring the physical bond certificate and a government-issued ID. Banks that participate in the Treasury's bond program can cash them same-day or within one business day. However, not every branch of a large bank offers this service — some smaller branches or banks in rural areas may not have the staff trained to process bonds, and some banks have stopped offering it altogether.

The Treasury does not maintain a public list of which banks cash bonds. Your best approach is to call your bank's main customer service line and ask whether your specific branch handles savings bond redemptions. If it does not, you can ask for a referral to a nearby branch that does, or you can use the Treasury's own redemption channels instead.

Key Takeaways

  • Call your bank before visiting to confirm that your branch cashes savings bonds, because many branches no longer offer this service.
  • Bring the physical bond certificate, your government-issued ID, and proof of Social Security number (usually your tax return or Social Security card) to cash a bond in person.
  • If your bank will not cash the bond, you can redeem it directly through TreasuryDirect online or by mail to the Federal Reserve Bank in your region.
  • Banks typically do not cash bonds that are less than one year old, even if the bond itself allows early redemption.

What to bring when you visit your bank

You will need the actual bond certificate — a paper document, not a digital record. If you own a Series EE or Series I bond issued after 2012, you may have it only in electronic form in TreasuryDirect, which banks cannot cash. In that case, you must redeem it through TreasuryDirect instead.

Bring a government-issued photo ID (driver's license, passport, or state ID card). You will also need to prove your Social Security number. The bank will usually accept a Social Security card, a tax return, or a W-2 form. Some banks ask for two forms of ID if one of them is not a photo ID.

If you are cashing a bond on behalf of someone else — a deceased relative's estate, for example — bring the bond certificate, your ID, and legal documentation showing you have the right to redeem it (a death certificate and will, or a court order). Rules vary by bank, so call ahead to ask what documents they need.

Why some banks have stopped cashing bonds

Large national banks including Bank of America, Wells Fargo, and Chase have reduced or eliminated bond-cashing services at most branches over the past decade. The reason is simple: the transaction is labor-intensive and unprofitable for the bank. A teller must verify the bond's authenticity, check the owner's identity, confirm the bond has met the minimum holding period, and process the redemption through the Federal Reserve — all for a transaction that generates no fee for the bank.

Smaller regional banks and credit unions are more likely to still offer the service, particularly if they have long-standing relationships with their customers. Community banks sometimes view it as a service that keeps customers loyal, even if it does not make money on its own.

If your bank will not cash the bond, this does not mean you are stuck. The Treasury offers other redemption methods that are free and do not require a bank.

Redeeming bonds through TreasuryDirect instead

If your bond is registered in TreasuryDirect (the Treasury's online system), you can redeem it directly without visiting a bank. Log into your TreasuryDirect account, select the bond, and request redemption. The money will be deposited into your linked bank account within one to three business days.

If you own a paper bond certificate and your bank will not cash it, you can mail it to the Federal Reserve Bank that serves your region. The Treasury website lists the address for your region. Include a letter stating your name, address, Social Security number, and the bond's serial number. The Federal Reserve will mail you a check within two to four weeks.

You can also take a paper bond to a bank that is not your own. Many banks will cash bonds from non-customers, though some charge a small fee (usually $5 to $15) or require you to open an account. Call ahead to confirm the fee and what documents you need to bring.

Bonds that are too new to cash at a bank

Most banks will not cash a bond until it has been held for at least one year, even if the bond itself allows early redemption. This is a bank policy, not a Treasury rule. Series EE bonds can be redeemed after one year (with a three-month interest penalty if redeemed before five years). Series I bonds must be held for one year before any redemption is allowed.

If your bond is less than one year old and you need the money, TreasuryDirect will redeem it online if the bond meets the Treasury's own rules. A Series EE bond less than one year old cannot be redeemed through any channel. A Series I bond can be redeemed through TreasuryDirect after one year, even if your bank refuses.

What happens after the bank cashes your bond

The bank will give you the redemption value in cash or deposit it into your account, depending on the amount and the bank's policy. For large amounts, the bank may issue a cashier's check instead of cash. You will receive a receipt showing the bond's serial number, the redemption date, and the amount paid.

Keep this receipt. The Treasury does not send you a separate confirmation, so the bank's receipt is your proof of redemption. If you need to report the interest income on your tax return, you can use the receipt to calculate the difference between what you paid for the bond and what you received.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only my own bank?

You can cash a bond at any bank that offers the service, not just your own. However, banks that are not your own may charge a fee or require you to open an account. Call ahead to ask about their policy for non-customers.

What if I lost the physical bond certificate?

If you own the bond in TreasuryDirect, you do not have a physical certificate and can redeem it online. If you owned a paper certificate and lost it, contact the Treasury's Savings Bond Division at 844-284-2676 to report it missing and request a replacement or redemption.

Do I have to pay taxes on the interest when I cash a bond?

Yes, the interest is taxable income in the year you redeem the bond. You can report it on your federal tax return. Some people defer reporting the interest until the bond matures, but you must report it in the year of redemption at the latest.

Can I cash a bond if it is registered to someone else?

No, unless you have legal authority to act on their behalf (power of attorney, guardianship, or executor status). If the owner is deceased, you will need a death certificate and proof that you are the beneficiary or executor of the estate.

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

If you cash it in person, you usually receive the money the same day or the next business day. If the bank issues a cashier's check, you can deposit it into your account immediately, though the funds may take one to three business days to clear.