Chase does not cash savings bonds directly, but you can deposit them into your Chase account once you have redeemed them through the U.S. Treasury

Chase Bank will not redeem savings bonds for you. The only way to cash a Series I or Series EE bond is through the U.S. Treasury's TreasuryDirect website or by mailing a form to a Federal Reserve Bank. Once you have received the cash from the Treasury, you can deposit it into any Chase checking or savings account.

This matters because some people assume their bank can handle the redemption directly, the way it might cash a check or process a wire transfer. It cannot. The Treasury is the only entity that can redeem these bonds, and the process takes a different path than a typical banking transaction.

Key Takeaways

  • Chase Bank does not redeem savings bonds; you must redeem them through TreasuryDirect online or by mailing a form to a Federal Reserve Bank.
  • Once you receive the cash from the Treasury, you can deposit it into your Chase account at any branch or through mobile deposit.
  • TreasuryDirect redemption is instant if you have registered bonds in your account; paper bonds require mailing and take one to two weeks.
  • You will need the bond's serial number and issue date to start the redemption process with the Treasury.

Redeeming bonds through TreasuryDirect online

If your Series I or EE bonds are registered in a TreasuryDirect account, you can redeem them on the TreasuryDirect website without visiting Chase or any bank. Log in to your account, select the bonds you want to redeem, and confirm the transaction. The Treasury deposits the cash directly into the bank account you have linked to your TreasuryDirect profile.

This account does not have to be a Chase account. You can link any U.S. bank account to TreasuryDirect, including accounts at credit unions or online banks. Once the Treasury deposits the money, you can transfer it to Chase if you prefer, or leave it where it is.

Redemption through TreasuryDirect is immediate. You will see the money in your linked account within one business day, often the same day you submit the request.

Redeeming paper bonds by mail

If you hold physical paper bonds, you cannot redeem them through TreasuryDirect. Instead, you must mail them to a Federal Reserve Bank along with a completed form. The Federal Reserve will verify the bonds, process the redemption, and mail you a check or deposit the funds directly to your bank account.

To redeem paper bonds by mail, fill out Form PD F 1522 (available on the Treasury website) and mail it with your bonds to the Federal Reserve Bank in your region. You can find the address for your region on the Treasury's website. Include a copy of your government-issued ID and proof of your current address.

Processing takes one to two weeks after the Federal Reserve receives your package. Once you receive the check or the deposit hits your bank account, you can deposit it into Chase if the check was mailed to you, or it will already be there if you requested a direct deposit.

Depositing redeemed bond funds into Chase

After the Treasury sends you the cash—whether as a check or a direct deposit—you can move it into your Chase account. If you received a check, you can deposit it at any Chase branch, through a Chase ATM that accepts deposits, or using the Chase mobile app to photograph the check.

If the Treasury deposited the funds directly into another bank account, you can transfer the money to Chase using an external transfer. Log into your Chase account online, select "Transfer Money," choose "From another bank," and follow the prompts. Chase will ask for the routing number and account number of the bank holding the funds. The transfer typically takes one to three business days.

Tax reporting for redeemed bonds

When you redeem a savings bond, the interest you earned is subject to federal income tax. The Treasury will send you a Form 1099-INT in January of the year after you redeem the bond, showing the interest amount. You must report this on your federal tax return.

State and local taxes vary. Most states do not tax U.S. savings bond interest, but some do. Check your state's tax rules or speak with a tax professional to understand your full tax obligation before redeeming a large bond.

What to do if you cannot find your bond information

If you have paper bonds but lost the serial number or issue date, you can still redeem them. The Federal Reserve will accept the bonds even if the information is worn or faded, as long as the bond itself is readable. Include a note with your redemption form explaining what information is missing.

If you think you own bonds registered in TreasuryDirect but cannot remember your login, go to the TreasuryDirect website and use the "Forgot Password" option. You will need to verify your identity using your Social Security number and other personal information. If you still cannot access your account, call TreasuryDirect at 844-284-2676 for help.

Frequently Asked Questions

Can I cash a savings bond at a Chase ATM?

No. Chase ATMs only dispense cash; they do not process bond redemptions. You must redeem the bond through the Treasury first, then deposit any check or transfer the funds into Chase.

How long does it take to get my money after I redeem a bond?

TreasuryDirect redemptions are instant—usually one business day. Paper bonds mailed to a Federal Reserve Bank take one to two weeks after they arrive. Add a few days for mail delivery on both ends.

Do I have to redeem my bond at a bank?

No. You can redeem Series I and EE bonds entirely online through TreasuryDirect or by mail to a Federal Reserve Bank. A bank is not required at any step except to receive or hold the cash afterward.

What if my bond has matured?

Matured bonds stop earning interest but can still be redeemed for their face value plus all accumulated interest. Redeem them the same way—through TreasuryDirect or by mailing to a Federal Reserve Bank.

Can I redeem a bond that someone else owns?

Only the registered owner or a legal representative (such as an executor or guardian) can redeem a bond. If you inherited a bond, you may need to provide a death certificate or court documents proving your authority.