Where to cash your savings bond

You can cash a savings bond at most banks and credit unions, even if you don't have an account there. Walk in with the bond itself, a valid photo ID, and your Social Security number. The teller will verify the bond's value, confirm you're the owner or an authorized representative, and give you the cash or deposit it into an account you name.

If you prefer not to visit a branch, the U.S. Treasury also accepts bond redemptions by mail. You'll need to fill out Form PD 1522 (for Series EE and I bonds) or Form PD 1522-1 (for older series), sign it in front of a witness or notary, and mail both the form and the bond to the Treasury address listed on the form itself. This route takes longer — typically two to four weeks — but works if you live far from a bank or prefer to handle it remotely.

Some employers offer payroll deduction programs where you can cash bonds directly through your HR department, though this is less common than it once was. Ask your employer's benefits office if they offer this service.

Key Takeaways

  • You can cash a savings bond at any bank or credit union by bringing the bond, a photo ID, and your Social Security number.
  • If the bond is in someone else's name, you'll need to be listed as a co-owner or have power of attorney to cash it.
  • Mailing your bond to the Treasury takes two to four weeks but works if you can't visit a bank in person.
  • You'll owe federal income tax on the interest your bond earned, though you may not owe it until you cash the bond.
  • Series I bonds have a penalty if you cash them before five years have passed, but Series EE bonds do not.

Ownership and who can cash the bond

Only the owner of the bond can cash it, or someone legally authorized to act on the owner's behalf. If the bond is registered in your name alone, you can cash it. If it's registered in two names (you and a co-owner), either of you can usually cash it without the other's permission, though some banks ask both owners to be present.

If you're cashing a bond that belongs to someone else — a deceased parent, a minor child, or someone who is incapacitated — you'll need legal proof of your authority. This might be a will, a power of attorney document, guardianship papers, or a court order. The bank will ask to see these documents before they hand over the money. If the bond owner has died, you may also need to provide a death certificate.

For bonds owned by a minor, a parent or legal guardian can cash them, but the bank will want to see proof of guardianship. Some banks require both the minor and the guardian to sign.

What happens to the interest you've earned

When you cash a savings bond, you receive the face value plus all the interest it has earned since you bought it. That interest is subject to federal income tax. You do not owe tax on the interest until you cash the bond — this is called tax deferral, and it's one reason people hold savings bonds for years.

The bank or credit union will not withhold taxes when you cash the bond. Instead, you'll report the interest on your federal tax return for the year you cashed it. If you cashed multiple bonds in the same year, add up all the interest and report the total.

You may also owe state or local income tax on the interest, depending on where you live. Federal savings bonds are exempt from state and local taxes, but the interest they earn is not. Check your state's tax rules or ask a tax professional if you're unsure.

Early redemption penalties and waiting periods

Series I bonds have a penalty if you cash them before five years have passed: you lose the last three months of interest. So if you've owned an I bond for four years and nine months, you'll get back your principal plus interest for four years and six months only. After five years, there is no penalty, no matter when you cash it.

Series EE bonds have no early redemption penalty. You can cash them anytime after you buy them, though the interest will be lower if you cash them within the first five years. The Treasury guarantees that a Series EE bond will double in value within 20 years, but if you cash it early, you'll get whatever it's actually worth at that moment, which may be less than double.

Older bond series — Series A through D, and Series H and HH — have their own rules. If you own bonds from these series, check the Treasury's website or call 1-844-284-2676 to learn the specific terms for your bonds.

Cashing bonds that have matured

A savings bond stops earning interest after a certain number of years. This is called the final maturity date. Series EE bonds mature after 30 years; Series I bonds mature after 30 years as well. Once a bond has matured, it will not earn any more interest, so there's no financial reason to hold it.

You can still cash a matured bond at any time. The bank will give you the principal plus all interest earned up to the maturity date. If you've lost track of when your bond matures, the Treasury's website has a tool where you can look up your bonds by series and issue date.

What to bring to the bank

Bring the physical bond itself — the actual certificate or document. If you've lost the bond, you can request a replacement from the Treasury, though this takes time and requires proof of ownership. Bring a valid photo ID (driver's license, passport, or state ID card). Bring your Social Security number or have it memorized; you'll need to provide it so the bank can verify you're the owner.

If you're cashing the bond for someone else, bring their ID as well as yours, plus the legal document that gives you authority (power of attorney, guardianship papers, or a will if the owner has died). Some banks also ask for a second form of ID or a utility bill to confirm your address, so it doesn't hurt to bring those too.

Cashing bonds by mail or through the Treasury

Download Form PD 1522 from the Treasury's website (treasurydirect.gov). Fill it out completely, including your name, address, Social Security number, and the bond's series, denomination, and issue date. Sign the form in front of a notary public or an authorized witness (a bank officer, lawyer, or certain government employees can witness it). Mail the signed form and the bond itself to the address shown on the form.

The Treasury will process your request and mail you a check. This typically takes two to four weeks from the date they receive your package. If you need the money faster, cashing in person at a bank is your better option. Keep a copy of the form and a record of when you mailed it in case you need to follow up.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash savings bonds for you, even if you don't have an account there. Call ahead to confirm they offer this service, as some smaller branches may not. You'll need the bond, a photo ID, and your Social Security number.

What if I lost my savings bond?

Contact the Treasury at 1-844-284-2676 or visit treasurydirect.gov to report it lost. You can request a replacement, but you'll need to prove you own it — usually with documentation of the purchase or proof of ownership. The process takes several weeks.

Do I have to pay taxes when I cash the bond?

You owe federal income tax on the interest the bond earned, but you don't pay it when you cash it. Instead, you report the interest on your tax return for that year. The bank won't withhold the tax automatically.

Can I cash a bond that's in my child's name?

Yes, if you're the parent or legal guardian. Bring the bond, your ID, the child's ID (if they have one), and your Social Security number. Some banks ask both the child and parent to sign, so call ahead to ask what they need.

What if the bond is worth more than I expected?

Savings bonds earn interest every month, and the rate changes for Series I bonds every six months. Use the Treasury's Savings Bond Calculator on treasurydirect.gov to see what your bond is actually worth before you cash it. This tool shows you the current value based on the series, issue date, and denomination.