Where to cash your EE savings bond

You can cash an EE savings bond at most banks and credit unions, even if you don't have an account there. Call ahead to confirm they handle savings bonds — not every branch does, and some require an appointment. Bring the bond itself and a valid photo ID.

If you don't want to visit a bank in person, you can mail the bond to the Treasury Department's Bureau of the Fiscal Service. Send it to the address listed on the Treasury Direct website, along with a form of identification. Processing by mail takes several weeks, so this route works best if you're not in a hurry.

You can also redeem bonds through a Treasury Direct account online if you have one and the bond is registered in your name. Log in, select the bond, and request redemption. The money deposits to your linked bank account within a few business days.

Key Takeaways

  • Most banks and credit unions will cash EE savings bonds for you without requiring an account, but call first to confirm they offer this service.
  • You must wait at least one year from the issue date before cashing an EE bond, and you'll lose the last three months of interest if you cash it before five years.
  • Bring the physical bond and a photo ID to the bank, or mail the bond to the Treasury Department if you prefer not to visit in person.
  • The bank will give you cash or deposit the money to your account on the spot, and you'll receive a 1099-INT form later for tax purposes.

Timing rules: when you can actually cash the bond

You cannot cash an EE savings bond until at least one year has passed since the issue date. That's a hard rule — no exceptions. If you try to cash it before that year is up, the bank will refuse.

If you cash the bond between one year and five years after issue, you lose the last three months of interest. So if you bought the bond on January 15, 2023, and cash it on January 14, 2024, you get back your principal plus interest through October 2023, not through January 2024. After five years, you keep all the interest earned.

EE bonds continue earning interest for 30 years from the issue date. Many people hold them longer than five years because the interest keeps compounding, but you're free to cash anytime after that first year.

What happens when you cash the bond at a bank

When you hand the bond to the teller, they'll verify the bond number and your ID, then check the current redemption value. This takes a few minutes. They'll ask whether you want cash or a deposit to your account — if you have one there, deposit is faster and safer.

You'll receive the full redemption value on the spot. The bank does not withhold taxes. Instead, the bank reports the interest portion to the IRS on a 1099-INT form, which you'll receive in January of the following year. You'll owe federal income tax on the interest when you file your return, and possibly state income tax depending on where you live.

If you're cashing multiple bonds, the bank will process each one separately and give you a single total. Keep your receipt — it's proof you cashed the bond in case questions come up later.

Redeeming bonds through Treasury Direct online

If the bond is in a Treasury Direct account registered in your name, you can redeem it without leaving home. Log into your Treasury Direct account, navigate to "Manage Direct," and select the bond you want to cash. Click "Redeem" and confirm the transaction.

The money will deposit to the bank account you have linked to your Treasury Direct account within one to three business days. You'll receive a confirmation number immediately. The same tax reporting rules apply — you'll get a 1099-INT in January for the interest earned.

This method works only if you own the bond outright and it's registered in your Treasury Direct account. If someone else owns the bond or it's in paper form only, you'll need to use a bank or mail it to the Treasury Department.

Mailing the bond to the Treasury Department

To redeem by mail, send the bond to the Bureau of the Fiscal Service at the address listed on the Treasury Direct website. Include a photocopy of your ID — do not send the original. Write a letter stating your name, Social Security number, the bond serial number, and the amount you expect to receive. Include your mailing address and phone number.

Mail everything via certified mail with return receipt so you have proof of delivery. Processing takes four to eight weeks. The Treasury Department will mail you a check to the address you provided.

This route is slower but useful if you prefer not to visit a bank or if your local banks don't handle savings bonds. It's also an option if the bond is damaged or if you've lost the physical certificate but have the serial number.

Tax reporting and what you owe

The interest on an EE savings bond is subject to federal income tax. You can choose to report the interest each year as it accrues, or you can wait and report it all when you cash the bond. Most people wait until redemption because it's simpler.

When you cash the bond, the bank or Treasury Department reports the total interest earned to the IRS on a 1099-INT form. You'll receive a copy in January. The interest is taxable income in the year you cash the bond, regardless of when you bought it.

EE savings bonds are exempt from state and local income tax in most states, though a few states tax them. Check your state's tax rules if you live in a state with income tax. Federal tax is unavoidable.

What to do if the bond is lost or damaged

If you've lost the physical bond but know the serial number, you can still redeem it. Contact the Treasury Department directly with the serial number, your ID, and proof of purchase if you have it. They can look up the bond and process a replacement or redemption.

If the bond is damaged but still readable, most banks will still cash it. If it's too damaged to read, the Treasury Department can issue a replacement bond or process a redemption if you can provide the serial number and proof of ownership.

Keep the receipt or confirmation number from any redemption request. If a check is lost in the mail, you can contact the Treasury Department with the confirmation number and they can issue a replacement.

Frequently Asked Questions

Can I cash someone else's EE savings bond?

No. Only the person whose name is on the bond can cash it. If the bond owner has died, the person handling their estate will need to provide a death certificate and proof of authority (like letters testamentary) to redeem it. The bank or Treasury Department will guide you through the process.

What if I cash the bond before five years — do I lose money?

You don't lose principal, but you lose three months of interest. If the bond has earned $100 in interest and you cash it at year three, you receive your principal plus $75 in interest. After five years, you get the full amount earned.

Do I have to report the interest on my taxes?

Yes. The interest is taxable federal income. You'll receive a 1099-INT form from the bank or Treasury Department, and you report it on your tax return. Most states don't tax EE bond interest, but check your state's rules.

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

Most banks and credit unions will cash savings bonds even if you don't have an account there. Call ahead to confirm they handle bonds — some branches don't, and a few may charge a small fee. Larger banks are more likely to offer this service than smaller ones.

How long does it take to get the money?

At a bank, you get the money on the spot or within one business day if you request a deposit. By mail to the Treasury Department, allow four to eight weeks. Through Treasury Direct online, the deposit arrives within one to three business days.