Where and how to cash your EE bonds
You can cash EE savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury. The easiest route for most people is their own bank — walk in with the bonds and a form of ID, and they will process the redemption on the spot. Some banks charge a small fee (typically $5 to $10) to cash bonds they did not issue, so call ahead if you are cashing bonds from a different institution.
If you prefer not to visit a bank, you can redeem bonds through the Treasury's online system, TreasuryDirect, or by mail. TreasuryDirect works only for electronic bonds registered in your account; paper bonds must go through a bank or be mailed to the Treasury's Parkersburg, West Virginia office. The mail route takes longer — usually two to three weeks — but costs nothing.
You do not need the original purchase documents. The bond itself is the proof of ownership. If a bond is lost or destroyed, you can request a replacement through the Treasury, though the process takes several weeks and requires proof of purchase or ownership.
Key Takeaways
- Most banks and credit unions will cash EE bonds over the counter for a small fee or no fee if it is your bank.
- You must wait at least one year from the issue date to cash an EE bond; cashing before five years costs you the last three months of interest.
- Bring the physical bond and a government-issued ID to the bank; no other paperwork is required.
- The Treasury will mail you payment if you send bonds to the Parkersburg office, though this takes two to three weeks.
- You will receive a 1099-INT form in January if your bonds earned more than $10 in interest during the year, and you must report that interest on your tax return.
The one-year and five-year rules
You cannot cash an EE bond until at least one year has passed since the issue date. If you try to redeem it before that, the bank or Treasury will refuse. This is a hard rule with no exceptions.
If you cash the bond between one and five years after issue, you lose the last three months of interest. For example, if you cash a bond at 2 years and 3 months, you receive interest only through 1 year and 9 months. After five years, you keep all the interest earned, with no penalty.
The issue date is printed on the bond itself. If you are unsure whether five years have passed, check the date on the bond before you go to the bank. Cashing early costs you real money, so it is worth the thirty seconds to verify.
What you need to bring to the bank
Bring the physical bond and one form of government-issued ID — a driver's license, passport, or state ID card. That is all. You do not need the purchase receipt, the original paperwork, or proof of ownership beyond the bond itself.
If the bond is registered to someone else and you are cashing it on their behalf, bring that person's ID as well, or bring a power of attorney document if you are authorized to act for them. Some banks require the bondholder to be present in person; others will accept a notarized power of attorney. Call your bank ahead of time to find out their specific rule.
If the bond is torn, faded, or partially illegible but the serial number and issue date are still readable, most banks will still cash it. Bring it in and ask. If it is too damaged to read, contact the Treasury directly to request a replacement before attempting to redeem it.
Cashing bonds by mail to the Treasury
Send your bonds to the Bureau of the Fiscal Service in Parkersburg, West Virginia. Include a letter stating your name, address, Social Security number, and the total amount you are redeeming. Sign and date the letter. Do not send the original bonds through regular mail — use certified mail with return receipt so you have proof of delivery.
The Treasury will mail you a check within two to three weeks of receiving your bonds. They will also send you a 1099-INT form if your interest exceeded $10 during the tax year. Keep that form for your records and your tax return.
This method is slower than a bank visit but costs nothing and requires no ID verification in person. It is a reasonable choice if you do not have a nearby bank or prefer to avoid a trip.
Tax reporting and the 1099-INT form
When you cash an EE bond, the interest you earned is taxable income. You do not pay tax at the moment of redemption — instead, you report it on your federal tax return for the year you cashed the bond.
If your bonds earned more than $10 in interest during the calendar year, the bank or Treasury will send you a 1099-INT form in January. This form shows the interest amount and your Social Security number. You must include this interest on your tax return, even if you did not receive a 1099-INT (though the IRS will have a copy).
Some people choose to report the interest each year as the bond earns it, rather than waiting until redemption. This is allowed but uncommon and requires keeping careful records. Most people simply report the interest in the year they cash the bond.
State and local taxes on EE bond interest vary by location. Some states do not tax it; others do. Check your state's tax rules or ask your tax preparer whether your state taxes savings bond interest.
What happens if a bond is lost or stolen
If a paper EE bond is lost or destroyed, contact the Treasury's Parkersburg office and request a replacement. You will need to provide the serial number if you have it, or describe the bond (issue date, denomination, registered owner). The Treasury will verify ownership through their records and issue a replacement bond, though this process takes several weeks.
If an electronic bond registered in your TreasuryDirect account is compromised, change your password immediately and contact the Treasury. Electronic bonds cannot be stolen in the traditional sense because they exist only in your account, but unauthorized access to your account is possible.
If a bond is stolen, the thief cannot cash it without the registered owner's ID. This is why banks require ID verification. Report a stolen bond to the Treasury as soon as you discover it missing.
Cashing bonds held in a trust or estate
If you are the trustee of a trust that owns EE bonds, you can cash them using the trust's tax ID number instead of a Social Security number. Bring the trust document and your ID to the bank, or include a copy of the trust with your letter if you are redeeming by mail.
If the bondholder has died and you are the executor or beneficiary, you can redeem the bonds as part of the estate. Bring the death certificate and your ID to the bank, along with proof that you are authorized to act on behalf of the estate (such as letters testamentary from the probate court). The bank will cash the bonds in the estate's name.
Interest earned on bonds owned by a deceased person is taxable to the estate in the year of death, or to the beneficiary if the estate passes the bonds to them. Consult a tax professional or the estate attorney for guidance on reporting this income correctly.
Frequently Asked Questions
Can I cash part of a bond and keep the rest?
No. EE bonds are redeemed in full only. You cannot split a bond or cash half of it. If you need only part of the value, you will have to cash the entire bond and keep the remainder as cash or reinvest it elsewhere.
What if my bank refuses to cash my bond?
Some smaller banks do not cash savings bonds, or they may refuse if the bond is very old or damaged. If your bank declines, try another bank or credit union in your area. The Treasury will always redeem bonds by mail, so that is your fallback option.
Do I have to report the interest if I cash a bond for less than $10?
You do not receive a 1099-INT if interest is under $10, but you are still required to report it on your tax return if you have other income. The IRS tracks all interest income, so it is best to report it even if no form is issued.
Can I cash a bond that is in someone else's name?
Only if you are listed as a co-owner on the bond or if you have a power of attorney. If the bond is in someone else's name only, that person must cash it themselves or authorize you in writing. Some banks require the original owner to be present in person.
How long does it take to get my money after I cash a bond at the bank?
Most banks deposit the funds into your account within one business day, or they may give you cash on the spot. Ask the teller what their standard processing time is. If you are mailing bonds to the Treasury, expect two to three weeks.