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 your bond and a valid ID, and the teller can process it on the spot — most banks cash them the same day. If you prefer not to visit in person, you can mail the bond to the U.S. Department of the Treasury's Bureau of the Fiscal Service with a form, though this takes longer and requires more paperwork.

Some employers also cash savings bonds for employees, so check with your HR or payroll department first. If your bond is registered in someone else's name or held in a trust, the rules change — the registered owner or an authorized representative must be present to cash it, or you'll need to provide a power of attorney or court order.

Key Takeaways

  • Most banks and credit unions will cash your savings bond the same day, even without an account, as long as you bring the physical bond and a valid ID.
  • Series EE and I bonds must reach their issue date before you can cash them; cashing before five years have passed means you lose the last three months of interest.
  • The Treasury will mail you a check if you send your bond by mail with the proper form, but this process takes several weeks.
  • You'll receive the full face value plus all accrued interest, reported as income on your tax return for the year you cash it.

When you can actually cash the bond

The timing depends on the type of bond you hold. Series EE bonds and Series I bonds cannot be cashed until at least one year after purchase. If you cash either type before five years have passed, you forfeit the last three months of interest — this is a real penalty, not just a missed payment.

Series HH bonds (no longer sold but still held by many people) have different rules: they mature after 20 years, and you can cash them anytime after that. If you hold an older Series H bond, it stopped earning interest 20 years after issue, so there's no benefit to holding it longer.

Check your bond's issue date on the front. If today's date is less than one year after that date, no bank will cash it yet. If it's between one and five years, you can cash it, but you'll lose three months of interest.

What to bring to the bank

Bring the physical bond itself and a government-issued photo ID — a driver's license, passport, or state ID card all work. The teller will verify the bond's serial number and your identity, then process the payment. Some banks may ask for your Social Security number to report the transaction, which is normal.

If someone else's name is on the bond as a co-owner or beneficiary, that person must be present with their own ID. If the bond is in a deceased person's name, you'll need a death certificate and proof that you're authorized to act on the estate — this varies by state and bank, so call ahead.

How the payment works and what you owe in taxes

The bank will give you a check for the full face value of the bond plus all the interest it has earned since purchase. A $100 Series I bond purchased five years ago might cash for $130 or more, depending on the interest rate at the time. You receive the entire amount at once.

The interest you receive is taxable income in the year you cash the bond. The bank does not withhold taxes automatically — you'll owe federal income tax on the interest when you file your return. If the bond was held in a child's name, the interest may be taxable to the child or the parent depending on how the bond was registered and your state's rules; consult a tax professional if you're unsure.

If you bought the bond with education savings in mind, you may be able to exclude the interest from income under the Education Savings Bond Program, but only if you meet specific requirements. This is not automatic — you have to report it correctly on your tax return.

Cashing by mail through the Treasury

If you cannot visit a bank in person, you can send your bond to the Bureau of the Fiscal Service. You'll need to complete Form PD F 1522 (for Series EE or I bonds) or the appropriate form for your bond type, sign it, and mail both the form and the bond to the address listed on the Treasury website.

The Treasury will verify the bond, cut a check, and mail it to you. This process typically takes four to eight weeks. You must mail the original bond — photocopies are not accepted. Send it by certified mail with return receipt so you have proof of delivery in case it gets lost.

This route is slower and riskier because the bond travels through the mail. If it's lost in transit, you'll need to file a claim with the Treasury, which can take months. For large or old bonds, the bank route is usually safer and faster.

What happens if your bond is lost or destroyed

If you've lost the physical bond or it's been damaged, you can still recover its value, but the process is more involved. Contact the Treasury's customer service line or visit their website to report the lost bond and request a replacement or payment. You'll need to provide the bond's serial number, issue date, and series type — information you may have on old paperwork or bank statements.

The Treasury will verify that the bond was issued in your name and that it hasn't already been cashed. If everything checks out, they can issue a replacement bond or send you a check for the current value. This can take several months, so start the process as soon as you realize the bond is missing.

Frequently Asked Questions

Can I cash a savings bond before it matures?

Yes, Series EE and I bonds can be cashed after one year, but you'll lose the last three months of interest if you cash before five years have passed. Series HH bonds can be cashed anytime after maturity. Check your bond's issue date to see where you stand.

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

Yes, the interest is taxable income in the year you cash it. The bank doesn't withhold taxes, so you'll owe the amount when you file your tax return. If the bond was for education expenses, you may be able to exclude the interest under certain conditions.

What if the bond is in my child's name?

The child or parent can cash it, depending on how it's registered. If it's registered in the child's name only, the child must be present with ID. If it's registered as a gift to the child, the parent may be able to cash it. Bring the bond and both IDs to the bank and ask the teller what they need.

How long does it take to get my money if I mail the bond to the Treasury?

The Treasury typically takes four to eight weeks to process a mailed bond and send you a check. Use certified mail so you have proof of delivery. The bank route is much faster — usually the same day.

Can I cash a bond that's over 30 years old?

Yes, as long as it hasn't been cashed already. Older bonds stop earning interest after a certain period (usually 20 to 30 years depending on the series), so there's no financial benefit to holding them longer. Take it to a bank to cash it and receive the final value.