Where to cash your savings bonds

You can cash savings bonds at most banks and credit unions, even if you don't have an account there. Call ahead to confirm they handle savings bonds — some smaller branches don't. Bring the bonds themselves, a valid photo ID, and your Social Security number or tax ID.

If you can't visit a bank in person, you can redeem Series I and Series EE bonds through TreasuryDirect, the U.S. Department of the Treasury's online platform. You'll need to set up an account, link your bonds to it, and request the redemption. The money goes directly to your bank account, usually within a few business days.

For paper bonds you own but don't have physical possession of, or if you inherited bonds, contact the bank or financial institution where they're held. If you're unsure where a bond is registered, you can search the Treasury Hunt tool on the TreasuryDirect website using the bond's serial number.

Key Takeaways

  • Most banks and credit unions will cash savings bonds for you without requiring an account, though you should call first to confirm they offer this service.
  • Series I and Series EE bonds can be redeemed online through TreasuryDirect if you have an account and the bonds are registered to you.
  • You need a valid photo ID and your Social Security number or tax ID to cash a bond in person at a bank.
  • Savings bonds must be held for at least one year before you can redeem them, and cashing them before five years have passed means you lose the last three months of interest.
  • The redemption value depends on the bond's series, purchase price, and how long you've held it — the Treasury website shows current values for your specific bonds.

Timing rules that affect how much you get

You cannot cash a savings bond until it has been held for at least one year. If you try to redeem it before that point, the bank will refuse — this is a federal rule with no exceptions.

If you cash the bond between one and five years of ownership, you lose the last three months of interest. For example, if you've owned the bond for two years and four months, you receive the value as of two years and one month. This penalty applies to all savings bonds except I bonds purchased after May 2003, which have no early redemption penalty.

After five years of ownership, you receive the full current value with no penalty. You can hold savings bonds for up to 30 years, and they continue to earn interest the entire time, though the rate changes periodically for Series I bonds.

How to find out what your bonds are worth

The value of a savings bond depends on its series, the price you paid, and how long you've held it. You cannot simply look at the face value printed on the bond — that's not what it's worth.

For Series EE and I bonds, use the Savings Bond Calculator on the TreasuryDirect website. Enter the bond series, the issue date, and the denomination (the amount printed on the bond). The calculator shows the current redemption value instantly.

If you have older paper bonds and don't know the issue date, look for the date printed on the bond itself — it's usually near the serial number. If the bond is damaged or the date is illegible, bring it to your bank and ask them to look it up in the Treasury system using the serial number.

What happens when you redeem through TreasuryDirect

To redeem bonds online, log into your TreasuryDirect account and navigate to the "Manage Securities" section. Select the bonds you want to cash, confirm the redemption value shown on screen, and submit the request. The system will ask you to confirm your linked bank account — the money will be deposited there.

Processing usually takes three to five business days from the date you submit the request. The Treasury does not send a confirmation email, so write down the date you submitted the redemption and check your bank account after a few days to confirm the deposit arrived.

If you have paper bonds that are not yet registered in TreasuryDirect, you'll need to set up an account first and then link the bonds to it. This process can take several weeks, so if you need the money soon, cashing at a bank is faster.

Redeeming bonds held in someone else's name

If you own a bond that is registered in another person's name, you cannot cash it without their permission and signature. The registered owner must either cash it themselves or sign a form authorizing you to do so.

If the registered owner has died, you'll need to provide a death certificate and proof that you are the estate executor or authorized heir. The bank or TreasuryDirect will guide you through the specific documents needed, which vary by state and the bond's registration.

If a bond is registered to two people (such as "John Smith or Jane Smith"), either person can cash it alone. If it's registered as "John Smith and Jane Smith," both people must sign to redeem it.

Tax reporting when you cash bonds

The interest you earn on savings bonds is subject to federal income tax. When you redeem a bond, the bank or TreasuryDirect does not automatically report the interest to the IRS — you are responsible for reporting it on your tax return.

You have two options: report the interest in the year you cash the bond, or report it each year as it accrues (even though you haven't received the money yet). Most people choose to report it when they redeem, which is simpler. Keep the redemption receipt as documentation.

Series I bonds have an additional rule: if you use the proceeds to pay for may have access to education expenses in the same year you redeem them, you may be able to exclude the interest from your taxable income. This requires filing Form 8815 with your tax return and meeting specific income limits.

What to do if you can't find your bonds

If you own savings bonds but don't have them in your possession, start by checking with the financial institution where you originally purchased them. Banks and credit unions keep records of bond purchases, and they can look up whether bonds are still registered in your name.

Use the Treasury Hunt tool on the TreasuryDirect website. Enter your name, Social Security number, and the state where the bonds were purchased. The system searches federal records and shows any bonds registered to you that are in the Treasury's system.

If Treasury Hunt finds your bonds, you can claim them by setting up a TreasuryDirect account and following the prompts to link them. If it doesn't find them, contact the Treasury Retail Securities Site at 844-284-2676 for help locating older or paper bonds.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash savings bonds, but not all branches do. Call ahead to confirm the specific branch handles bond redemptions. You don't need an account at the bank, but you will need a valid photo ID and your Social Security number.

What if I cash a bond before it matures?

You can cash a bond after one year of ownership. If you cash it before five years have passed, you lose the last three months of interest earned. After five years, there is no penalty and you receive the full current value.

Do I have to pay taxes on the interest from my savings bonds?

Yes, the interest is subject to federal income tax. You report it on your tax return in the year you redeem the bond (or each year it accrues, if you choose that method). State and local taxes vary by location.

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

Through TreasuryDirect, redemptions typically deposit within three to five business days. At a bank, you usually receive cash or a check immediately, though some banks may hold the funds for one business day.

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

If your child is the registered owner, they must sign to redeem it (or you must have a signed authorization from them). If you are listed as a co-owner, you can redeem it alone. Check the bond to see how the names are listed.