You can cash in Series EE bonds at your bank, through the Treasury Department, or by mail — the method depends on whether the bond is in paper or electronic form

Series EE bonds held in paper form go to your bank. Most banks will cash them for you during normal business hours, though some require you to have an account there. Bring the bond itself, a valid ID, and your Social Security number. The bank verifies the bond's authenticity and current value, then pays you on the spot or within a few business days.

If your Series EE bond is electronic — held through TreasuryDirect, the Treasury's online system — you log into your account, select the bond you want to redeem, and request the cash transfer. The money goes to the bank account linked to your TreasuryDirect profile, usually within a few business days.

If you've lost a paper bond or prefer not to visit a bank, you can redeem through the Treasury Department by mail. You'll need to fill out Form PD F 1048 (for a single bond) or Form PD F 1048-2 (for multiple bonds), include a copy of your ID, and send everything to the Bureau of the Fiscal Service. This route takes longer — typically four to six weeks — and you'll receive a check by mail.

Key Takeaways

  • Paper Series EE bonds are cashed at your bank with the bond, a valid ID, and your Social Security number.
  • Electronic bonds held in TreasuryDirect are redeemed online and transferred to your linked bank account within a few business days.
  • You can redeem through the Treasury Department by mail using Form PD F 1048 or PD F 1048-2 if you've lost the bond or prefer not to visit a bank.
  • Series EE bonds must be held for at least one year before redemption; cashing in before five years means you lose the last three months of interest.
  • The redemption value includes the original purchase price plus all accrued interest up to the redemption date.

What happens to your interest when you cash in early

Series EE bonds earn interest every month, but the Treasury penalizes early redemption. If you cash in a bond before it has been held for five years, you forfeit the last three months of interest. This means if you bought a bond in January 2020 and redeem it in March 2023, you lose the interest earned from October 2022 through December 2022, even though the bond is nearly three years old.

If you hold the bond for five years or longer, you receive all accrued interest with no penalty. Series EE bonds continue earning interest for 30 years, so there's no deadline to redeem — you can wait as long as you want. The longer you hold, the more interest accumulates, and the more you'll receive when you cash in.

How to find the current value of your Series EE bond

For electronic bonds in TreasuryDirect, log into your account and view your portfolio. The current value of each bond appears on your holdings page, updated monthly. You can see the purchase price, the interest earned so far, and the total redemption value.

For paper bonds, use the Treasury's Savings Bond Calculator on TreasuryDirect.gov. Enter the bond's series (EE), the issue date printed on the bond, and the denomination. The calculator shows you the current value and tells you whether you'll lose interest if you redeem now. If you don't know the exact issue date, you can estimate — the calculator will give you a range.

If the calculator doesn't work or you've lost the bond's details, call the Treasury Department's Savings Bond Operations at 844-284-2676. They can look up your bond if you provide your Social Security number and the bond's approximate purchase date.

Reporting the redemption on your taxes

The interest earned on Series EE bonds is subject to federal income tax, but you have a choice about when to report it. You can report the interest in the year you redeem the bond, or you can report it each year as it accrues — even if you don't cash in the bond. Most people wait until redemption because it's simpler and delays the tax bill.

When you redeem, the bank or Treasury does not automatically send you a tax form. You are responsible for reporting the interest on your federal tax return. To calculate the interest, subtract the purchase price from the redemption value. That difference is the interest you owe tax on.

Series EE bonds are exempt from state and local income tax, so you only owe federal tax. If you're redeeming a large amount and expect a big tax bill, consider spreading the redemption across two tax years or consulting a tax professional about the timing.

What to do if your paper bond is lost or damaged

If a paper Series EE bond is lost, stolen, or damaged beyond recognition, you can still redeem it through the Treasury Department. You'll need to file a claim using Form PD F 1048 and provide as much information as you can: the approximate purchase date, the denomination, and your Social Security number. The Treasury will search its records to confirm the bond exists and that you own it.

The process takes longer than a normal redemption — typically six to eight weeks — because the Treasury must verify the bond's existence before sending payment. You may be asked to provide additional documentation, such as proof of purchase or a bank statement showing the original purchase.

If the bond is damaged but still readable, most banks will still cash it. Bring it in and ask. If the bank refuses, use the mail-in process with the Treasury instead of trying to replace it.

Cashing in bonds held for a minor or in a trust

If you hold a Series EE bond for a minor, you cannot redeem it without the minor's permission once they reach the age of majority in your state (usually 18). Before that age, a parent or legal guardian can redeem the bond on the minor's behalf by presenting the bond, a valid ID, and proof of guardianship (such as a birth certificate or court order).

If a Series EE bond is registered in a trust, the trustee can redeem it by presenting the bond, a valid ID, and a copy of the trust document. Some banks require a certified copy of the trust; call ahead to confirm what your bank needs.

If the bond's original owner has died, the person named as beneficiary or the estate's executor can redeem it. Bring the bond, a valid ID, a death certificate, and proof of your authority (such as letters testamentary or a court order naming you executor). The bank or Treasury will verify your claim before processing the redemption.

Reinvesting the money into new savings bonds

Once you redeem a Series EE bond, you can use the proceeds to buy new ones through TreasuryDirect. You can purchase up to $10,000 in electronic Series EE bonds per calendar year per Social Security number. If you want to buy more, you can purchase up to $5,000 in paper bonds through your tax refund (by filing Form 8888 with your tax return).

New Series EE bonds purchased today will earn a fixed interest rate set by the Treasury every six months. The rate changes on May 1 and November 1 each year. Before you buy, check the current rate on TreasuryDirect.gov to see whether it's higher or lower than the rate on the bond you just cashed in.

Frequently Asked Questions

Can I cash in a Series EE bond before one year has passed?

No. Series EE bonds must be held for at least one year before you can redeem them. If you try to cash in before one year, the bank or Treasury will refuse. After one year, you can redeem at any time, but you'll lose the last three months of interest if you cash in before five years.

What if my bank won't cash my Series EE bond?

Some banks refuse to cash savings bonds, especially if you don't have an account there. Call ahead to confirm your bank will do it. If they won't, use TreasuryDirect (for electronic bonds) or mail the bond to the Treasury Department with Form PD F 1048. You can also try a different bank in your area.

Do I need to report the redemption to the IRS?

You must report the interest on your federal tax return, but the bank or Treasury does not send you a form. Calculate the interest by subtracting the purchase price from the redemption value, and report that amount as interest income on your tax return. State and local taxes do not apply to Series EE bonds.

What happens if I cash in a Series EE bond after 30 years?

Series EE bonds stop earning interest after 30 years. If you redeem after 30 years, you receive the final value with no additional interest accrual. There's no penalty for redeeming after 30 years, but there's also no reason to wait longer since the bond is no longer growing.

Can I cash in a Series EE bond online if it's a paper bond?

No. Paper Series EE bonds can only be redeemed in person at a bank or by mail to the Treasury Department. Electronic bonds held in TreasuryDirect can be redeemed online. If you want to redeem a paper bond online, you would need to convert it to electronic form first, which requires contacting the Treasury Department.