Where to cash paper savings bonds

You can cash paper 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 — not every branch does, and some require an appointment. Bring the bonds themselves, a valid photo ID, and your Social Security number or tax ID.

If your bank won't cash them, the U.S. Department of the Treasury will cash them by mail. Send your bonds to the Bureau of the Fiscal Service along with a completed FS Form 1522 (Statement Regarding Inherited Savings Bonds) or FS Form 1048 (Application to Reissue U.S. Savings Bonds). The process takes several weeks, and you'll need to include a copy of your ID.

Some credit unions and banks charge a small fee to cash savings bonds, though many don't. Ask about fees when you call. If you're cashing bonds for a minor or a deceased person's estate, the process is more involved — see the FAQ section below.

Key Takeaways

  • Most banks and credit unions will cash paper savings bonds for you without requiring an account, but you should call first to confirm they offer this service.
  • You need the physical bonds, a valid photo ID, and your Social Security number or tax ID to cash them in person.
  • If no local bank will cash them, you can mail them directly to the Treasury's Bureau of the Fiscal Service with the correct form.
  • Cashing a bond before its final maturity date may mean you forfeit the last three months of interest, depending on the bond's age.
  • The Treasury will send you a check by mail, which typically takes two to four weeks after they receive your bonds.

When you can cash a paper bond

Paper savings bonds can be cashed once they reach their issue date plus one year. Before that, the Treasury will not redeem them. If you try to cash a bond that's less than a year old, the bank or Treasury will refuse and return it to you.

After one year, you can cash the bond at any time. However, if you cash it before it reaches its final maturity date, you will lose the last three months of interest. For example, if a bond matures in 30 years and you cash it at year 25, you forfeit interest that would have accrued in months 28, 29, and 30. The Treasury calculates this penalty automatically — you don't have to do anything, but you should know the cost before you cash early.

Series EE and I bonds stop earning interest at their final maturity date, which is printed on the bond itself. Once that date passes, there's no reason to hold the bond any longer — cash it whenever you're ready.

What information you need to bring

Bring the actual paper bonds to the bank or credit union. You cannot cash a bond based on a photocopy or a photo. The bond certificate itself must be present.

You'll also need a valid photo ID — a driver's license, passport, or state ID card. The name on your ID should match the name on the bond. If it doesn't (for example, if you've married and changed your name), bring documentation of the name change, such as a marriage certificate or court order.

Have your Social Security number or tax ID ready. The bank will ask for it so they can report the redemption to the IRS. Savings bonds earn interest, and that interest is taxable income in the year you cash the bond.

How the bank processes your cash-in

When you arrive at the bank with your bonds and ID, the teller will examine each bond to confirm it's genuine and that you meet the one-year holding requirement. They'll calculate the current redemption value — the face value plus all interest earned to date, minus the three-month interest penalty if applicable.

The teller will then ask you to sign the back of the bond in their presence. This is a requirement; the bank cannot process an unsigned bond. After you sign, they'll give you the cash or deposit the funds into your account if you prefer. Most banks offer both options.

The bank will keep a record of the redemption and report it to the IRS. You don't need to do anything else — the bank handles the paperwork. However, you should keep your own records of which bonds you cashed and when, in case you need to reference them for tax purposes later.

Cashing bonds by mail through the Treasury

If no bank near you will cash your bonds, or if you prefer not to visit in person, you can mail them to the Treasury. Download and complete FS Form 1522 (if you're the original owner) or FS Form 1048 (if you inherited the bonds). Include a photocopy of your ID and mail everything to the Bureau of the Fiscal Service at the address listed on the form.

The Treasury will examine your bonds, calculate the redemption value, and mail you a check. This process typically takes two to four weeks from the date they receive your package. There is no fee for this service.

Do not mail the bonds without the completed form and ID copy — the Treasury will return them to you. Also, do not send the bonds via regular mail without tracking. Use certified mail or a service like UPS or FedEx so you have proof of delivery in case the package is lost.

Tax reporting when you cash a bond

The interest you earn on savings bonds is subject to federal income tax. You can choose to report the interest in the year you cash the bond, or you can report it annually as it accrues — but most people wait until they cash the bond to report it all at once.

The bank or Treasury will not send you a tax form automatically. You are responsible for reporting the interest on your tax return. To calculate the interest, subtract the face value of the bond from the redemption value you received. That difference is your taxable interest income.

Keep your redemption records (the receipt from the bank or the Treasury check stub) in case the IRS asks questions later. If you cashed multiple bonds, keep track of each one separately so you can account for all the interest.

Cashing bonds for minors or estates

If the bond is registered in a minor's name, a parent or legal guardian must sign the bond and present their own ID. The bank will require proof of guardianship, such as a birth certificate or court order. The funds can be deposited into the minor's account or the guardian's account, depending on the bank's policy.

If the bond owner has died, the process depends on whether the bond names a beneficiary. If it does, the beneficiary can cash it by bringing the death certificate and their ID. If there's no beneficiary, the bond becomes part of the estate, and the executor or administrator must handle the redemption using FS Form 1048 and a certified copy of the death certificate.

Estate redemptions through the Treasury take longer than individual redemptions — sometimes six to eight weeks — because the Treasury must verify the executor's authority. Consulting with the estate's attorney or a probate specialist can help clarify the steps in your specific situation.

Frequently Asked Questions

Can I cash a paper savings bond at any bank?

Most banks and credit unions will cash them, but not all branches do. Call ahead to confirm. If your bank won't help, the Treasury will cash them by mail at no charge. Some banks charge a small fee, so ask before you hand over your bonds.

What happens if I cash a bond before one year has passed?

The Treasury will refuse to redeem it. You'll need to wait until the one-year anniversary of the issue date. The bond will be returned to you, and you can try again after that date.

Do I have to report the interest as income when I cash the bond?

Yes. The interest is taxable federal income in the year you cash the bond. You report it on your tax return. The bank won't send you a form — you calculate the interest yourself by subtracting the face value from the amount you received.

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

The Treasury typically takes two to four weeks to process and mail your check after they receive your package. Use certified mail or a tracking service so you know when it arrives. Keep the tracking number in case you need to follow up.

What if the name on my bond doesn't match my current ID?

Bring documentation of the name change, such as a marriage certificate, divorce decree, or court order. The bank will want to see both your old and new names to confirm you're the same person. This is routine and shouldn't delay the redemption.