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 — not every branch does, and some require an appointment. Bring the physical bonds themselves; you'll need the actual paper certificates.

If you can't visit a bank in person, you can mail bonds to the Treasury Department's Bureau of the Fiscal Service. Send them to: Department of the Treasury, Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Include a letter stating you want to redeem the bonds and sign it in front of a notary public. The process takes several weeks by mail, so this route is slower than walking into a bank.

For Series I and EE bonds purchased through TreasuryDirect (the online system), you can also redeem them directly through your TreasuryDirect account without visiting a bank at all. Log in, select the bonds you want to cash, and the money goes to your linked bank account within a few business days.

Key Takeaways

  • Most banks and credit unions will cash savings bonds for you in person, even without an account, though you should call first to confirm they offer this service.
  • You must bring the physical bond certificates to a bank; digital copies or statements are not enough.
  • If you own Series I or EE bonds through TreasuryDirect, you can redeem them online without visiting a bank.
  • Mailing bonds to the Treasury Department works but takes several weeks and requires a notarized letter.
  • You'll owe federal income tax on the interest your bonds earned, though you can choose to report it all at once or spread it across years.

What documents you need to bring

Bring the actual bond certificates and a valid photo ID — a driver's license, passport, or state ID card. If someone else will cash the bond on your behalf, bring a power of attorney document or a notarized letter giving them permission. The bank will ask you to sign the back of each bond in front of a bank employee.

If the bond is registered to two people and both names are on it, both people should be present to sign. If one owner has died, the surviving owner can still cash it, but bring a death certificate and proof that you're the surviving owner (the bond certificate itself usually shows this).

How much you'll receive

The bank will give you the face value of the bond plus all the interest it has earned since you bought it. For example, a $100 Series EE bond purchased 20 years ago might be worth $200 or more, depending on the interest rate and how long you've held it. The bank calculates the current value before you cash it.

If you cash a bond before it reaches final maturity, you may lose some interest. Series EE bonds lose the last three months of interest if cashed before five years have passed. Series I bonds have no penalty, but you lose the last three months of interest if cashed before one year. Check the bond's purchase date and the current date to see whether you'll take a penalty.

Tax reporting for cashed bonds

The interest your bonds earned is subject to federal income tax. You do not pay tax when you cash the bond — you report the interest on your tax return for the year you cash it. The bank does not withhold taxes or send you a 1099 form.

You have a choice: report all the interest at once in the year you cash the bond, or report the interest year by year going back to when you bought the bond. Most people report it all at once because it's simpler, but if the interest is very large, spreading it across multiple years might lower your tax bill. Talk to a tax professional if you're cashing bonds worth more than a few thousand dollars.

State and local taxes vary. Some states don't tax savings bond interest at all; others do. Check your state's tax rules or ask your tax preparer.

Cashing bonds held in a minor's name

If the bond is registered to a child, a parent or legal guardian must sign it and present ID. The interest is taxable to the child, not the parent, so it will be reported on the child's tax return (or the parent's return if the child has no income). This can affect financial aid calculations for college, so consider the timing carefully.

Some parents use a strategy called "Series EE bond education exclusion," which lets you exclude the interest from taxes if you use the money for may have access to education expenses. This requires specific conditions: the bond must have been issued after 1989, registered in the parent's name (not the child's), and the money must go directly to a school. Talk to a tax professional before cashing education bonds to see if this applies to you.

What to do if you've lost the bond certificate

If you've lost a physical bond certificate, contact the Treasury Department directly. You'll need to fill out Form PD 1048 (Claim for Lost, Stolen, or Destroyed U.S. Savings Bonds) and provide as much information as you can: the series, denomination, issue date, and serial number if you have it. You can find this form on the Treasury Department website.

The process takes time — the Treasury will search their records and may ask for additional proof that you owned the bond. Once they confirm it, they can issue a replacement or pay you the value. This is why keeping bond records in a safe place matters: a copy of the purchase receipt or a list of your bonds makes this process much faster.

Cashing bonds from an estate or deceased owner

If you're the executor or beneficiary of an estate and need to cash bonds belonging to the deceased person, bring the death certificate and proof of your authority (like letters testamentary from the court or a copy of the will). The bank will cash the bond in the deceased person's name, and the proceeds go to the estate.

The interest earned up to the date of death is taxable to the deceased person's final tax return. Interest earned after death, if the bond is held by the estate before being cashed, is taxable to the estate. An estate attorney or tax professional can walk you through the correct reporting.

Frequently Asked Questions

Can I cash a savings bond before its maturity date?

Yes, you can cash most savings bonds anytime after one year of ownership. Series EE and I bonds lose the last three months of interest if cashed before five years (EE) or one year (I) have passed. Series HH bonds have different rules — check the bond itself or the Treasury website for the specific terms of your bond.

What if the bank says they won't cash my bond?

Some banks decline to cash bonds because they lack the equipment or training. Ask to speak with a manager or try a different branch. Credit unions often cash bonds even when banks won't. As a last resort, mail the bonds to the Treasury Department, though this takes several weeks.

Do I need to report the interest if the amount is small?

Yes. All interest from savings bonds is taxable income, regardless of the amount. You must report it on your federal tax return. If you owe no federal tax for other reasons, you may not owe tax on the bond interest either, but you still need to report it accurately.

Can I cash a bond that's registered to someone else?

Only if you have legal authority — as a power of attorney, executor, or guardian. Bring documentation proving your authority and a notarized letter if the bank requests it. The person whose name is on the bond must sign it unless they've given you written permission.

How long does it take to get the money after I cash a bond?

At a bank, you usually receive the money the same day or within one business day. If you redeem through TreasuryDirect online, the money reaches your bank account within a few business days. Mailing bonds to the Treasury takes several weeks.