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 the bond itself, your ID, and a signature. The teller will verify the bond's serial number and current value, then hand you cash or deposit it to an account you name. Most institutions process this same day.

If you prefer not to visit a branch, you can mail the bond to the U.S. Department of the Treasury. Send it to the Bureau of the Fiscal Service at the address printed on the back of the bond, along with a form requesting payment. Mail takes longer — typically two to four weeks — but works if you live far from a bank or want a record of the transaction.

Some employers also redeem savings bonds through payroll, though this is less common now. Ask your HR department whether they offer this service; if they do, you'll fill out a form and the proceeds go into your paycheck or a separate check.

Key Takeaways

  • Any bank or credit union will cash a savings bond for you on the spot, regardless of whether you have an account there.
  • You need the physical bond, a valid ID, and your signature; the teller will look up the current value and pay you immediately.
  • Mailing your bond to the Treasury takes two to four weeks but works if you have no local banking option.
  • Series EE and I bonds must reach their final maturity date or you may lose accrued interest, so check your bond's issue date before cashing.

Checking your bond's maturity and current value

Before you cash a bond, find out what it's worth and whether you'll lose money by cashing it early. The value printed on the bond's face is not what you'll receive — savings bonds earn interest over time, and that interest is what you're actually cashing in.

Use the Treasury's Savings Bond Calculator at treasurydirect.gov. Enter your bond's series (EE, I, or another type), the issue date, and the denomination. The calculator shows your current value and tells you whether the bond has reached final maturity. Series EE bonds stop earning interest after 30 years; Series I bonds stop after 30 years as well. If your bond has reached that date, cashing it makes sense because you're no longer earning anything.

If your bond hasn't reached final maturity yet, the calculator shows you what you'd lose by cashing early. Some bonds have a penalty — typically the last three months of interest — if you cash them before five years have passed. Knowing this number helps you decide whether to cash now or wait.

What happens if you've lost the physical bond

A lost or destroyed savings bond can still be cashed, but the process takes longer and requires paperwork. You'll need to file a claim with the Treasury to get a replacement or payment.

Contact the Bureau of the Fiscal Service at 1-844-284-2676 or visit treasurydirect.gov to request a claim form. You'll provide the bond's series, denomination, and issue date — information you may have on old paperwork, bank statements, or tax records. The Treasury will search their records to confirm the bond exists and that you own it. Once confirmed, they'll either issue a replacement bond or send you a check for the current value.

This process typically takes four to eight weeks. If you need the money sooner, ask whether the Treasury can expedite your claim; they sometimes can if you explain the urgency.

Tax reporting when you cash a bond

The interest you earn on a savings bond is subject to federal income tax, though not state or local tax. When you cash the bond, you owe tax on all the interest it earned from the issue date to the date you cashed it — not just the interest earned in the current year.

The bank or credit union that cashes your bond does not issue a tax form. Instead, you report the interest yourself on your tax return. To calculate the interest, subtract the bond's purchase price from the amount you received. If you bought a $50 Series EE bond for $25 and cashed it for $45, your taxable interest is $20.

Keep your receipt from the bank showing the amount paid. If you cashed multiple bonds, add up all the interest and report it as interest income on your federal tax return. If the total interest across all bonds you cashed in a year exceeds $1,500, consider consulting a tax professional, though you are not required to.

Cashing bonds held in a trust or estate

If you're cashing a bond that was owned by someone else — a deceased relative, for example — the process changes slightly. The bank will ask for proof that you have the legal right to cash it.

For a bond in a revocable living trust, bring the trust document and your ID. For a bond in an estate being settled, bring the death certificate and a letter from the executor or administrator stating that you are authorized to cash it. If the bond was in a minor's name, a parent or guardian can cash it with their ID and proof of guardianship.

Some banks may ask for additional documentation depending on the situation. Call ahead and describe your circumstances so the bank can tell you exactly what to bring.

Reinvesting the money after you cash

Once you have the cash or deposit, you have no obligation to reinvest it in another savings bond. However, if you want to continue saving with Treasury securities, you have options.

You can buy new Series EE or Series I bonds through treasurydirect.gov online, up to $10,000 per series per calendar year. Series I bonds are popular right now because their interest rate adjusts every six months based on inflation. Series EE bonds earn a fixed rate for 30 years. Both require you to hold them for at least one year, and both impose a penalty if you cash them before five years have passed.

If you don't want to buy more bonds, a high-yield savings account or a money market account at a bank may offer better returns than older savings bonds, depending on current interest rates. Compare the rates before deciding.

What to do if the bank won't cash your bond

Most banks will cash a savings bond, but some smaller institutions or credit unions may decline if they don't have the systems to verify it. If this happens, ask the teller whether another branch can help, or try a different bank in your area.

If no local bank will cash it, mail the bond to the Treasury. This is slower but always works. You can also contact the Treasury directly at 1-844-284-2676 to ask for a list of banks in your area that redeem bonds, or to arrange payment by mail.

Frequently Asked Questions

Do I need to have an account at the bank to cash a savings bond there?

No. Any bank or credit union will cash a savings bond for a non-customer. Bring your ID and the bond itself. Some institutions may ask for a phone number or address for their records, but you don't need an existing account.

What if my savings bond is damaged or torn?

A slightly damaged bond can usually be cashed at a bank if it's still readable and the serial number is visible. If it's severely damaged or the serial number is gone, contact the Treasury to file a claim for a replacement or payment. Bring whatever remains of the bond and any documentation showing you owned it.

Can I cash a savings bond before it matures?

Yes, but you may lose money. Series EE and I bonds impose a penalty if cashed before five years have passed — typically the last three months of interest. Use the Treasury's Savings Bond Calculator to see the exact penalty before you cash.

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

If you cash it in person at a bank branch, you receive the money immediately — either as cash or as a deposit to an account you name. If you mail it to the Treasury, expect two to four weeks.

Do I owe taxes on the interest from a savings bond I cash?

Yes. The interest is subject to federal income tax in the year you cash the bond. You report it yourself on your tax return; the bank does not issue a form. State and local tax does not apply to savings bond interest.