U.S. savings bonds mature on a fixed schedule set when you buy them, and you can cash them in anytime after that date without penalty

Every savings bond has a final maturity date — the point at which the Treasury stops paying interest and the bond reaches its maximum value. For Series EE bonds bought after May 2003, final maturity is 30 years from the issue date. For Series I bonds, it is also 30 years. For older Series EE bonds (issued before May 2003), final maturity ranges from 40 to 50 years depending on when you bought them.

You do not have to hold the bond until final maturity. You can cash it in at any point after the bond reaches its initial maturity date, which is typically 20 years for both Series EE and Series I bonds. If you cash in before initial maturity, you lose the last three months of interest as a penalty. After initial maturity, there is no penalty — you simply get whatever the bond is worth on the day you redeem it.

Once a bond reaches final maturity, it stops earning interest entirely. At that point, cashing it in is the only option that makes sense, because holding it longer gains you nothing.

Key Takeaways

  • Series EE and Series I bonds reach initial maturity at 20 years, and you can cash them without penalty after that date.
  • Final maturity occurs at 30 years for bonds bought after 2003, at which point the bond stops earning interest completely.
  • Cashing in before initial maturity costs you the last three months of interest, so waiting 20 years avoids that penalty.
  • You can find your bond's exact issue date and maturity dates by searching the Treasury's savings bond database with your Social Security number.

How to find your bond's maturity date

The easiest way is to use the Treasury's Savings Bond Database at savingsbonds.gov. Log in with your Social Security number and the email address associated with your account. The database shows every bond you own, including the issue date, current value, and both initial and final maturity dates.

If you have a paper bond, the issue date is printed on the front. Count forward 20 years for initial maturity and 30 years for final maturity (or 40 to 50 years if the bond was issued before May 2003). For example, a Series EE bond issued on January 15, 2010, reaches initial maturity on January 15, 2030, and final maturity on January 15, 2040.

If you bought bonds through a bank or employer savings plan years ago and no longer have the certificate, the Treasury database is your only reliable source. You will need to know your Social Security number and the email you used to register.

What happens if you cash in before initial maturity

If you redeem a bond before it reaches 20 years old, you forfeit the last three months of interest. This means if a Series EE bond is worth $5,000 at 19 years and 9 months, you will receive roughly $4,875 instead — the penalty is approximately three months' worth of accrued interest.

The penalty applies to both Series EE and Series I bonds. It is the Treasury's way of discouraging early redemption. After the 20-year mark, the penalty disappears, and you receive the full current value no matter when you cash it in.

If you need the money before 20 years have passed, weigh the three-month interest loss against your actual need. For some people, that penalty is worth paying to access funds. For others, it makes sense to wait.

What happens at initial maturity (20 years)

At the 20-year mark, your bond reaches initial maturity. You can now cash it in without any penalty. The bond will have doubled in value if it is a Series EE bond (that is the may provide), or it will have grown according to the inflation rate if it is a Series I bond.

You are not required to cash it in at this point. Many people leave their bonds to continue earning interest until final maturity at 30 years. The bond will keep accruing interest for another 10 years, though the rate of growth may slow depending on market conditions and inflation.

If you do decide to redeem at initial maturity, you can do so through your bank, through the Treasury's website, or by mail if you hold a paper bond. There is no waiting period — the process typically takes a few business days.

What happens at final maturity (30 years)

At 30 years from the issue date, your bond reaches final maturity and stops earning interest. The Treasury will no longer add a single penny to the bond's value, no matter how long you hold it. This is the hard deadline.

You should cash in the bond at or shortly after final maturity. Holding it beyond that date is pointless — you are simply sitting on money that could be earning interest elsewhere, in a savings account, money market fund, or other investment.

If you forget to redeem a bond after final maturity, the Treasury does not automatically send you the money. You have to initiate the redemption yourself. The bond will not expire or become worthless, but it will remain frozen at its final value indefinitely until you cash it in.

Older bonds with longer maturity periods

Series EE bonds issued before May 2003 have different maturity schedules. Some have a final maturity of 40 years, while others reach 50 years. This was the Treasury's policy at the time — they extended the earning period to make the bonds more attractive.

If you own one of these older bonds, check the Treasury database to confirm your specific maturity dates. The initial maturity is still typically 20 years, so you can redeem without penalty after that point. But the final maturity date will be later than 30 years.

These older bonds may still be earning interest if they have not yet reached final maturity. If you have not checked on bonds you bought decades ago, the database search is worth doing — you may find money that has been growing quietly for years.

How to redeem a bond once it matures

For electronic bonds (those you bought through TreasuryDirect), log into your account at treasurydirect.gov, select the bond, and request redemption. The money will be deposited into your linked bank account within a few business days.

For paper bonds, take them to your bank and ask to redeem them. Most banks will do this for free, though some charge a small fee. Bring a photo ID and your Social Security number. The bank will verify the bond and send it to the Federal Reserve for processing, which typically takes one to two weeks.

You can also mail paper bonds directly to the Treasury, though this is slower. Include a letter stating your intent to redeem, sign it, and mail it to the Bureau of the Fiscal Service address listed on the Treasury website. Include a copy of your ID and Social Security card.

Frequently Asked Questions

Can I cash in a bond before it reaches initial maturity?

Yes, but you will lose the last three months of interest as a penalty. If you need the money, the penalty may be worth it. If you can wait until the 20-year mark, you avoid the penalty entirely and receive the full current value.

What if I lost my paper savings bond?

Contact the Treasury at 1-800-553-2663 or use the Savings Bond Database at savingsbonds.gov. You can request a replacement if you can provide the serial number or other identifying information. If you cannot locate the details, the Treasury may still be able to help you track it down using your Social Security number.

Do I have to pay taxes when I redeem a bond?

Yes. The interest earned on savings bonds is subject to federal income tax in the year you redeem the bond. You do not pay state or local tax on the interest. Report the interest as income on your tax return for that year.

What happens if I never cash in my bond after final maturity?

The bond stops earning interest and remains frozen at its final value. It does not expire or become worthless, but you are missing out on interest you could earn elsewhere. Redeem it and move the money to an account that is still growing.

Can I transfer a savings bond to someone else before it matures?

No. Savings bonds are non-transferable and registered to the owner. You cannot give or sell a bond to another person. The only way someone else can access the money is if you name them as a beneficiary on your TreasuryDirect account, and they can only claim it after your death.