Banks and credit unions are your fastest option for cashing a savings bond

Most people cash savings bonds at their own bank or credit union. Walk in with the bond itself, your ID, and a signature card or account information, and the teller can process it on the spot — usually within minutes. Not every branch handles bonds, so call ahead to confirm, but if your bank does, this is the simplest route.

You do not need to have an account at the bank to cash a bond there, though some banks prefer it. If you do not have an account, bring two forms of ID and be prepared to answer questions about where the bond came from. Some banks will cash it into a temporary account or issue a check instead of depositing funds directly.

Credit unions often have fewer restrictions than banks and may be more willing to cash a bond for a non-member, but policies vary widely. Call your credit union first to ask whether they cash savings bonds and what documents you need to bring.

Key Takeaways

  • Your own bank or credit union is the fastest way to cash a savings bond, often taking just minutes if they offer the service.
  • The U.S. Treasury's TreasuryDirect website lets you cash electronic bonds online without leaving home, though paper bonds cannot be cashed this way.
  • If your bank will not cash the bond, the Federal Reserve Bank serving your region can cash it by mail, though the process takes one to two weeks.
  • Bring the physical bond, your ID, and proof of ownership; some institutions also require a signature may provide or notarization for older or high-value bonds.
  • Savings bonds must have reached their issue date before you can cash them; Series EE bonds issued before May 2003 are still earning interest and may be worth more if you wait.

Cashing electronic bonds through TreasuryDirect

If you own an electronic savings bond — one you purchased through TreasuryDirect rather than a paper bond — you can cash it directly on the TreasuryDirect website without visiting a bank. Log in to your account, select the bond you want to redeem, and request the redemption. The money goes into the bank account you linked when you set up your TreasuryDirect account.

Electronic bonds redeem within one to two business days. This method works only for bonds you purchased electronically; paper bonds cannot be redeemed through TreasuryDirect, even if you own them.

Federal Reserve Banks if your bank will not cash the bond

If your bank or credit union declines to cash the bond, you can send it to the Federal Reserve Bank that serves your region. The Federal Reserve maintains a list of regional banks on its website, organized by state. You will mail the bond along with a form and your ID copy to the address listed for your region.

Processing takes one to two weeks, and the Federal Reserve will mail you a check or deposit the funds into a bank account you specify. This route is slower but reliable, and the Federal Reserve will cash any legitimate U.S. savings bond regardless of when it was issued.

Include a letter with your name, address, phone number, and the reason you are sending the bond. The Federal Reserve does not require a specific form, though some regional banks provide one on their website.

What documents you need to bring

At a minimum, bring the physical bond and a government-issued ID such as a driver's license or passport. The bond itself is the proof of ownership, and your ID confirms you are the person named on it.

For older bonds, bonds issued to a minor, or bonds worth more than a few thousand dollars, the bank or Federal Reserve may ask for additional proof. A signature may provide — a certification from a bank officer or investment professional that your signature is genuine — is sometimes required for bonds issued more than 10 years ago or for bonds in someone else's name that you have inherited.

If the bond is registered to a deceased person's estate, bring a copy of the death certificate and proof that you are the executor or beneficiary, such as a letter from the probate court or a copy of the will.

Bonds that have not yet reached maturity

A savings bond cannot be cashed before its issue date, which is printed on the bond itself. If you try to cash a bond before that date, the bank will refuse it. Check the issue date before you go to the bank.

Series EE bonds issued before May 2003 continue to earn interest for 30 years from the issue date, even after they stop earning at the regular rate. If your bond is still within that window, you may want to hold it longer to let the interest accumulate, depending on current interest rates and your financial needs.

Cashing bonds registered to someone else

If a bond is registered in someone else's name — for example, a bond your parent bought for you as a child — you generally cannot cash it unless you are listed as the co-owner on the bond itself. If you are the sole beneficiary but not listed on the bond, you will need to go through probate or provide a court order showing you have the right to redeem it.

If you are listed as a co-owner, you can cash the bond at any bank, though you may need to provide a signature may provide or notarization to prove your identity and your right to the funds.

What happens to the money after you cash it

If you cash the bond at a bank where you have an account, the funds are deposited directly. If you cash it at a bank where you do not have an account, you will receive a check or the bank may open a temporary account to hold the funds until you decide what to do with them.

The bank will report the redemption to the IRS on a Form 1099-INT if the bond earned more than $10 in interest. You will owe federal income tax on the interest earned, though not on the principal you originally invested. Some states also tax savings bond interest, so check your state's rules.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Not every bank cashes savings bonds, so call ahead. Most large national banks do, but smaller regional banks or credit unions may not. If your bank will not do it, the Federal Reserve Bank for your region will cash it by mail.

What if I lost the physical bond?

Contact the Treasury Department's Bureau of the Fiscal Service with proof of purchase, such as a receipt or bank statement showing the purchase. They can issue a replacement bond, though the process takes several weeks. You cannot cash a bond without the physical document or a replacement from the Treasury.

Do I have to pay taxes when I cash a savings bond?

You owe federal income tax on the interest the bond earned, but not on the original amount you invested. The bank will report this to the IRS if interest exceeded $10. Some states tax bond interest as well; check your state's tax rules.

How long does it take to get the money?

At a bank, usually minutes to hours. Through TreasuryDirect for electronic bonds, one to two business days. By mail to the Federal Reserve, one to two weeks plus mailing time.

What if the bond is in my child's name?

If your child is listed as the owner, they must be present with ID to cash it, or you need a power of attorney or guardianship document. If you are listed as the co-owner, you can cash it on your own, though you may need a signature may provide for older bonds.