You can cash savings bonds at most banks, credit unions, and the U.S. Treasury

The easiest place to cash a savings bond is your own bank or credit union. Most financial institutions will cash them for free during business hours, no matter which bank issued the bond. You do not need to be a customer there — walk in with the bond and a valid ID, and they will process it on the spot or within a few business days.

If your bank refuses (rare, but it happens), you can cash the bond directly through the U.S. Treasury. Mail the bond and a form to the Bureau of the Fiscal Service, or use TreasuryDirect online if the bond is registered there. The Treasury route takes longer — typically two to four weeks — but it always works.

Key Takeaways

  • Your own bank or credit union is the fastest option and will cash any U.S. savings bond for free during regular hours.
  • You need the physical bond certificate, a valid government-issued ID, and proof of ownership if someone else's name is on the bond.
  • Series I and EE bonds must reach their final maturity date or you may lose accrued interest, so check the bond's issue date before cashing.
  • The U.S. Treasury will cash bonds by mail if your bank declines, though the process takes several weeks.
  • If a bond owner has died, the person with legal authority over the estate can cash it with a death certificate and court documents.

What you need to bring to the bank

Bring the physical bond certificate itself — banks cannot cash a bond based on a photocopy or a description. Bring a valid government-issued ID such as a driver's license, passport, or state ID. The teller will verify your identity before processing the transaction.

If the bond is registered in someone else's name but you have legal authority to cash it (as a guardian, executor, or power of attorney holder), bring proof of that authority. This might be a court order, a certified copy of a will, or a power of attorney document. If you are cashing a bond on behalf of a minor, bring both your ID and the child's birth certificate or Social Security card.

Some banks ask for your Social Security number or tax ID to report the transaction to the IRS. This is normal and required — savings bond interest is taxable income, and the bank documents it.

How the bank processes the cash-in

When you hand the bond to the teller, they will examine it for the issue date, series, and denomination. They will look up the current redemption value using Treasury tables (which change monthly for Series I bonds). The teller will then calculate what you are owed, including all accrued interest up to that date.

Most banks deposit the money directly into your account if you are a customer, or issue a check on the spot if you are not. A few banks require you to wait a few business days while they verify the bond with the Treasury, but this is uncommon. Ask the teller what to expect before you hand over the bond.

The bank will give you a receipt showing the bond's series, denomination, redemption value, and the date cashed. Keep this receipt for your tax records — you will need it when you file your return, because the interest portion is taxable income in the year you cash the bond.

Cashing bonds through the U.S. Treasury by mail

If your bank will not cash the bond, contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov. They will send you Form PD F 1522 (for Series EE and I bonds) or the appropriate form for your bond type. Fill it out, sign it in front of a notary public, and mail it with the bond certificate to the address on the form.

The Treasury will verify the bond, calculate the redemption value, and mail you a check. This process typically takes two to four weeks from the date they receive your package. Do not send the bond by regular mail — use certified mail with return receipt so you have proof of delivery.

If the bond is registered in TreasuryDirect (the online system), you may be able to cash it directly through your account without mailing anything. Log in, navigate to the bond, and follow the redemption steps. The money will be deposited to the bank account linked to your TreasuryDirect profile within a few business days.

Interest penalties and timing to watch for

Series EE and Series I bonds have a final maturity date — usually 30 years from issue. If you cash the bond after that date, you receive no additional interest, even if you have not cashed it yet. Check your bond's issue date before you go to the bank. If it was issued in 1994 or earlier, it has likely reached final maturity.

Both Series EE and I bonds impose an early redemption penalty if you cash them before five years have passed. The penalty is the loss of the last three months of interest. So if you bought a bond in January 2024 and cash it in March 2025, you forfeit the interest you earned in December 2024 and January 2025. After five years, there is no penalty.

Series I bonds have an additional rule: if you cash one within the first year of purchase, you lose the last three months of interest. After one year, the five-year rule applies instead. Plan your cash-in date carefully if the bond is close to one of these thresholds.

Cashing bonds when the owner has died

If the bond owner has died and you are the executor or have legal authority over the estate, you can cash the bond. Bring the death certificate (an official certified copy, not a photocopy), your ID, and court documents showing your authority — such as a certified copy of the will, letters testamentary, or a court order naming you executor.

Some banks will cash the bond on the spot; others require you to mail it to the Treasury with the death certificate and court documents. Call ahead and ask what your bank needs. If the bond was registered in TreasuryDirect, log in with the deceased's credentials (if you have them) or contact the Treasury directly to transfer ownership to the estate.

The interest accrued up to the date of death is taxable income to the deceased's estate, not to you personally. Your tax professional or the estate's attorney can advise on how to report this on the final tax return.

Tax reporting when you cash a bond

The interest you earn on a savings bond is subject to federal income tax. You can choose to report it in the year you cash the bond, or you can report it each year as it accrues (though most people wait until cash-in). State and local taxes vary — some states do not tax savings bond interest, while others do.

When you cash the bond, the bank or Treasury will send you a Form 1099-INT (or similar) showing the interest portion. Use this to complete your tax return. If you cashed multiple bonds, you may receive one form per bond or a combined form, depending on the institution.

Keep your receipt from the bank or Treasury for at least three years. If you are audited, the IRS may ask for proof of when and where you cashed the bond and how much interest was paid.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only the one that issued it?

You can cash it at any bank or credit union in the United States, regardless of which bank issued it. The issuing bank does not matter — the bond is backed by the U.S. Treasury, so any financial institution can redeem it. Call ahead if you want to confirm the bank will cash it without an account.

What happens if I lose the physical bond certificate?

Contact the Bureau of the Fiscal Service at 844-284-2676 and report it lost or destroyed. They can issue a replacement certificate if you can prove you own it (usually by providing the serial number, issue date, and denomination). The process takes several weeks. If the bond is in TreasuryDirect, you do not have a physical certificate and can redeem it online.

Do I have to pay taxes on the interest when I cash the bond?

Yes, the interest is taxable federal income in the year you cash it. State and local taxes depend on where you live — some states exempt savings bond interest, others do not. You will receive a Form 1099-INT from the bank or Treasury showing the interest amount for your tax return.

Can I cash a bond that is not yet mature?

Yes, but you will lose the last three months of interest as a penalty if the bond is less than five years old. After five years, you can cash it without penalty, though you will still lose any interest that would have accrued after the cash-in date. Check the bond's issue date to see if the penalty applies.

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

At your bank, usually the same day or within a few business days. If you mail the bond to the Treasury, expect two to four weeks from the date they receive it. Use certified mail so you have proof of delivery and can track when it arrives.