Your bank or credit union is the fastest place to cash a savings bond

Most people cash savings bonds at their own bank or credit union. Walk in with the bond itself, your ID, and ask a teller to redeem it. Many banks do this without charging a fee, though some credit unions may ask for a small processing charge. The teller will verify the bond is legitimate, check that you're the registered owner or an authorized representative, and give you cash or deposit the money into your account on the spot.

If your bank doesn't handle savings bonds, they can usually direct you to a bank in your area that does. Larger national banks like Bank of America, Wells Fargo, and Chase redeem them routinely. Community banks and credit unions vary — some redeem them as a service to members, others refer you elsewhere.

Key Takeaways

  • Your own bank or credit union is the simplest option and usually takes less than 15 minutes if you have the bond and your ID.
  • The Federal Reserve Banks redeem bonds by mail if you don't have a local bank option, though the process takes two to four weeks.
  • You need the physical bond certificate, your ID, and proof you own it (the bond itself shows this if your name is on it).
  • Series EE and I bonds can be cashed anytime after one year, but you lose the last three months of interest if you cash before five years.
  • If a bond is registered to a deceased owner, the process requires a death certificate and proof that you're an authorized heir or executor.

The Federal Reserve Banks handle bonds by mail

If you can't find a bank near you that redeems savings bonds, you can mail the bond directly to a Federal Reserve Bank. The Federal Reserve Banks are the backup redemption channel for bonds that banks won't handle. You'll need to send the original bond certificate, a completed form, and a copy of your ID.

The Federal Reserve will send you a check in the mail. This process typically takes two to four weeks from the day they receive your package. Mail your bond to the Federal Reserve Bank that serves your region — you can find the correct address on the TreasuryDirect website under "Redeem Savings Bonds." Use certified mail or a tracked service so you have proof of delivery.

This route is slower than a bank but works if you live in a rural area or your local banks don't offer the service. It's also the only option if you've lost the physical bond certificate and need to file a claim for a replacement before cashing it.

TreasuryDirect lets you redeem bonds online if you own them digitally

If your savings bonds are held in a TreasuryDirect account (the U.S. Treasury's online system), you don't need to go anywhere. You can redeem them directly through your TreasuryDirect account on a computer or phone. Log in, select the bond you want to cash, confirm the redemption, and the money goes into your linked bank account within one to two business days.

This is the fastest method if your bonds are already digital. Many people who bought bonds in the last 10 to 15 years have them in TreasuryDirect rather than as paper certificates. If you're not sure whether you have a TreasuryDirect account, you can search for one using your Social Security number on the TreasuryDirect website.

What you need to bring or send

For an in-person redemption at a bank, bring three things: the bond certificate itself, a government-issued photo ID, and your Social Security number. The bank will verify that your name matches the bond and that you're old enough to cash it (you must be at least 18, or have a parent or guardian present).

If you're cashing a bond that's registered to someone else and you're an authorized representative — for example, a parent cashing a bond registered to a minor child — bring the child's birth certificate or Social Security card along with your ID. If the bond is registered to two people and only one of you is present, some banks will require both owners to sign the back of the bond before they'll cash it.

For mail redemption through the Federal Reserve, you'll need to fill out a form (available on the TreasuryDirect website) and include a photocopy of your ID. Send the original bond, the completed form, and the ID copy together in one package.

Timing: when you can cash a bond and what it costs you

You can cash a Series EE or Series I bond anytime after you've owned it for one year. If you cash it before five years have passed, you lose the last three months of interest. This is the bond's penalty for early redemption — it's built into the bond's terms, not a fee the bank charges.

For example, if you bought a Series I bond on January 15, 2023, you can cash it on January 15, 2024, but you'll forfeit the interest earned from October 15, 2023, to January 15, 2024. If you wait until January 15, 2028, you get all the interest with no penalty.

Series HH bonds (older bonds, no longer sold) have different rules — they mature after 20 years and must be redeemed by that date or they stop earning interest. If you own an HH bond, check its maturity date on the certificate itself.

Cashing a bond registered to a deceased owner

If the bond is registered only to someone who has died, you'll need to prove you have the legal right to the money. This usually means you're the executor of the estate or an heir named in the will. Bring the original bond, a certified copy of the death certificate, and a document showing your authority — such as letters testamentary from the probate court or a certified copy of the will.

Banks vary in how they handle this. Some will cash the bond on the spot if you have the right paperwork. Others will ask you to go through the Federal Reserve instead, which has a formal process for handling estates. Call your bank ahead of time to ask what they need — this saves a trip if they require documents you don't have yet.

If the bond is registered to two people (joint ownership) and one owner has died, the surviving owner can usually cash it with just their ID and the bond certificate. The bank may ask for a death certificate to update their records, but they won't require probate documents.

What happens after you cash the bond

If you cash the bond at a bank, you'll receive cash or a deposit into your account immediately. The bank will give you a receipt showing the redemption amount and the date. Keep this receipt for your tax records.

The interest you earned on the bond is taxable income in the year you cash it. You don't pay tax when the bond earns the interest — you pay it when you redeem the bond. The bank doesn't withhold taxes automatically, so you'll owe the tax when you file your return. If you cashed a large bond, you may want to set aside money for taxes or adjust your withholding.

If you mail the bond to the Federal Reserve, they'll send you a check. Deposit it into your bank account and keep the cancelled check or bank deposit receipt for your records. The same tax rule applies — you owe income tax on the interest in the year you cashed it.

Frequently Asked Questions

Can I cash a savings bond at any bank, or does it have to be my bank?

Most banks will cash a savings bond even if you don't have an account there, though they may ask to see your ID and may charge a small fee. Call ahead to confirm they redeem bonds. If your bank won't do it, ask them which banks in your area do.

What if I lost the physical bond certificate?

Contact the Federal Reserve or TreasuryDirect to file a claim for a replacement. You'll need to provide the bond's series, denomination, and serial number if you have it, plus proof of ownership. The process takes several weeks. Once you have a replacement certificate, you can cash it at a bank or through the Federal Reserve.

Do I have to cash the entire bond, or can I cash part of it?

You must cash the entire bond at once. You cannot redeem a portion of a bond and keep the rest earning interest. If you want to keep some of the money invested, you would need to buy a new bond with part of the proceeds.

How much interest will I get when I cash my bond?

The bank or Federal Reserve will calculate the current value of your bond based on the series, purchase date, and redemption date. They'll tell you the total amount you'll receive before you finalize the redemption. You can also check the current value of your bond on TreasuryDirect if it's registered there.

Will the bank report this to the IRS or affect my taxes?

The bank does not report the redemption to the IRS automatically. You are responsible for reporting the interest as income on your tax return. If you cashed a very large bond, the bank may ask you to fill out a W-9 form for their records, but this is not a tax withholding — it's just documentation.