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

The place you cash a savings bond depends on the type of bond and whether you own it in paper or electronic form. Paper bonds can be cashed at your bank, credit union, or the U.S. Treasury. Electronic bonds (Series I and Series EE bonds issued after 2003) can only be cashed through TreasuryDirect, the federal website where they live. Most people find their own bank the fastest option if they hold paper bonds, since you can walk in with the bond and leave with a check the same day.

The process is straightforward but has real limits. Banks will not cash a bond they did not issue, and some credit unions have restrictions on non-members. The Treasury will always cash any bond you own, but doing it by mail takes two to three weeks. If you own electronic bonds, you have no choice but to use TreasuryDirect, which processes redemptions in one to three business days and deposits the money directly to your bank account.

Key Takeaways

  • Paper bonds can be cashed at the bank that issued them, most other banks, credit unions, or the U.S. Treasury, but electronic bonds can only be redeemed through TreasuryDirect.
  • Your own bank is usually the fastest option for paper bonds and may not charge a fee, while the Treasury by mail takes two to three weeks.
  • You will need the physical bond itself (for paper bonds), a valid ID, and proof of ownership if someone other than the registered owner is cashing it.
  • Some bonds cannot be cashed until they reach a certain age, and cashing before the final maturity date may mean losing accrued interest.

Cashing paper bonds at your bank or credit union

If you hold a paper Series EE or Series I bond, your bank is usually the easiest place to cash it. Bring the bond itself, a valid photo ID, and your account information. The teller will verify the bond is genuine, check that it has reached its earliest redemption date, and process the payment. Most banks do this for free if you have an account with them, though some charge a small fee for non-customers.

Credit unions work the same way, but membership rules vary. Some credit unions will cash bonds for non-members; others will only do it for members. Call ahead to confirm. If your credit union will not cash it, your bank is the next fastest option. Even if you do not have an account at a particular bank, many will cash a savings bond for a fee, usually between $5 and $15.

The key limitation is that the bond must have reached its earliest redemption date. Series EE bonds issued before May 2003 can be cashed anytime. Series EE bonds issued after May 2003 cannot be cashed for one year, and if you cash them between one and five years, you lose the last three months of interest. Series I bonds have the same one-year lock-in and three-month penalty if cashed before five years. If your bond is still within that window, the bank will tell you and refuse to cash it.

Redeeming electronic bonds through TreasuryDirect

Electronic bonds live in your TreasuryDirect account and can only be cashed there. Log in to TreasuryDirect.gov, navigate to "Manage My Securities," select the bond you want to redeem, and follow the prompts. The Treasury will deposit the money directly into the bank account you have on file, usually within one to three business days.

You cannot print an electronic bond or take it anywhere else. TreasuryDirect is the only place to redeem it. The same rules about earliest redemption dates and interest penalties apply — you cannot cash an electronic Series I or Series EE bond before one year, and cashing between one and five years costs you three months of interest.

Cashing bonds by mail through the U.S. Treasury

If you cannot reach a bank or credit union, or if you prefer to avoid in-person visits, you can mail your paper bond to the Treasury. Send the bond, a completed Form PD F 1522 (Request for Payment of Savings Bond), a copy of your ID, and a letter stating the amount you want to redeem to the Bureau of the Fiscal Service in Parkersburg, West Virginia. The address is on the form itself.

Processing takes two to three weeks, and the Treasury will mail you a check. This method is slower than a bank visit but works if you have no other option. Keep a copy of everything you send and consider using certified mail so you have proof of delivery. The Treasury will not cash a bond that has not reached its earliest redemption date, just as a bank will not.

What you need to bring or provide

For in-person redemption at a bank or credit union, bring the physical bond itself, a valid government-issued photo ID (driver's license, passport, or state ID), and your account information if you have one at that institution. If you are cashing a bond registered to someone else, you will need that person's ID as well, or a power of attorney document if you are acting on their behalf.

For mail redemption, send a copy of your ID (not the original), the completed Form PD F 1522, and the bond itself. For electronic bonds through TreasuryDirect, you need only your login credentials and the account information where you want the money deposited.

Understanding interest penalties and timing

The interest you earn on a savings bond is not may provide if you cash it early. Series EE and Series I bonds issued after May 2003 cannot be cashed during the first year you own them. If you cash them after one year but before five years, you lose the last three months of interest — meaning if the bond has earned $100 in interest, you receive only $75.

Older bonds (Series EE issued before May 2003, and older Series I bonds) have different rules depending on their issue date. Check the bond itself or call the Treasury at 844-284-2676 to confirm the earliest date you can cash it without penalty. The interest rate on the bond is fixed when it is issued, so waiting longer always means more money, but the three-month penalty is a real cost if you need the money within five years.

What happens if a bond is lost or damaged

If your paper bond is lost, stolen, or too damaged to read, you cannot cash it at a bank. You will need to file a claim with the Treasury using Form PD F 1048 (Claim for Lost, Stolen, or Destroyed Savings Bond). This process takes several weeks and requires proof that you owned the bond — the original purchase receipt, a bank statement showing the purchase, or other documentation.

If the bond is simply worn but still readable, a bank may still accept it. If it is torn, faded, or missing pieces, call the Treasury first to ask whether they will accept it before you attempt to cash it anywhere. Electronic bonds cannot be lost or damaged in the same way, since they exist only in your TreasuryDirect account.

Frequently Asked Questions

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

Most banks will cash a savings bond even if they did not issue it, though some charge a fee for non-customers. Your own bank is the safest bet and usually free. Credit unions vary — call ahead to confirm they will cash it for you.

What if my savings bond has matured and stopped earning interest?

You should cash it as soon as possible. Once a bond reaches final maturity (30 years for most Series EE bonds, 30 years for Series I), it stops earning interest. There is no benefit to holding it longer, and you lose money by not putting the cash elsewhere.

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

At a bank or credit union, you usually get a check the same day or within one business day. Through TreasuryDirect, the money deposits in one to three business days. By mail to the Treasury, expect two to three weeks plus mail time.

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

Yes. The interest you earned is subject to federal income tax and, in most states, state income tax. You do not pay tax on the original amount you invested, only on the interest. The Treasury does not withhold tax automatically, so you will owe it when you file your return.

Can someone else cash my savings bond if I give them permission?

Only if they have a power of attorney or if the bond is registered to both of you. A bank will not cash a bond based on verbal permission alone. If you want someone else to handle it, set up a power of attorney document or add them as a co-owner when you purchase the bond.