Banks and credit unions are your fastest option for cashing savings bonds

Most banks and credit unions will cash Series EE and Series I savings bonds for you on the spot, as long as you have the bond in hand and can prove your identity. Call ahead to confirm they handle savings bonds — not every branch does — and bring a government-issued ID like a driver's license or passport. The teller will verify the bond's serial number, check that it has reached final maturity or that you meet the early redemption rules, and give you cash or deposit the proceeds into your account.

Credit unions sometimes charge a small fee for this service, typically $5 to $10, while most banks do it free. The entire process usually takes 10 to 15 minutes. If you have multiple bonds, bring them all at once rather than making separate trips.

Key Takeaways

  • Your bank or credit union can cash savings bonds immediately if you bring the physical bond and a government ID.
  • The U.S. Treasury's TreasuryDirect website lets you redeem bonds you hold in electronic form without visiting a bank.
  • If you have lost a bond or it was damaged, the Treasury can issue a replacement, but the process takes several weeks.
  • Savings bonds held in a deceased person's name require a court order or estate documents before they can be cashed.
  • Some bonds cannot be cashed before their final maturity date, so check the bond's issue date and series before you go to the bank.

Redeeming electronic bonds through TreasuryDirect

If you own savings bonds in electronic form through the TreasuryDirect website, you do not need to visit a bank at all. Log into your TreasuryDirect account, navigate to the "Manage My Securities" section, and select the bonds you want to redeem. The Treasury will deposit the cash into your bank account within one to two business days.

Electronic bonds are easier to track and redeem than paper bonds because there is no physical document to lose or carry. You can also see the exact current value of each bond on the website, which updates monthly. If you have paper bonds but want to switch to electronic form, you can convert them through TreasuryDirect, though this process takes a few weeks.

What to do if your bond is lost or damaged

If you have lost a savings bond or it has been damaged beyond recognition, the U.S. Treasury can issue a replacement. You will need to file a claim with the Bureau of the Fiscal Service, which requires you to provide the bond's serial number (if you have it), the issue date, the series, and the denomination. If you do not have the serial number, you can provide the name and Social Security number of the person who purchased the bond.

The replacement process typically takes four to six weeks, and the Treasury will mail you a new bond or deposit the value into your bank account. During this time, you cannot cash the bond. Keep copies of any correspondence with the Treasury in case questions arise later.

Cashing bonds held in a deceased person's name

Savings bonds registered in a deceased person's name cannot be cashed by anyone else without legal documentation. The person handling the estate will need to present either a court-issued letter of administration, an executor's certificate, or a certified copy of the death certificate along with proof of their authority to act on behalf of the estate.

Some banks will cash the bond directly if you bring these documents, while others will direct you to the Treasury. The Treasury's process is more formal and slower — it can take several weeks — but it ensures the bond is handled correctly under probate law. If the bond was registered as "payable on death" to a specific person, that person can usually cash it more quickly by providing the death certificate and their ID.

Understanding redemption rules for different bond series

Series EE bonds issued before May 2003 can be cashed anytime after one year, though you will lose the last three months of interest if you cash before five years have passed. Series EE bonds issued after May 2003 can be cashed anytime after one year, with the same three-month interest penalty for early redemption. Series I bonds have a one-year holding period before you can cash them at all, and if you redeem before five years, you lose the last three months of interest.

Bonds that have reached final maturity — typically 30 years after issue — stop earning interest and should be cashed or converted to a new bond. You can check the maturity date of any bond by looking at the issue date printed on the front. If you are unsure whether your bond can be cashed, the bank teller can look it up using the bond's information before you commit to the transaction.

Cashing bonds by mail if you cannot visit a bank

If you cannot reach a bank in person, you can mail your savings bonds to the Treasury for redemption. Send the bonds to the Bureau of the Fiscal Service at the address listed on the Treasury website, along with a completed FS Form 1522 (the Savings Bond Redemption Request form) and a copy of your ID. Do not send the original ID — send a photocopy.

Mail the package using a tracked service like certified mail so you have proof of delivery. The Treasury will process the request and mail you a check within two to three weeks. This method is slower and carries the risk of loss in the mail, so it is best used only when visiting a bank is truly not possible.

Tax reporting when you cash savings bonds

When you redeem a savings bond, the interest you earned is subject to federal income tax. The bank or Treasury does not withhold taxes automatically — you are responsible for reporting the interest on your tax return. If you cashed bonds worth more than $10,000 in a single calendar year, the bank may file a Currency Transaction Report with the IRS, though this is routine and does not indicate any problem.

Keep records of the bond's purchase price and the amount you received when you cashed it. The difference is the interest earned, and that is the amount you report as income. If you held the bond for many years, the interest can be substantial, so factor this into your tax planning if you are redeeming a large number of bonds at once.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only the bank where I have an account?

Most banks will cash savings bonds even if you do not have an account there, though they may require you to open one or charge a fee. Call ahead to ask. Credit unions typically only cash bonds for members, so if you belong to a credit union, that is often your best option.

What if the bank says they cannot cash my bond?

Some smaller banks or branches do not handle savings bonds. If this happens, try another bank, or redeem the bond through TreasuryDirect if it is in electronic form. You can also mail the bond to the Treasury, though this takes longer.

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

Savings bonds are all-or-nothing — you cannot cash half a bond. You must redeem the entire bond at once. If you need only part of the value, you will receive the full amount and have to manage the extra funds separately.

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

At a bank, you get cash or a deposit immediately. Through TreasuryDirect, the deposit takes one to two business days. By mail, expect two to three weeks. The fastest method is always in person at a bank.

What happens if I try to cash a bond before it is may be able to access for redemption?

The bank or Treasury will refuse to process it and return the bond to you. Check the issue date before you go to the bank — Series EE and I bonds must be at least one year old before they can be cashed.