How to cash a Patriot Bond

A Patriot Bond is a Series EE savings bond issued by the U.S. Department of the Treasury after the September 11 attacks. To cash one, you contact the Treasury or your bank, provide proof of ownership, and receive the current redemption value—which is the original purchase price plus all interest earned. The process takes a few weeks and requires either the physical bond or your Treasury Direct account information.

Patriot Bonds work exactly like other Series EE bonds for cashing purposes. The Treasury does not treat them differently during redemption. Your only real choice is whether to redeem through the Treasury directly or through a bank, and that choice depends on whether you have the physical bond in hand.

Key Takeaways

  • Patriot Bonds can be redeemed through the U.S. Department of the Treasury or through most banks, and the redemption value is always the purchase price plus accrued interest.
  • If you own the physical bond certificate, you can take it to any bank that handles savings bonds, or mail it to the Treasury's Bureau of the Fiscal Service.
  • If you bought your Patriot Bond through Treasury Direct (the online system), you redeem it through your account without handling a physical certificate.
  • Redemption takes two to four weeks if you go through a bank, and up to six weeks if you mail the bond to the Treasury.
  • You will owe federal income tax on the interest earned, but not state or local tax, and you can choose to report it all in the year you redeem or spread it across the years you held the bond.

Redeeming through a bank

If you have the physical Patriot Bond certificate in your possession, the fastest route is usually your bank. Walk in with the bond, your ID, and a completed form. The teller will verify the bond's serial number and current value, then issue you a check or deposit the funds to your account. Most banks that offer savings accounts also handle bond redemptions, though some smaller branches may not—call ahead to confirm.

Bring your government-issued ID and the bond itself. The bank will ask you to sign the back of the bond in front of a witness (usually the teller). If the bond is registered to two people, both must be present to sign, or one person must have a power of attorney. The bank then sends the bond to the Federal Reserve for processing, and you receive your money within two to four weeks.

If you have lost the physical certificate but still own the bond, you cannot redeem it at a bank. You will need to contact the Treasury directly and file a claim for the lost bond before you can redeem it.

Redeeming through Treasury Direct

If you purchased your Patriot Bond through Treasury Direct—the Treasury's online system—you do not have a physical certificate. Instead, your bond exists as a digital record in your Treasury Direct account. To redeem it, log into your account at treasurydirect.gov, navigate to your bonds, and select the Patriot Bond you want to cash.

The system will show you the current redemption value and ask you to confirm the transaction. Once you submit, the Treasury processes the redemption and deposits the funds directly into your linked bank account. This route typically takes four to six weeks from submission to deposit, though the Treasury may take longer during high-volume periods.

You do not need to mail anything or visit a bank. If you have forgotten your Treasury Direct login, you can reset it on the website using your Social Security number and email address.

What happens if the bond is lost or damaged

If your physical Patriot Bond certificate is lost, stolen, or too damaged to read, you can still redeem it—but you must file a claim with the Treasury first. Contact the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov and select "Lost or Stolen Savings Bonds."

You will need to provide the bond's serial number (if you have it), the issue date, the purchase price, and the registered owner's name and Social Security number. The Treasury will search its records to confirm the bond exists and that you are the rightful owner. Once verified, they will issue a replacement bond or allow you to redeem the original. This process can take several months.

If you cannot locate the serial number, gather any documentation you have: purchase receipts, old bank statements showing the purchase, or correspondence from the Treasury. The more information you provide, the faster the search.

Understanding the redemption value and timing

The amount you receive when you redeem a Patriot Bond is always the original purchase price plus all interest earned from the issue date to the redemption date. Series EE bonds earn interest monthly, and that interest compounds semiannually. The longer you hold the bond, the more it grows.

The Treasury publishes redemption values for all Series EE bonds on its website each month. You can look up your specific bond's current value before you redeem it. If you redeem before the bond reaches its final maturity (30 years from issue), you will receive less than if you waited, because less interest will have accrued.

Redemption does not happen instantly. If you redeem through a bank, expect two to four weeks. If you redeem through Treasury Direct, expect four to six weeks. During that time, the Treasury is verifying the bond and processing the payment. Do not count on the money arriving by a specific date.

Tax reporting when you redeem

The interest you earn on a Patriot Bond is subject to federal income tax, but not state or local tax. When you redeem the bond, you will owe tax on all the interest that accrued from the purchase date to the redemption date. The Treasury does not withhold tax automatically—you pay it when you file your tax return.

You have a choice in how to report the interest. You can report all of it in the year you redeem the bond, or you can report it spread across all the years you held the bond (called the accrual method). Most people report it all in the redemption year because it is simpler, but if the interest is large, spreading it across years may lower your tax bill. Consult a tax professional if you are unsure which method suits your situation.

The Treasury does not issue a 1099 form for savings bonds. You are responsible for tracking the interest and reporting it yourself. If you bought the bond through Treasury Direct, your account shows the accrued interest; if you have a physical certificate, you can look up the current value on treasurydirect.gov using the bond's serial number.

What to do if you cannot find your bond information

If you own a Patriot Bond but cannot locate the certificate or remember where you bought it, start by checking your files for old purchase receipts or bank statements from around the time you bought it. The purchase receipt will have the serial number and issue date.

If you bought it through Treasury Direct, you can recover your account by going to treasurydirect.gov and using the "Forgot Login" option. If you bought it at a bank, call that bank and ask whether they have a record of the purchase. Some banks keep records for seven to ten years.

If you cannot locate any documentation, contact the Treasury's Bureau of the Fiscal Service at 844-284-2676. They can search their records if you provide the registered owner's name and Social Security number. This search takes time, but it is the only way forward if you have no other information.

Frequently Asked Questions

Can I redeem a Patriot Bond before it matures?

Yes. Series EE bonds, including Patriot Bonds, can be redeemed at any time after you have held them for one year. If you redeem before five years have passed, you will lose the last three months of interest as a penalty. After five years, there is no penalty.

What if the Patriot Bond is registered to someone who has died?

If the bond is registered to a deceased person, the executor of their estate or the surviving co-owner can redeem it. You will need to provide a death certificate and proof of your authority (such as letters testamentary from the probate court). Contact the Treasury or your bank for the specific documents they require.

Can I redeem a Patriot Bond at any bank?

Most banks that offer savings accounts will redeem savings bonds, but not all branches handle them. Call your bank first to confirm they redeem bonds and ask whether you need an appointment. Some larger banks process bonds same-day; others send them to the Federal Reserve and take two to four weeks.

Do I have to redeem the entire bond at once?

No. If you own a physical Patriot Bond certificate, you can redeem it in full or request a partial redemption. The bank will issue you a check for the amount you request and return the bond to you with a reduced value. Partial redemptions are less common and some banks may not offer them—ask before you visit.

What if I want to keep the bond but need the interest?

You cannot withdraw just the interest from a savings bond. You must redeem the entire bond (or a portion of it) to access any of the money. If you need cash but want to keep the bond growing, consider a loan against the bond instead, though few banks offer this option anymore.