A $50 savings bond's current value depends on when it was issued and how long you've held it

A $50 savings bond is not worth $50 the day you buy it. You pay $25 upfront — that's the purchase price. The bond then grows in value over time as interest accrues. How much it's worth right now depends on which series you own (Series EE or Series I), when you bought it, and how many months or years have passed since then.

The U.S. Treasury publishes the current redemption value for every bond series every month. You can look up your specific bond's worth on the Treasury's website using the bond's series, denomination, and issue date. The value you see there is what you would receive if you cashed it in today.

Key Takeaways

  • You pay $25 to buy a $50 Series EE bond, and it grows toward $50 over 20 years, then continues earning interest after that.
  • Series I bonds earn interest based on inflation rates that change every six months, so their value grows at different speeds depending on when you bought them.
  • The Treasury updates redemption values monthly, and you can find your bond's exact current worth on TreasuryDirect.gov.
  • Cashing in a bond before five years have passed costs you three months of interest as a penalty.
  • A bond's value on the day you redeem it is the amount you receive — there is no separate tax withholding at redemption.

How Series EE bonds grow from $25 to their face value

When you purchase a Series EE bond for $50, you pay $25. The bond is may provide to reach $50 in value after 20 years. That means the Treasury promises the bond will at least double your money over two decades, even if interest rates stay very low.

After 20 years, the bond keeps earning interest. It does not stop growing at $50. The interest rate for Series EE bonds is set by the Treasury and changes every six months. Right now, that rate is much lower than it was a few years ago — you can check the current rate on TreasuryDirect.gov. A bond issued in 2004 is worth more today than one issued in 2020, because it has had more time to accumulate interest.

The Treasury publishes a redemption value table every month showing what each bond series and issue date combination is worth. If you own a $50 Series EE bond issued in January 2015, for example, you would look up "Series EE, $50, January 2015" and find the current redemption value listed there.

How Series I bonds earn interest tied to inflation

Series I bonds work differently. You still pay $25 to buy a $50 bond, but the interest rate changes every six months based on inflation. The Treasury announces a new rate on May 1 and November 1 each year. The rate you earn depends on when you bought the bond — it is locked in for the first six months you own it, then changes to the new rate for the next six months, and so on.

This means two Series I bonds purchased on different dates can have very different values today, even if they are the same denomination. A Series I bond bought in May 2022 earned a much higher interest rate than one bought in May 2024, because inflation was higher in 2022. The older bond has grown faster and is worth more.

Like Series EE bonds, Series I bonds are listed on the Treasury's redemption value table by series, denomination, and issue date. You can find the exact current worth of your bond there.

Why you lose three months of interest if you redeem early

If you cash in your bond before you have owned it for five years, the Treasury subtracts three months of interest from the redemption value. This penalty exists to discourage people from treating savings bonds like regular savings accounts.

If your $50 Series EE bond is currently worth $38 and you redeem it after three years, you would receive $35 instead — the $38 value minus three months of accrued interest. If you hold the bond for five years or longer, you get the full redemption value with no penalty.

How to find your bond's exact current value

Go to TreasuryDirect.gov and look for the "Savings Bond Value Calculator" or the current redemption value tables. You will need to know three things: the series (EE or I), the denomination ($50), and the month and year the bond was issued.

If you bought the bond through a bank or brokerage instead of directly from the Treasury, the issue date may be listed on your purchase receipt or statement. If you have the physical bond certificate, the issue date is printed on the front.

The Treasury updates these values on the first business day of each month. The value you see is what you would receive if you redeemed the bond that day. Redemption values change monthly because interest continues to accrue.

What happens to your money when you redeem

When you cash in a savings bond, you receive the redemption value as a direct deposit to your bank account or as a check, depending on how you redeemed it. There is no separate tax withholding at the time of redemption. The interest you earned is subject to federal income tax, but you do not pay it when you cash the bond — you report it on your tax return for the year you redeem it.

If you redeemed the bond before five years had passed, the redemption value already has the three-month interest penalty subtracted. You receive only that reduced amount.

Bonds issued decades ago are worth much more than their face value

A $50 Series EE bond issued in 1990 is worth far more than $50 today. It has been earning interest for over 30 years. The exact amount depends on the interest rates that were in effect during each six-month period since it was issued. You can still look it up on TreasuryDirect.gov using the same method — series, denomination, and issue date.

Very old bonds eventually stop earning interest. Series EE bonds stop earning interest after 30 years. Series I bonds stop earning interest after 30 years as well. Once a bond reaches its final maturity date, it is worth whatever it was worth on that date, and it will not grow any further. At that point, you should redeem it and move the money to a savings account or another investment.

Frequently Asked Questions

Can I look up a bond's value if I lost the certificate?

If you bought the bond through TreasuryDirect, you can log into your account and see all your bonds and their current values. If you bought it through a bank or broker and no longer have the certificate, you will need the issue date and series to look it up on the Treasury's redemption value table. Contact the bank or broker where you purchased it if you cannot find the issue date.

Why is my bond worth less than I paid for it?

This should not happen if you have owned the bond for at least five years. If you redeemed it before five years passed, the three-month interest penalty reduced the value. If you are looking at a bond you just bought, remember you paid $25 for a $50 bond — the current redemption value should be close to $25 or slightly higher, depending on how many days have passed since purchase.

Do I have to pay taxes when I cash in the bond?

You do not pay taxes at redemption. You report the interest you earned on your federal tax return for the year you cashed it in. Some people choose to report the interest each year instead of waiting until redemption — ask a tax professional which method makes sense for your situation.

What if the Treasury website shows a different value than my bank does?

The Treasury's official redemption value table is the correct source. Banks sometimes use older data or charge a small fee for redemption services. Check TreasuryDirect.gov first to confirm what your bond should be worth, then contact your bank if there is a discrepancy.