What determines a savings bond's current value
A US savings bond's worth depends on when you bought it, what type it is, and how long you have held it. The bond does not have a fixed market price like a stock — instead, the US Department of the Treasury sets its value based on a formula that includes the purchase price, the interest rate, and the number of months since you bought it.
For Series EE bonds, you pay half the face value upfront. A $100 face value bond costs $50 to buy. The Treasury adds interest monthly, and the bond's value grows until it reaches face value (usually in about 20 years) and continues growing after that. For Series I bonds, you pay the full face value and the interest rate adjusts every six months based on inflation.
The easiest way to find out what your bond is worth right now is to use the Treasury's Savings Bond Calculator at treasurydirect.gov. You enter the bond series, the issue date, and the denomination, and it shows you the current redemption value — the exact amount you would receive if you cashed it in today.
Key Takeaways
- Series EE bonds purchased at half face value grow through monthly interest until they reach face value, then continue earning interest for up to 30 years total.
- Series I bonds are purchased at full face value and earn interest that changes every six months based on the inflation rate.
- The Treasury's Savings Bond Calculator at treasurydirect.gov shows your bond's exact current value when you enter the series, issue date, and denomination.
- Cashing in a bond before five years have passed costs you three months of interest as a penalty, so the redemption value may be lower than you expect.
- Interest earned on savings bonds is subject to federal income tax, though you can defer reporting it until you redeem the bond or it reaches final maturity.
How the Treasury calculates value for Series EE bonds
Series EE bonds earn interest every month, and that interest compounds — meaning you earn interest on your interest. The Treasury publishes an interest rate for each month, and that rate applies to all EE bonds issued in that month for their entire 30-year life.
If you bought a $100 face value EE bond in January 2020 for $50, the Treasury added interest each month based on the rate set for January 2020 bonds. By now, that bond is worth more than $50 but probably less than $100 (depending on the exact rate). The calculator shows you the precise amount.
One important rule: if you redeem an EE bond before it has been held for five years, you lose the last three months of interest. So a bond worth $65 if held to five years might be worth only $62 if you cash it in at four years and nine months. The calculator accounts for this penalty automatically.
How the Treasury calculates value for Series I bonds
Series I bonds work differently because their interest rate changes. The rate has two parts: a fixed rate (set when you buy the bond and never changes) and an inflation rate (adjusted every May and November based on the Consumer Price Index). The Treasury adds both rates together and applies the combined rate to your bond for the next six months.
If you bought an I bond in March 2023, you locked in a fixed rate for 30 years. That fixed rate stays the same forever. But the inflation portion changes every six months, so your total interest rate goes up or down depending on whether inflation is rising or falling. The calculator shows your current value based on all the rate changes that have happened since you bought it.
Like EE bonds, I bonds penalize early redemption: you lose three months of interest if you cash in before five years. After five years, you can redeem without penalty, though you still forfeit the current six-month interest period if you redeem mid-period.
Why your bond might be worth less than you paid
This happens only with Series EE bonds, and only if you redeem them very early. Because you pay $50 for a $100 face value bond, the Treasury needs time to add enough interest to make the bond worth what you paid. If you cash in an EE bond after just a few months, the interest earned may not yet equal the $50 purchase price, so the redemption value is less.
Additionally, the three-month interest penalty applies to all redemptions before five years. So if you bought an EE bond and cashed it in after two years, you would lose three months of interest on top of having less total interest accrued. This is why EE bonds are meant to be held for at least five years.
Series I bonds purchased at full face value will never be worth less than you paid, because you own the full amount from day one and interest only adds to it. However, the three-month penalty still applies if you redeem before five years.
How to check your bond value without the calculator
If you own physical paper bonds, the calculator is the most accurate method. However, if you own bonds in a TreasuryDirect account (the online system where most people now buy bonds), you can log in to your account and see the current value of each bond listed there. TreasuryDirect updates values monthly.
Some banks and credit unions also offer bond value lookup tools, though these are often less current than the official Treasury calculator. If you inherited bonds or received them as a gift and do not know the exact issue date, you can find it printed on the bond itself — it appears as a month and year.
The Treasury also publishes historical interest rates for each bond series and issue month on its website, so you can manually calculate value if you want to understand how the number was derived. But the calculator does this work for you and is the fastest route.
What happens to your bond's value at maturity
Series EE bonds reach final maturity after 30 years. At that point, the Treasury stops adding interest, and the bond stops growing in value. If you have not cashed it in by then, you should redeem it, because holding it longer earns you nothing.
Series I bonds also have a 30-year life. After 30 years, they stop earning interest and should be redeemed. The Treasury does not automatically cash your bonds — you have to request redemption yourself, either through TreasuryDirect or through a bank or broker.
If you do not redeem a bond after it reaches final maturity, it remains in your account but earns no additional value. There is no penalty for letting it sit, but there is also no benefit. The value is locked at whatever it was on the maturity date.
Tax treatment of savings bond interest
Interest earned on US savings bonds is subject to federal income tax. You have two options for when to report it: you can report the interest each year as it accrues (even though you have not received the money yet), or you can wait and report all the interest in the year you redeem the bond or it reaches final maturity.
Most people choose to defer reporting until redemption, because it delays the tax bill. When you cash in the bond, the Treasury sends you a Form 1099-INT showing the total interest earned, and you report that on your tax return for that year.
Savings bond interest is exempt from state and local income tax, which is one advantage they offer over other savings vehicles. However, federal tax still applies, so the after-tax return is lower than the stated interest rate.
Frequently Asked Questions
Can I find the value of a savings bond I bought 10 years ago?
Yes, use the Treasury's Savings Bond Calculator at treasurydirect.gov. You need the bond series (EE or I), the exact month and year you bought it, and the denomination ($50, $100, etc.). The calculator will show you the current redemption value. If you do not remember the exact purchase date, check the bond itself — the issue date is printed on it.
What if I lost my savings bond — can I still find out what it was worth?
If you bought the bond through TreasuryDirect, your online account shows all your bonds and their current values. If you bought a paper bond and lost the physical certificate, you can contact the Treasury's Savings Bond Division to request a replacement and learn its value. You will need to provide proof of purchase or ownership.
Does the value shown in the calculator include the three-month penalty?
Yes. The calculator shows the actual amount you would receive if you redeemed the bond today, including the three-month interest penalty if your bond is less than five years old. If your bond is five years or older, there is no penalty and the calculator shows the full accrued value.
Why is my Series I bond worth less than I expected?
If your bond is less than five years old, you are seeing the three-month redemption penalty subtracted from the value. If it is older than five years, the value may be lower than expected because the inflation rate portion of your interest rate has been low or negative during some of the six-month periods since you bought it. Check the Treasury's published I bond rates to see what rate was applied to your bond during each period.
Can I sell my savings bond to someone else?
No. US savings bonds cannot be sold or transferred. You can only redeem them for cash through the Treasury, a bank, or a broker. The redemption value is set by the Treasury based on the formula — there is no market price or negotiation involved.