Not every bank will cash a savings bond, and the ones that do have specific requirements
Your own bank may not cash your savings bonds, even if you have an account there. Banks are not required to redeem savings bonds, and many choose not to because the process involves verifying the bond's authenticity and your ownership. The safest place to cash a savings bond is the U.S. Department of the Treasury, either online through TreasuryDirect or in person at a Federal Reserve Bank. If you want to use a bank, you will need to find one that offers this service and meet their conditions.
The short answer is: call your bank first. Do not assume they cash bonds just because they are a bank. Many stopped offering this service years ago, and those that still do often have limits on how many bonds you can bring in or require you to be an account holder.
Key Takeaways
- The U.S. Department of the Treasury will always cash your savings bond through TreasuryDirect online or at a Federal Reserve Bank branch in person.
- Banks that do cash savings bonds typically require you to have an account with them and may limit the number of bonds you can redeem at once.
- You must present the physical bond certificate and a government-issued ID, and the bank will verify the bond's serial number and your ownership before paying you.
- Some credit unions and smaller regional banks have stopped cashing savings bonds entirely, so calling ahead is necessary before visiting.
Why banks have restrictions on cashing savings bonds
Banks treat savings bond redemption as a specialized service, not a routine transaction. When you cash a bond at a bank, that bank becomes responsible for verifying that the bond is genuine, that you are the rightful owner, and that the bond has not already been cashed. If the bank makes a mistake and pays out a fraudulent bond, the bank absorbs the loss, not the Treasury.
This liability is why many banks have stopped offering the service altogether. Larger banks often stopped cashing savings bonds years ago because the volume of bonds redeemed does not justify the staff training and fraud-checking procedures required. Smaller banks and credit unions are more likely to offer it, but even then, they may limit how many bonds you can bring in at one time or require that you be an account holder.
What banks typically require to cash a savings bond
If a bank agrees to cash your bond, expect to provide the physical bond certificate itself—not a photocopy—and a government-issued photo ID such as a driver's license or passport. The bank will examine the bond to confirm the series, denomination, and serial number, then check that the bond has reached its maturity date and that you match the name on the certificate.
Most banks that cash bonds require you to have a checking or savings account with them. Some will cash bonds only for account holders and may refuse to cash them for non-customers. A few banks will cash bonds for anyone, but this is becoming rare. Call your bank's customer service line before you visit—do not assume they offer this service just because they are a bank.
How to find a bank that will cash your savings bond
Start by calling your own bank and asking whether they cash savings bonds. If they do, ask what their requirements are: whether you need an account, how many bonds you can cash at once, and whether you need to make an appointment. If your bank does not offer the service, ask if they can refer you to a bank in your area that does.
Credit unions sometimes cash savings bonds for their members. Call your credit union's main branch and ask. If you do not have a credit union account, you can search for credit unions near you through the CO-OP Network or Alliant Credit Union's shared branch locator, though you may need to join the credit union to use their services.
If no local bank or credit union will cash your bond, the Treasury's online redemption through TreasuryDirect is your most straightforward option. You can also visit a Federal Reserve Bank branch in person during business hours—there are twelve regional Federal Reserve Banks across the country, and each one will cash savings bonds for anyone who brings the physical certificate and a valid ID.
Differences between cashing at a bank versus the Treasury
Cashing at a bank is faster if you have one nearby that offers the service. You walk in with your bond and ID, the teller verifies it, and you receive cash or a deposit to your account on the spot. The entire process usually takes 15 to 30 minutes.
Cashing through TreasuryDirect online takes longer but requires no travel. You set up a TreasuryDirect account, link it to your bank account, and submit a redemption request. The Treasury then mails you a check or deposits the funds directly to your bank account, which typically takes 5 to 10 business days. Cashing in person at a Federal Reserve Bank also requires travel but is faster than the mail—you receive a check on the same day. The amount you receive is the same regardless of where you cash the bond. The Treasury calculates the redemption value based on the bond's series, denomination, and how long you have held it. No bank or financial institution charges a fee to redeem a savings bond.
What to bring when you go to cash a bond at a bank
Bring the physical savings bond certificate itself. Do not bring a photocopy, scan, or photo—banks will not accept it. Bring a government-issued photo ID such as a driver's license, passport, or state ID card. If the bond is registered in someone else's name but you are authorized to cash it (for example, if you are the executor of an estate), bring documentation of that authority, such as a court order or power of attorney.
If you are cashing multiple bonds, bring them all in their original form. Some banks have a limit on how many bonds they will cash in a single visit, so if you have more than five or six, call ahead and ask whether you need to make multiple trips or schedule an appointment.
When a bank refuses to cash your bond
If the bank says no, it is usually because they do not offer the service, not because something is wrong with your bond. Do not assume your bond is invalid. Call another bank or credit union, or contact the Treasury directly.
If a bank refuses because they say the bond is damaged, illegible, or appears fraudulent, you can still redeem it through the Treasury. The Treasury has procedures to verify bonds that banks will not accept. You can mail the bond to the Treasury or visit a Federal Reserve Bank in person with documentation of your ownership.
Frequently Asked Questions
Can I cash a savings bond at any bank branch?
No. Even if a bank offers the service at one branch, other branches of the same bank may not. Call the specific branch where you plan to go, or ask the main customer service line which branches near you handle savings bond redemptions.
What if the savings bond is in my child's name?
If your child is old enough to have a government-issued ID, they can cash it themselves. If they are a minor, you will need to bring documentation showing you are their parent or legal guardian, such as a birth certificate or custody order. Some banks require the minor to be present; others do not. Call ahead to ask.
Can I cash a damaged or faded savings bond?
Banks usually will not cash a bond they cannot read clearly. The Treasury will, as long as you can provide proof of ownership and the bond's serial number. Contact the Treasury directly or visit a Federal Reserve Bank with the damaged bond and your ID.
Do I need an account at the bank to cash a savings bond there?
Most banks that cash savings bonds require you to be an account holder, but some do not. This varies by bank, so call ahead. If you do not have an account and the bank requires one, you can open a basic checking account on the same day you cash the bond.
How long does it take to get the money after I cash a bond?
At a bank or Federal Reserve branch, you receive the money the same day—either as cash or a deposit to your account within one business day. Through TreasuryDirect online, it takes 5 to 10 business days for a check or direct deposit to arrive.