Where You Can Actually Cash a U.S. Savings Bond

Not every bank will cash your savings bond, and some won't cash them at all

You cannot walk into any bank and expect to cash a U.S. savings bond. Most banks that do cash them limit it to bonds issued in the names of their customers, and many banks have stopped cashing them entirely. Your best option is usually the bank or credit union where you hold an account, but even that depends on the bond's issue date and whether the institution still offers the service.

If your bank declines, the U.S. Department of the Treasury will cash any savings bond directly, though the process takes longer and requires you to mail the bond or submit it through their online portal.

Key Takeaways

• Banks that cash savings bonds typically only do so for account holders, and many have discontinued the service entirely.
• Series EE and I bonds issued after 2003 can be cashed at most banks that still offer the service, but older bonds may face restrictions.
• The Treasury will cash any savings bond by mail or through TreasuryDirect, regardless of where it was issued.
• You will need the physical bond certificate and a valid ID to cash in person, or a digital account if using TreasuryDirect.
• Savings bonds cannot be cashed before one year from the issue date, and cashing before five years means losing the last three months of interest.

Which banks still cash savings bonds

The number of banks cashing savings bonds has shrunk over the past two decades. Large national banks like Bank of America, Wells Fargo, and Chase generally do not cash them anymore. Regional and community banks are more likely to offer the service, but you need to call ahead—do not assume they do.

If you have an account at a bank or credit union, that institution is your first place to ask. Many will cash bonds for account holders even if they have stopped serving non-customers. When you call, ask specifically whether they cash savings bonds and what types they accept. Some banks accept only Series EE and I bonds issued after a certain year, while others have stopped entirely.

The Federal Reserve's Savings Bond Marketing Office maintains a list of banks that participate in the savings bond program, but the list is not current and does not reflect recent closures. Your own bank's customer service line is more reliable than any published directory.

What the Treasury will cash directly

The U.S. Department of the Treasury will cash any savings bond you own, regardless of when it was issued or whether you have a bank account. You have two routes: mail the bond to the Treasury, or redeem it through your TreasuryDirect account if the bond is registered there.

To redeem by mail, send the physical bond certificate and a completed FS Form 1522 (Request for Payment of Savings Bond) to the Bureau of the Fiscal Service. Include a copy of your ID. The Treasury processes these requests in about four weeks, and they will mail you a check. You can download the form and find the mailing address on the TreasuryDirect website.

If your bond is already in a TreasuryDirect account, you can redeem it online immediately. The funds go into the bank account linked to your TreasuryDirect profile within one to three business days. This is the fastest route if your bond is digital.

Bonds you cannot cash yet, and penalties for early redemption

Savings bonds cannot be cashed until one year after the issue date. If you try to redeem before that point, any bank or the Treasury will refuse. There is no exception to this rule, even in emergencies.

If you redeem a bond before it has been held for five years, you lose the last three months of interest. For example, if you cash a bond after three years and nine months, you receive interest only through the three-year mark. This penalty applies to all savings bonds regardless of type or issue date.

After five years, you can redeem without penalty. The interest continues to accrue for up to 30 years from the issue date, so holding longer means more money—but you cannot access it without losing those three months if you cash before the five-year mark.

What you need to bring or submit

For in-person redemption at a bank, bring the physical bond certificate and a valid government-issued ID. Some banks may ask for additional proof of ownership if the bond is in someone else's name or if you are redeeming on behalf of a minor or deceased person. Call the bank beforehand to ask what they require.

If you are redeeming a bond registered to a deceased person, the bank or Treasury will ask for a death certificate and proof that you are authorized to redeem it—usually a will, power of attorney, or court order. This process is slower and more complex than redeeming your own bond.

For Treasury redemption by mail, include the bond certificate, a completed FS Form 1522, and a copy of your ID. For online redemption through TreasuryDirect, you need only your login credentials and the bond's serial number.

Series EE and I bonds have different cashing rules

Series EE bonds and Series I bonds are the two types most commonly held today. Both can be cashed at banks that still offer the service, but some older banks have restrictions on which series they accept.

Series EE bonds issued before May 2003 may face additional restrictions at some banks, though the Treasury will always cash them. Series I bonds, which adjust for inflation, have no special restrictions—any bank that cashes savings bonds will cash them.

If a bank refuses to cash your bond because of its series or issue date, the Treasury will cash it by mail or through TreasuryDirect. You are never stuck with a bond you cannot redeem.

What happens if the bond is in someone else's name

If a bond is registered in your name only, you can redeem it at any bank that accepts it or through the Treasury. If it is registered in two names—yours and another person's—both owners must be present to redeem it in person, or one owner must have written authorization from the other.

If the bond is in a child's name, a parent or legal guardian can redeem it, but the bank or Treasury will ask for proof of guardianship. A birth certificate usually suffices for a minor child; for an adult child, you may need a power of attorney or court order.

If the original owner has died, the redemption process moves to the Treasury rather than a bank. You will need a death certificate and proof of your right to the bond—typically a will or court order naming you as executor or beneficiary.

Frequently Asked Questions

Can I cash a savings bond at a bank I don't have an account with?

Most banks that still cash savings bonds do so only for account holders. A few community banks may cash them for non-customers, but you need to call first. If your bank declines, the Treasury will cash it by mail or online.

How long does it take to get my money after I cash a bond?

At a bank, you usually receive cash or a check immediately. Through TreasuryDirect online, the funds reach your linked bank account in one to three business days. By mail to the Treasury, expect about four weeks.

What if my savings bond is damaged or I lost the certificate?

Contact the Treasury directly. You can file a claim for a lost or damaged bond by submitting FS Form 1048 and proof of ownership. The process takes several weeks, but the Treasury can issue a replacement or payment once they verify the bond was yours.

Do I have to pay taxes when I cash a savings bond?

Yes. The interest earned on a savings bond is subject to federal income tax in the year you redeem it. You may also owe state and local taxes depending on where you live. The bank or Treasury does not withhold taxes—you report the interest on your tax return.

Can I cash a bond online without a TreasuryDirect account?

No. Online redemption through TreasuryDirect requires that the bond be registered in your TreasuryDirect account. If your bond is not in an account, you must redeem it by mail to the Treasury or at a bank that accepts it.