Where to cash your Series EE bonds

You can cash Series EE bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury if you own them electronically. The easiest route depends on whether your bonds are paper or digital.

For paper bonds, walk into any bank or credit union where you have an account and ask to redeem them. You do not need to be a customer there — many banks will cash them for non-members, though some charge a small fee. Bring the bonds themselves and a valid photo ID. The teller will verify the bonds are genuine, check that you are the registered owner or authorized representative, and give you the cash on the spot or deposit it into an account.

For electronic bonds held in TreasuryDirect (the Treasury's online system), you log into your account at treasurydirect.gov, select the bonds you want to redeem, and request the redemption. The money goes into your linked bank account within one to two business days. You never handle physical documents.

Key Takeaways

  • Paper Series EE bonds can be cashed at most banks and credit unions by showing the bonds and a photo ID.
  • Electronic bonds held in TreasuryDirect are redeemed by logging into your account and requesting the redemption online.
  • Series EE bonds must be at least one year old to cash without penalty, and you lose the last three months of interest if you redeem before five years.
  • The Treasury will not cash bonds by mail, but some banks and credit unions offer mail-in redemption services.
  • If you have lost a paper bond, you can file a claim with the Treasury to replace it before cashing.

The one-year and five-year rules

Series EE bonds have two timing rules that affect how much you get when you cash them. You must own the bond for at least one year before you can redeem it at all. If you try to cash a bond less than a year old, the bank or Treasury will reject the request.

If you redeem the bond between one and five years of ownership, you lose the last three months of interest. For example, if you bought a bond on January 15, 2020, and redeem it on March 1, 2023, you get interest only through November 2022 — the December 2022 and January and February 2023 interest is forfeited. After five years of ownership, you keep all accrued interest no matter when you redeem.

The redemption value is printed on the bond itself (for paper bonds) or shown in your TreasuryDirect account (for electronic bonds). That value includes all interest earned up to the current month, minus the three-month penalty if applicable.

Cashing paper bonds at a bank

Bring the physical bond certificate and a valid photo ID — a driver's license, passport, or state ID card all work. The teller will examine the bond to confirm it is a Series EE bond, check the issue date to verify it meets the one-year minimum, and confirm your name matches the ID.

If the bond is registered in your name only, you sign it in front of the teller. If it is registered in two names (such as "John Smith or Jane Smith"), both owners must be present and sign, or one owner must bring a notarized power of attorney from the other. If the bond is registered as a gift to a minor, the parent or guardian signs on behalf of the child.

The bank will then either hand you cash or deposit the redemption value into an account. Ask which option they offer before you go in — some banks deposit only, some offer both, and a few still handle cash. If the bank refuses to redeem the bond, you can redeem it directly through TreasuryDirect by mail (see below) or by opening a TreasuryDirect account and transferring the bond in.

Redeeming electronic bonds through TreasuryDirect

Log into treasurydirect.gov using your username and password. If you do not have an account, you will need to create one with your Social Security number, email address, and a linked bank account for deposits.

Once logged in, navigate to "Manage My Securities" and find the Series EE bonds you own. Click on the bond you want to redeem and select "Redeem." The system will show you the current redemption value (including any interest penalty if the bond is less than five years old) and ask you to confirm. Submit the request. The Treasury will process it within one to two business days and deposit the money into the bank account you have on file.

If you own paper bonds and want to redeem them through TreasuryDirect instead of a bank, you can transfer them into your TreasuryDirect account first. This requires mailing the physical bonds to the Treasury along with a form — the process takes several weeks, so it is slower than walking into a bank.

What to do if you have lost a paper bond

If you have lost or damaged a Series EE bond, you can file a claim with the Treasury to replace it before you redeem it. You will need to provide the bond's serial number, issue date, and denomination if you have them, or as much information as you can remember. You will also sign a statement under penalty of perjury that the bond is lost or destroyed.

Mail the claim form (Form PD 1048) to the Bureau of the Fiscal Service at the address listed on the form. Processing takes several weeks. Once the Treasury confirms the bond, they will issue a replacement bond or, if you request it, deposit the redemption value directly into your bank account. This route is slower than simply cashing a bond you still have, so use it only if the bond is genuinely missing.

Tax reporting when you redeem

The interest you earn on Series EE bonds is subject to federal income tax, but not state or local income tax. You do not pay tax when you redeem the bond — you pay tax on the interest in the year you redeem it, based on your tax bracket that year.

When you redeem a bond, the bank or Treasury does not send you a tax form automatically. You are responsible for reporting the interest on your tax return. To calculate the interest, subtract what you paid for the bond from the redemption value. For example, if you paid $50 for a bond and redeemed it for $67, your interest is $17.

If you redeemed bonds worth more than $1,500 in interest in a single calendar year, the bank may issue you a Form 1099-INT (Interest Income) — check with the bank or your tax preparer. Keep records of all redemptions so you can report them accurately.

Mail-in redemption if you cannot visit a bank

Some banks and credit unions offer mail-in redemption for paper bonds. Call your bank and ask whether they accept bonds by mail. If they do, they will give you instructions on how to package and mail the bonds securely, and where to send them. You will typically need to include a signed letter authorizing the redemption and a copy of your ID.

The Treasury itself does not redeem bonds by mail directly to individuals. However, you can mail paper bonds to a bank that offers this service, or you can transfer them into TreasuryDirect and redeem them online. Mail-in redemption takes longer than in-person or online redemption — expect two to four weeks from the time the bank receives the bonds.

Frequently Asked Questions

Can I redeem a Series EE bond before it is one year old?

No. The Treasury requires all Series EE bonds to be held for at least one year before redemption. If you try to redeem a bond less than a year old, the bank or TreasuryDirect will reject the request. You must wait until the one-year anniversary of the issue date.

What happens if I redeem a bond between one and five years?

You lose the last three months of interest. For example, a bond issued on January 1, 2022, redeemed on March 1, 2024, pays interest only through November 2023. After five years of ownership, you keep all interest earned, no matter when you redeem.

Do I need to report the interest when I file taxes?

Yes. The interest is taxable federal income in the year you redeem the bond. You calculate it by subtracting the purchase price from the redemption value. If you redeemed more than $1,500 in interest in one year, the bank may send you a Form 1099-INT; otherwise, you report it yourself on your tax return.

What if both names are on the bond and we are not together?

Both registered owners must be present to sign the bond in front of the teller, or one owner must bring a notarized power of attorney from the other authorizing the redemption. A notary can prepare this document for a small fee, usually $5 to $15.

How long does it take to get the money after I redeem?

At a bank, you get cash or a deposit on the same day. Through TreasuryDirect, the deposit takes one to two business days. Mail-in redemption takes two to four weeks depending on the bank's processing time.