Where and how to redeem your EE bonds

You can redeem EE savings bonds at most banks and credit unions, or directly through the U.S. Treasury's online system called TreasuryDirect. The easiest route depends on whether you have the physical bond in hand or own it electronically.

If you have a paper bond, walk into any bank or credit union with the bond itself and a photo ID. The teller will verify the bond's serial number, confirm you are the registered owner or an authorized representative, and process the redemption. You'll receive the current value in cash or as a deposit to an account at that institution. Most banks complete this same day, though some may take one business day.

If your bonds are registered in TreasuryDirect—the Treasury's online account system—you log in, select the bonds you want to redeem, and request the redemption. The Treasury deposits the money directly into your linked bank account within one to three business days. You never handle a physical bond.

Key Takeaways

  • Paper EE bonds can be cashed at any bank or credit union with the bond and a photo ID, usually the same day.
  • Bonds held in TreasuryDirect are redeemed online and deposited to your bank account within one to three business days.
  • You must wait at least one year from purchase before redeeming any EE bond, and redeeming before five years costs you the last three months of interest.
  • The Treasury sends a 1099-INT form to you and the IRS reporting the interest you earned, which counts as taxable income for that year.

The one-year and five-year rules

EE bonds have two important timing rules. First, you cannot redeem an EE bond until at least one year after you bought it. If you try to cash one before that year is up, the bank or Treasury will refuse the redemption.

Second, if you redeem before five years have passed, you lose the last three months of interest. For example, if you bought a bond on January 15, 2020, and redeem it on January 14, 2024 (just shy of four years), you receive the value as of October 15, 2023—three months earlier. This penalty applies no matter how close you are to the five-year mark. After five years, you can redeem without any interest penalty.

Redeeming paper bonds at a bank

Bring the physical bond and a government-issued photo ID (driver's license, passport, or state ID card). Some banks may also ask for a second form of ID or proof of address, though this is less common. Call ahead if you want to confirm what your specific bank requires.

The teller will look up the bond's current value using the serial number printed on the front. This value is based on the bond's issue date and the current interest rate the Treasury is paying. You do not need to know the value beforehand—the bank calculates it for you.

You can receive the money as cash or have it deposited into a checking or savings account at that bank. If you want the funds in an account elsewhere, ask if the bank can issue a check instead. Most will, though a few may require you to open an account there to process the redemption.

Redeeming bonds through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Click on "Manage My Securities" or the equivalent option in your account dashboard.

Find the EE bond you want to redeem in your holdings list. Select it and choose "Redeem" or "Sell" (the terminology varies slightly depending on the bond type, but for EE bonds the option is usually labeled "Redeem"). The system will show you the current value and ask you to confirm the redemption.

Once you confirm, the Treasury processes the request and deposits the money into the bank account you linked when you set up TreasuryDirect. This account must be a U.S. bank account in your name. The deposit typically arrives within one to three business days, though it can occasionally take longer if your bank is slow to process incoming transfers.

What happens with taxes after you redeem

The interest you earned on an EE bond counts as taxable income in the year you redeem it. The Treasury sends you a Form 1099-INT showing the total interest amount, and they send a copy to the IRS as well. You report this interest on your federal tax return.

You can choose to report the interest in the year you redeem, or you can elect to report it annually as the bond earns interest—but this election must be made when you first buy the bond, not later. Most people do not make this election and instead report everything when they cash the bond.

State and local taxes vary. Some states tax the interest, others do not. Check with your state's tax authority or a tax professional if you live in a state with income tax and want to know how your redemption will be taxed.

If the bond is registered to someone else

If you are not the registered owner but have legal authority to redeem the bond—for example, you are the executor of an estate or a parent redeeming a bond registered to a minor child—you will need to bring proof of that authority along with your ID.

For a minor's bond, bring the child's birth certificate or Social Security card and your own ID showing you are the parent or guardian. For an estate, bring the death certificate and a copy of the will or court order naming you executor, plus your ID. Banks vary in what documents they accept, so call ahead and ask what they need.

If the bond is registered to someone else and you have no legal authority, the bank cannot redeem it for you. The registered owner must redeem it themselves or sign a power of attorney document authorizing you to act on their behalf.

What to do if you cannot find your bond

If you own an EE bond but have lost the physical certificate, you can still redeem it if it is registered in TreasuryDirect. Log in and redeem it online as described above.

If the bond is not in TreasuryDirect and you have lost the paper certificate, contact the Treasury's Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov. They can search their records using your Social Security number and the approximate purchase date. If they find the bond, they can help you redeem it or reissue the certificate. This process takes longer than a standard redemption—usually several weeks—because the Treasury must verify your ownership.

Frequently Asked Questions

Can I redeem part of a bond and keep the rest?

No. EE bonds are redeemed as a whole unit. You cannot split a single bond and cash in half of it. If you own multiple bonds, you can choose which ones to redeem and leave others untouched.

What if my bank says they do not redeem savings bonds?

Some smaller banks or credit unions do not offer bond redemption services. If yours does not, you can redeem through TreasuryDirect online instead, or visit a different bank that does offer the service. Most large national banks and credit unions will redeem bonds.

Do I need the original purchase receipt to redeem?

No. The bond itself and your ID are all you need. The Treasury's records show the purchase date and owner, so the receipt is not required. If you have lost the bond and are working with the Treasury to locate it, they may ask for the receipt as supporting documentation, but it is not mandatory.

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

At a bank with a paper bond, usually the same day or next business day. Through TreasuryDirect, one to three business days for the deposit to arrive in your linked bank account. The exact timing depends on your bank's processing speed.

What if I redeem a bond by mistake?

Once a bond is redeemed and the money is in your account, you cannot undo the transaction. However, you can use the money to purchase new EE bonds if you want to continue saving. There is no way to restore a redeemed bond to its original state.