Where to cash your bond depends on the bond type and who holds it

You can cash a U.S. savings bond at a bank, credit union, or the U.S. Department of the Treasury. Most banks and credit unions will cash bonds for free if you have an account with them, though some require you to be a customer in good standing. If your bank declines, the Treasury will always cash it, but the process takes longer and requires mailing documents.

Series EE and Series I bonds (the most common types sold today) can be cashed at any financial institution that offers the service. Series HH bonds, which are older and less common, can only be cashed through the Treasury or a Federal Reserve Bank. If your bond is held in a TreasuryDirect account online, you redeem it directly through that account without visiting a bank.

Key Takeaways

  • Banks and credit unions cash savings bonds for free if you have an account, but some charge a fee or require membership.
  • You must present the physical bond certificate and a valid photo ID; the institution will verify the bond's serial number and current value.
  • Bonds held in TreasuryDirect accounts are cashed online through your account dashboard with no paperwork required.
  • The Treasury will cash any bond by mail if your bank refuses, but the process takes two to four weeks.
  • You will receive a 1099-INT form at tax time reporting the interest earned, which counts as taxable income in the year you cash it.

Cashing a physical bond certificate at a bank or credit union

Bring the bond certificate itself, a valid photo ID (driver's license, passport, or state ID), and go to any branch of a bank or credit union that offers savings bond redemption. Call ahead to confirm they cash bonds and ask whether there is a fee; most large national banks do not charge, but some regional or smaller institutions may. The teller will look up the bond's current value using its serial number and issue date, then give you the cash or deposit it into your account.

The process usually takes 15 to 30 minutes. The institution will keep a record of the transaction for their files. If the bond is registered in two names (such as a parent and child), both owners may need to be present and sign the back of the certificate, though policies vary by bank—ask when you call.

Redeeming a bond through your TreasuryDirect account

If you own the bond through TreasuryDirect (the Treasury's online platform), log into your account at treasurydirect.gov, navigate to the "Manage Securities" section, and select the bond you want to redeem. Click "Redeem" and confirm the transaction. The money will be deposited into the bank account linked to your TreasuryDirect account within one to two business days.

This method requires no paperwork, no visit to a bank, and no phone calls. You can redeem bonds at any time of day. The Treasury will send you a confirmation email and a year-end tax form showing the interest earned.

Cashing a bond through the Treasury if your bank refuses

If a bank will not cash your bond, you can mail it directly to the Treasury. Download and print the "Request to Redeem Series EE or I Savings Bonds" form (Form PD F 1522) from the Bureau of the Fiscal Service website, or call 1-844-284-2676 to request it by mail. Fill out the form with your name, address, the bond's serial number, and issue date, then mail the form and the bond certificate together to the address listed on the form.

Include a copy of your photo ID (not the original). The Treasury will verify the bond, calculate the current value, and mail you a check. This process takes two to four weeks. You will also receive a 1099-INT form for tax purposes. This route costs nothing but requires patience.

What happens to the interest when you cash a bond

The interest you earned on the bond is included in the amount you receive. For example, if you bought a Series I bond for $100 and it has earned $15 in interest, you will receive $115 when you cash it. That $15 is taxable income in the year you redeem the bond, and the financial institution will report it on a 1099-INT form sent to you and the IRS.

If you held the bond for a long time, the interest may be substantial. You can use this information when filing your tax return. If you cashed the bond in December, you will receive the 1099-INT in January of the following year.

Early redemption penalties and waiting periods

Series EE and Series I bonds can be cashed anytime after you own them, but there is a trade-off for early redemption. If you cash a Series EE or Series I bond before it has been held for five years, you will lose the last three months of interest. For example, if you cash a bond after four years and nine months, you receive only four years and six months of interest.

After five years, you can cash the bond without any penalty. There is no minimum holding period for Series HH bonds, but they are rarely issued anymore. Check your bond's issue date and the current date to calculate whether you will face a penalty before you redeem.

Bonds registered in two names or held for a minor

If a bond is registered in two names (for example, "John Smith or Mary Smith"), either owner can cash it alone without the other's permission. If it says "and" instead of "or," both owners must be present and sign the back of the certificate. Some banks will require both signatures even when the bond says "or," so call ahead to ask about the specific bank's policy.

If you are cashing a bond that was registered for a minor (such as a bond your parent bought for you), and you are now an adult, you can cash it on your own with your photo ID. If the minor is still a child, the parent or legal guardian must be present and sign the certificate.

Frequently Asked Questions

What if I lost the physical bond certificate?

Contact the Treasury at 1-844-284-2676 or visit treasurydirect.gov to report it lost. You will need to fill out a form and provide proof of ownership (such as a purchase receipt or bank statement showing the purchase). The Treasury can issue a replacement certificate or help you redeem it without the original.

Can I cash a bond at any bank, or only the one where I have an account?

Most banks will cash a savings bond even if you do not have an account with them, but some charge a fee or require membership. Call the bank first to confirm they offer the service and whether there is a cost. If they refuse, the Treasury will cash it by mail at no charge.

Do I have to pay taxes on the interest when I cash the bond?

Yes. The interest is taxable income in the year you redeem the bond. You will receive a 1099-INT form showing the amount. You report this on your tax return. If you held the bond for many years, the interest may be a large amount, so plan accordingly.

What if the bond is very old—can I still cash it?

Yes. Savings bonds do not expire, and you can cash them decades after purchase. The value will include all interest earned over the years. Bring it to a bank or mail it to the Treasury with the redemption form.

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

One to two business days. The Treasury deposits the funds into the bank account linked to your TreasuryDirect account. You will receive a confirmation email when the transaction is complete.