Where to cash your bond

You can cash a U.S. savings bond at most banks and credit unions, or directly through the U.S. Department of the Treasury if your bank won't do it. Walk in with the bond itself, a valid photo ID, and your Social Security number. The teller will verify the bond is real, check that you're the registered owner or an authorized representative, and give you the cash or deposit it into your account on the spot.

If you don't have a bank account or your bank refuses to cash it, you can mail the bond to the Treasury's Bureau of the Fiscal Service. Send the bond, a completed form FS 1522 (available on treasurydirect.gov), a copy of your ID, and a letter stating your name and Social Security number. Processing takes about four weeks, and they'll mail you a check.

Key Takeaways

  • Most banks and credit unions will cash a savings bond on the spot if you bring the physical bond, a photo ID, and your Social Security number.
  • You must be the registered owner or have written authorization from the owner to cash the bond.
  • Series EE and I bonds have different rules about when you can cash them without penalty — EE bonds mature in 30 years but can be cashed after one year, while I bonds require a five-year hold.
  • If you cash a bond before it reaches final maturity, you forfeit all unpaid interest accrued after the last interest-bearing period.
  • The Treasury will mail you a check if no bank near you will cash the bond, though it takes about a month.

What happens to your interest if you cash early

When you cash a savings bond before it stops earning interest, you lose money. The Treasury pays you the current redemption value — which includes all interest earned up to the last interest-bearing period — but you forfeit any interest that accrued after that date.

For Series EE bonds, interest compounds every six months. If you cash the bond between interest dates, you get nothing for those partial months. For Series I bonds, the same rule applies: you receive interest through the last full six-month period, nothing more. This is why cashing a bond on the day after an interest date pays more than cashing it the day before.

Some older bonds stop earning interest at a set date called final maturity. Once a bond reaches final maturity, it earns nothing new, so there's no penalty for waiting — you get the same amount whether you cash it today or in six months. You can check when your bond stops earning interest on treasurydirect.gov by entering the series, denomination, and issue date.

The one-year and five-year holding rules

Series EE bonds cannot be cashed for one year after purchase. If you try to cash one before that year is up, the Treasury will refuse. After one year, you can cash it anytime, but you'll lose the last three months of interest as a penalty.

Series I bonds have a stricter rule: you must hold them for five years. Cash one before five years have passed, and you lose the last three months of interest. After five years, you can cash it without that penalty, though you still forfeit interest accrued after the last interest-bearing period.

Older bond series have different rules. Series HH bonds, for example, cannot be cashed at all — they must be exchanged for other bonds. Check the Treasury's website or ask your bank which rules apply to your specific bond.

Bringing the right documents to the bank

Bring the physical bond certificate itself — the bank cannot cash a bond based on a photocopy or a description. Bring a government-issued photo ID such as a driver's license or passport. Bring your Social Security number, either memorized or written down.

If you are cashing a bond registered to someone else, bring a notarized letter from that person authorizing you to cash it, plus your ID and theirs. Some banks will ask for additional proof that you are related or have a legitimate reason to hold the bond. If the registered owner has died, bring a death certificate and proof that you are an heir or executor.

Call your bank before you go. Not all branches cash bonds, and some require you to make an appointment or bring additional paperwork. A quick phone call saves a wasted trip.

What the bank will ask you

The teller will ask you to sign the back of the bond in front of them. They will verify your ID matches the name on the bond or the authorization letter. They will check the bond's series, denomination, and issue date against their system to confirm it's genuine and to look up the current redemption value.

They will ask whether you want the money as cash or deposited into an account. If you choose cash, they'll count it out. If you choose deposit, they'll ask which account and process it like any other deposit. Either way, the transaction is complete immediately — you don't have to wait for anything to clear.

The bank will not ask you why you're cashing the bond or what you plan to do with the money. They will not report the transaction to the IRS as income — that's your responsibility when you file taxes, since the interest earned on the bond is taxable.

Cashing bonds through the mail

If you cannot reach a bank or your bank refuses to cash the bond, download form FS 1522 from treasurydirect.gov. Fill in your name, Social Security number, the bond's series and denomination, and the issue date. Sign and date the form.

Mail the completed form, the bond certificate itself, a photocopy of your ID, and a cover letter with your name and Social Security number to the Bureau of the Fiscal Service at the address listed on the form. Do not mail cash or use a method that requires a signature — use regular mail or certified mail if you want tracking.

The Treasury will process your request and mail you a check. This takes about four weeks from the day they receive your package. There is no fee for this service. Once the check arrives, deposit it at your bank like any other check.

What to do if your bond is lost or destroyed

If you lost the bond certificate or it was damaged, you cannot cash it at a bank. Instead, file a claim with the Treasury using form FS 1048. You'll need to provide the bond's series, denomination, and issue date, plus proof of ownership such as a purchase receipt or bank statement showing the purchase.

The Treasury will investigate and, if they confirm the bond was issued in your name, issue a replacement certificate. This process takes several weeks. Once you receive the replacement, you can cash it at a bank or through the mail using the same steps as a normal bond.

If you cannot remember the bond's details, the Treasury's savings bond search tool at treasurydirect.gov can help. Enter your Social Security number and the approximate issue date, and the system will show you all bonds registered to you.

Tax reporting when you cash a bond

The interest you earn on a savings bond is subject to federal income tax. You report it on your tax return for the year you cash the bond, not the year you bought it. The Treasury does not send you a 1099 form — you calculate the interest yourself by subtracting what you paid for the bond from what you received when you cashed it.

State and local income taxes do not apply to savings bond interest, so you do not report it on state or local returns. If you are unsure how much interest you earned, the Treasury's website shows the redemption value for any bond, and you can subtract your purchase price from that number.

Keep the receipt from the bank or the check stub from the Treasury. If the IRS questions your return, you'll need proof of the transaction.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks and credit unions will cash them, but not all branches do it. Call ahead to confirm. If no bank near you will cash it, the Treasury will do it by mail at no cost.

What if I lost the bond certificate?

You cannot cash a lost bond at a bank. File form FS 1048 with the Treasury to request a replacement certificate. You'll need to prove you owned it, such as with a purchase receipt or bank statement. Once you have the replacement, you can cash it normally.

Do I have to pay taxes on the interest?

Yes, the interest is taxable federal income. You report it on your tax return for the year you cash the bond. State and local taxes do not apply to savings bond interest. The Treasury does not send a 1099, so you calculate the interest yourself.

What if the bond is registered to someone who died?

Bring a death certificate and proof you are an heir or executor. Some banks will require a notarized letter or court documents. The Treasury can also process it by mail if you include the death certificate with form FS 1522.

How long does it take to get my money?

At a bank, it's immediate — you walk out with cash or the deposit posts the same day. By mail through the Treasury, it takes about four weeks from the day they receive your package.