Where to cash your EE bonds

You can cash EE bonds at most banks and credit unions, or directly through the U.S. Treasury. The easiest route depends on whether you have an account where you bank already. If you do, call ahead and ask whether they redeem paper bonds — not all branches handle them, and some require you to be a customer for a certain length of time.

If your bank won't redeem them, or if you don't have a bank account, you can redeem through the Treasury's TreasuryDirect website (treasurydirect.gov) if your bonds are registered there. For paper bonds not in TreasuryDirect, you can mail them to the Treasury's Bureau of the Fiscal Service with a form, or take them to a Federal Reserve Bank in person if one is near you.

The fastest option is usually your bank. Most process redemptions the same day or within one business day. The Treasury's mail route typically takes two to four weeks from the day they receive your package.

Key Takeaways

  • Banks and credit unions redeem EE bonds on the spot if you have an account with them, but call first to confirm they handle bond redemptions.
  • You need the physical bond certificate, a valid ID, and your Social Security number to redeem in person at a bank.
  • If your bonds are in TreasuryDirect, you can redeem them online without leaving home, and the money reaches your bank account within one to three business days.
  • Paper bonds mailed to the Treasury take longer but work if you have no bank nearby and the bonds are not in TreasuryDirect.
  • EE bonds must be at least one year old to redeem; if you cash them before five years, you lose the last three months of interest.

What you need to bring to a bank

Bring the physical bond certificate itself, a government-issued photo ID (driver's license, passport, or state ID), and know your Social Security number. The bank will ask you to sign the back of the bond in front of a teller. If the bond is registered to someone else, that person must be present and sign it themselves — you cannot sign on their behalf.

If the bond is registered to two people (joint ownership), both owners must be present to redeem it, unless the bond says "or" instead of "and" between the names. Bonds that say "or" can be cashed by either owner alone. Check the front of your bond to see which applies.

Redeeming bonds through TreasuryDirect online

If your EE bonds are already registered in your TreasuryDirect account, you can redeem them without going anywhere. Log in to treasurydirect.gov, go to "Manage My Securities," find the bond you want to cash, and select "Redeem." You will need to confirm the redemption and provide the bank account where you want the money sent.

The Treasury will deposit the money into your account within one to three business days. This method works only for bonds you bought through TreasuryDirect (electronic bonds purchased after 2003). Paper bonds you own but have not registered in TreasuryDirect cannot be redeemed this way.

Mailing bonds to the Treasury

If you cannot reach a bank or Federal Reserve Bank, you can mail your bonds to the Treasury. You will need to fill out Form PD 1239 (available at treasurydirect.gov or by calling 844-284-2676), sign it, and include it with your bond certificate and a copy of your ID. Mail everything to the Bureau of the Fiscal Service address listed on the form.

Include a letter stating the current value you want to redeem (or state that you want the full value) and the bank account where you want the money deposited. The Treasury will verify the bond's value, process the redemption, and mail you a check or deposit the funds directly — this takes two to four weeks from receipt.

Use certified mail with return receipt so you have proof the package arrived. Keep a copy of everything you send.

The one-year rule and the five-year penalty

EE bonds must be at least one year old before you can redeem them at all. If you try to cash a bond before it turns one year old, the bank or Treasury will refuse.

If you redeem a bond before it has been five years old, you lose the last three months of interest. For example, if you cash a bond that is three years and six months old, you receive interest only through the three-year mark. This penalty applies whether you redeem at a bank, through TreasuryDirect, or by mail.

After five years, there is no penalty — you receive all accrued interest regardless of when you redeem.

What happens to the money and taxes

When you redeem an EE bond, you receive the face value plus all interest earned. The bank or Treasury will not withhold taxes automatically. You are responsible for reporting the interest as income on your federal tax return in the year you redeem the bond.

The Treasury will send you a Form 1099-INT in January of the following year if the interest earned was $10 or more. Keep this form for your records and give it to whoever prepares your taxes. State taxes on bond interest vary by state — some states do not tax it, while others do.

If the bond is registered to someone who has died

A bond registered to a deceased person cannot be redeemed by anyone else without a court order or proof of authority. If you are the executor of an estate or have power of attorney, you will need to provide documentation to the bank or Treasury showing your legal right to act on behalf of the deceased owner.

Contact the bank or call the Treasury at 844-284-2676 to ask what documents they need. This process is slower than a standard redemption and may require a lawyer's help if the estate is being probated.

Frequently Asked Questions

Can I redeem an EE bond before one year is up?

No. EE bonds must be at least one year old. If you try to redeem one before that, the bank or Treasury will refuse. Plan to hold them for at least one year before you need the money.

What if I lose the physical bond certificate?

If the bond is registered in TreasuryDirect, you can still redeem it online — you do not need the physical certificate. If it is a paper bond not in TreasuryDirect, contact the Treasury at 844-284-2676 to report it lost. They can issue a replacement, but the process takes several weeks and requires proof of ownership.

Do I have to redeem the whole bond, or can I cash in part of it?

You redeem the entire bond at once. You cannot cash in half of a bond and keep the other half earning interest. If you need only part of the value, you will have to redeem the whole thing and reinvest the extra money elsewhere.

Will the bank charge me a fee to redeem an EE bond?

Most banks do not charge a fee to redeem bonds for customers. Call your bank ahead of time to confirm. The Treasury never charges a fee for redemptions through TreasuryDirect or by mail.

What if my bond is worth more than I expected?

EE bonds earn interest every six months. The bank or Treasury will calculate the current value based on the redemption date. If you have not checked the value in a while, it may be higher than you remember. You can check the current value of paper bonds at treasurydirect.gov using the Savings Bond Calculator.