Where to cash your savings bond

You can cash a US savings bond at most banks and credit unions, or directly through the US Department of the Treasury if your financial institution won't do it. The easiest route is usually your own bank—call ahead to confirm they handle savings bonds, because some smaller institutions don't. You'll need to bring the bond itself and a photo ID.

If your bank declines, the Treasury will cash it for you by mail. You send the bond and a completed form to the Treasury's Bureau of the Fiscal Service, and they mail you a check. This takes longer than a bank visit—typically two to four weeks—but it always works, regardless of where you live or what type of bond you hold.

Some credit unions and larger retail banks also cash bonds on the spot. Call ahead rather than showing up with the bond, because staff need to verify the bond's authenticity and your identity, which takes time.

Key Takeaways

  • Your own bank is the fastest option if they offer savings bond cashing, which you can confirm with a phone call to your branch.
  • You need the physical bond and a photo ID to cash it in person at a bank or credit union.
  • The US Department of the Treasury will cash any bond by mail if your bank won't, though the process takes two to four weeks.
  • You cannot cash a bond before its issue date, and some bonds have penalties if you cash them before five years have passed.
  • The bank or Treasury will report the interest you earned to the IRS on a Form 1099-INT, which you'll need for your tax return.

What you need to bring or submit

For an in-person cash-out at a bank or credit union, bring the bond itself and a government-issued photo ID—a driver's license, passport, or state ID card. The teller will examine the bond to confirm it's genuine and that you're the registered owner or an authorized representative. If someone else's name is on the bond, you'll need documentation showing you have the right to cash it, such as a power of attorney or a court order naming you as executor of an estate.

If you're cashing the bond by mail through the Treasury, you'll need to complete Form FS Form 1522 (the "Request to Redeem Series EE and I Savings Bonds"). You can download this form from the Treasury's website or request it by phone. Mail the completed form and the bond together to the address listed on the form. Do not send the bond by regular mail—use certified mail with return receipt so you have proof of delivery.

If the bond is registered to a minor or to someone who has died, the process changes. A parent or guardian can cash a minor's bond by signing the back of the bond and providing ID. For a deceased owner's bond, the person handling the estate will need to provide a death certificate and proof of their authority, such as letters testamentary from the probate court.

Timing and when you can cash

You cannot cash a savings bond before its issue date—the date printed on the bond itself. Most people own bonds they purchased years ago, so this is rarely a barrier. However, some bonds carry a penalty for early redemption. Series EE bonds and Series I bonds issued after May 2003 will forfeit the last three months of interest if you cash them before five years have passed. This means if you cash a five-year-old bond, you lose the interest from months 57 through 60.

Series EE bonds issued before May 2003 and all Series HH bonds have no early-redemption penalty. If you're unsure which series you own, the bond itself will say "Series EE" or "Series I" near the top. You can also check your bonds online through TreasuryDirect.gov if you have an account there, though many older bonds were purchased in paper form and won't appear in that system.

If you're cashing the bond in person, the bank will give you the money the same day, usually as a check or a deposit to your account. If you're mailing it to the Treasury, allow two to four weeks for processing and mailing of your check.

How the bank verifies the bond

When you bring a bond to a bank, the teller will check several things before handing over money. They'll confirm the bond hasn't been previously cashed—a bond can only be redeemed once. They'll verify the issue date hasn't been altered and that the serial number is valid. They'll also confirm you're the person named on the bond or that you have legal authority to cash it on behalf of the owner.

If the bond looks damaged, altered, or suspicious in any way, the bank may refuse to cash it and suggest you contact the Treasury directly. The Treasury has specialists who can authenticate bonds that banks won't accept. This is rare, but it happens with very old bonds or bonds that have been stored in poor conditions.

Some banks charge a small fee to cash a savings bond—typically $5 to $15—even if you have an account there. Ask about this when you call to confirm they cash bonds. The Treasury will never charge you a fee.

What happens to the interest you earned

When you cash a savings bond, you receive the face value plus all the interest it has earned since the issue date. The interest is not paid separately—it's included in the total amount you receive. For example, if you cash a $100 Series EE bond that has earned $50 in interest, you'll receive $150 total.

The interest is taxable income in the year you cash the bond. The bank or Treasury will send you a Form 1099-INT showing the amount of interest earned. You'll need this form to complete your federal tax return. If you cashed the bond in 2024, you'll receive the 1099-INT in January 2025.

You can choose to report the interest on your tax return for the year you cashed the bond, or you can elect to report it for the year you purchased the bond—a choice that applies to all your savings bonds. Most people report it in the year they cash it, which is the default. Talk to a tax preparer if you have questions about which year to report it in, especially if you own many bonds or if the interest is substantial.

Cashing bonds registered to someone else

If a bond is registered in someone else's name, you generally cannot cash it unless you have legal authority. A parent or guardian can cash a bond registered to a minor child by signing the back of the bond and providing ID. If the bond is registered to a deceased person, the executor or administrator of the estate can cash it by providing a death certificate and court documents proving their authority.

If a bond is registered to two people—for example, "John Smith or Jane Smith"—either person can cash it alone. If it's registered as "John Smith and Jane Smith" (with "and" instead of "or"), both people must be present or one must have a power of attorney from the other.

If you're unsure whether you have the right to cash a bond, contact the Treasury's Savings Bond Division by phone or through their website before you attempt to cash it at a bank. They can tell you what documentation you'll need.

What to do if you've lost the bond

If you own a savings bond but no longer have the physical certificate, you have two options. If the bond was purchased through TreasuryDirect—the Treasury's online system—you can log into your account and cash it electronically without the paper bond. This is the fastest method and takes just a few business days.

If the bond was purchased in paper form and you've lost it, you'll need to file a claim with the Treasury. Contact the Savings Bond Division and explain what happened. They'll ask for details about the bond—the series, the denomination, the approximate purchase date, and the serial number if you have it. The Treasury will search their records to confirm the bond exists and hasn't been cashed. If they find it, they can issue a replacement bond or cash it for you directly. This process takes several weeks.

Keep your bonds in a safe place—a safe deposit box, a home safe, or a fireproof container. If you own bonds through TreasuryDirect, you don't need to worry about losing the physical certificate because there isn't one.

Frequently Asked Questions

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

Most banks will cash a savings bond even if you don't have an account there, but policies vary. Call ahead to confirm. Credit unions typically cash bonds only for members. If your bank won't do it, the Treasury will cash it by mail at no charge.

What if the bond is worth more than I expected?

Savings bonds earn interest every month, and the rate changes depending on the series and the current economic conditions. You can check the current value of your bonds on TreasuryDirect.gov if you have an account, or the bank will tell you the exact amount when you bring it in to cash.

Do I have to pay taxes on the interest from a savings bond?

Yes, the interest is taxable federal income. You'll receive a Form 1099-INT showing the amount. Some states also tax savings bond interest, though most do not—check your state's tax rules. You cannot avoid the tax by cashing the bond in a different state.

What if I cash a bond before five years and lose the last three months of interest?

The penalty is automatic for Series EE and Series I bonds issued after May 2003. You'll still receive the remaining interest, but the last three months' worth is forfeited. There's no way to recover it, so if you're close to the five-year mark, it may be worth waiting a few months.

Can someone else cash my bond if I give them permission?

Not without legal documentation. A power of attorney signed by you and notarized will allow someone else to cash your bond on your behalf. Without that, the person cashing the bond must be the registered owner or have court-ordered authority, such as guardianship or executor status.