Where and how to redeem your Series EE bond

You can cash a Series EE bond at most banks and credit unions, or through the U.S. Department of the Treasury's online portal called TreasuryDirect. The method you choose depends on whether the bond is registered in paper form or held electronically.

If you have a paper bond, walk into any bank or credit union with the bond itself and a valid ID. The teller will verify the bond's serial number and current value, then issue you a check or deposit the funds directly into your account. This process usually takes a few minutes. If you hold the bond electronically through TreasuryDirect, you log in to your account, select the bond, and request redemption—the money appears in your linked bank account within one to two business days.

Some banks charge a small fee to redeem a paper bond (typically $5 to $25), though many do not. Call ahead if you want to avoid a fee. Credit unions often redeem bonds at no cost. The Treasury does not charge a fee for redemptions through TreasuryDirect.

Key Takeaways

  • Paper Series EE bonds can be cashed at any bank or credit union by presenting the bond and a valid ID, usually within minutes.
  • Electronic bonds held in TreasuryDirect are redeemed online and the money reaches your bank account in one to two business days.
  • You must wait at least one year from the issue date to redeem a Series EE bond; redeeming before five years costs you the last three months of interest.
  • The bond's current value is printed on paper bonds or displayed in your TreasuryDirect account—you do not need to calculate it yourself.
  • If a bond is registered to a minor or a deceased person, additional documentation is required before redemption.

Timing rules: when you can redeem without a penalty

Series EE bonds have a one-year holding period. You cannot redeem a bond until at least one year has passed since its issue date, even if you own it outright. If you try to redeem before one year, the bank or Treasury will refuse the transaction.

After one year, you can redeem at any time, but there is a penalty if you cash the bond before five years have passed. The penalty is the loss of the last three months of interest. For example, if a bond has earned $100 in interest and you redeem it at year three, you forfeit $25 (three months' worth) and receive only $75 in interest. After five years, you can redeem without losing any interest.

The issue date is printed on the front of a paper bond. In TreasuryDirect, the issue date appears in your account details. Count forward from that date to know when you can redeem penalty-free.

What to bring if you have a paper bond

Bring the physical bond and a valid government-issued ID (driver's license, passport, or state ID). The bank or credit union will not redeem the bond without both. If the bond is torn, faded, or damaged but still readable, most institutions will still accept it, though some may require you to fill out a form confirming the bond's details.

If the bond is registered to someone else—a parent, grandparent, or spouse—that person must be present with their own ID, or you must bring a notarized power of attorney or a court order granting you authority to redeem it. If the registered owner has died, you will need a death certificate and proof that you are the legal heir or executor of the estate.

If you have lost the physical bond, you cannot redeem it at a bank. You must contact the Treasury's Savings Bond Division by mail or phone to report it lost and request a replacement or redemption. This process takes several weeks.

Redeeming bonds held in TreasuryDirect

Log into your TreasuryDirect account using your username and password. Navigate to the "Manage My Securities" section and select the Series EE bond you want to redeem. The current value will be displayed on the screen. Click "Redeem" and confirm the transaction.

The Treasury will deduct the redemption amount from your TreasuryDirect account and deposit it into the bank account you linked when you opened the account. This transfer takes one to two business days. You will receive an email confirmation of the redemption, and the transaction will appear in your account history.

If you no longer have access to your TreasuryDirect login, you can reset your password on the login page. If you have forgotten your username, the Treasury can help you recover it by verifying your Social Security number and other identifying information.

Tax reporting when you redeem

When you redeem a Series EE bond, the interest you earned is subject to federal income tax. You do not pay tax on the original amount you invested, only on the interest earned. The year you redeem the bond is the year you report the interest on your federal tax return.

The bank or Treasury does not automatically send you a tax form for the interest. You are responsible for calculating the interest earned (the redemption amount minus what you originally paid) and reporting it on your tax return. Keep the redemption receipt as documentation.

Series EE bonds are exempt from state and local income tax, so you do not report the interest to your state. However, if you plan to use the bond proceeds for education expenses, you may be able to exclude the interest from federal tax under the Education Savings Bond Program—this requires filing Form 8815 with your tax return and meeting specific income limits.

What happens if the bond has matured

Series EE bonds stop earning interest after 30 years. If you still own a bond after 30 years, it has reached its final maturity date and will no longer grow in value. You should redeem it as soon as possible after maturity, because holding it longer serves no purpose.

You can still redeem a matured bond using the same methods described above—at a bank, credit union, or through TreasuryDirect. The value will be the original purchase price plus all interest earned over the 30 years. There is no penalty for redeeming a matured bond.

Redeeming bonds registered to minors or estates

If a Series EE bond is registered to a minor in their name, the minor must be present at the bank with a valid ID (usually a school ID or passport) and a parent or guardian must also be present with their ID. Some banks may require the parent or guardian to be the one who presents the bond, depending on the minor's age.

If the bond is registered to a deceased person's estate, the person redeeming it must bring a certified death certificate, proof of their relationship to the deceased (such as a will or court order naming them executor), and their own ID. The bank may require additional documentation. If the bond is held in TreasuryDirect, contact the Treasury directly—you cannot redeem it online without the registered owner's login credentials.

Frequently Asked Questions

Can I redeem a Series EE bond at any bank, or only the one where I bought it?

You can redeem a paper Series EE bond at any bank or credit union in the United States, not just the one where you purchased it. The bank will look up the bond's current value using its serial number. If you hold the bond in TreasuryDirect, you must redeem it through that online account.

What if I redeem my bond before five years—how much interest do I lose?

You lose the last three months of interest. If a bond has earned $120 in interest and you redeem it at year three, you forfeit $30 and receive $90 in interest. After five years, there is no penalty regardless of when you redeem.

Do I have to report the interest when I redeem, or can I wait until tax time?

You report the interest in the tax year you redeem the bond. You do not have to wait until the following year. The interest is added to your income for that year and may affect your tax bracket or tax liability.

What if my Series EE bond is worth less than I paid for it?

Series EE bonds are may provide to double in value within 20 years if held to maturity. If you redeem before the bond has doubled, you will receive less than double your original investment, but you will never receive less than what you paid. The Treasury guarantees the principal.

Can I redeem a Series EE bond online if I don't have a TreasuryDirect account?

No. If your bond is a paper bond, you must redeem it in person at a bank or credit union. If you want to redeem online, you must first transfer the paper bond to TreasuryDirect, which requires contacting the Treasury and submitting paperwork—a process that takes several weeks.