Where to cash an EE bond

You can cash an EE savings bond at most banks and credit unions, even if you don't have an account there. Walk in with the bond itself and a valid photo ID — that's the minimum. Some banks will cash it on the spot; others may ask you to come back the next business day while they verify the bond's authenticity.

If you don't want to visit a bank in person, the U.S. Treasury also lets you cash EE bonds through their online portal at TreasuryDirect.gov. You'll need to set up an account, upload images of the front and back of your bond, and provide banking details for the deposit. The Treasury typically processes these requests within a few business days.

A third option is to mail the bond directly to the Federal Reserve Bank serving your region. You'll include a form (FS Form 1522) and mail it to the address listed on the Treasury website. This method takes longer — usually two to three weeks — but works if you prefer not to visit a bank or use the internet.

Key Takeaways

  • Most banks and credit unions will cash EE bonds for anyone with a photo ID, whether or not you have an account there.
  • You can cash bonds online through TreasuryDirect.gov if you set up an account and upload images of the bond.
  • The Federal Reserve will cash bonds by mail if you send the bond with form FS Form 1522, though this takes two to three weeks.
  • You'll owe federal income tax on the interest your bond earned, but not state or local tax, and the bank will not withhold it automatically.

What to bring to the bank

Bring the physical bond itself and a government-issued photo ID — a driver's license, passport, or state ID card all work. If the bond is registered in someone else's name and you're cashing it on their behalf, you'll need a power of attorney or a letter from that person authorizing you to cash it, plus your own ID.

If the bond is in both your name and someone else's name (a co-owner bond), either owner can cash it alone. If it's a bond you received as a gift or inheritance, bring the bond and your ID; the bank doesn't need the original paperwork showing the transfer.

Some banks may ask for additional information — your Social Security number, for instance — to verify the bond and process the transaction. This is normal and helps the bank confirm the bond hasn't been reported lost or stolen.

How the bank verifies your bond

The bank will check the bond's serial number and issue date against Treasury records to confirm it's real and hasn't already been cashed. This verification usually takes a few minutes if you're in person, though some smaller branches may need to contact their main office or the Federal Reserve.

If the bond is old or damaged, the bank may take longer to verify it or ask you to mail it to the Federal Reserve instead. Bonds don't expire — even a 50-year-old EE bond can be cashed — but the older the bond, the more steps the bank may need to take to confirm its status.

Understanding the tax you'll owe

When you cash an EE bond, you owe federal income tax on all the interest it earned. If you bought a $50 bond for $25 and it's now worth $75, you owe tax on the $50 in interest. The tax is due in the year you cash the bond, not the year you bought it.

The bank will not withhold tax automatically — you won't see a reduced amount deposited to your account. Instead, you'll report the interest on your federal tax return (Form 1040) in the year you cash the bond. You do not owe state or local income tax on EE bond interest, even if you live in a state with income tax.

If you're unsure how much interest your bond earned, the Treasury's website has a savings bond calculator. You enter the bond's series, denomination, and issue date, and it tells you the current value and the interest earned.

What happens if the bond is lost or damaged

If your bond is lost or stolen, contact the Federal Reserve Bank serving your region and report it. You'll need to provide the bond's serial number, issue date, and denomination. The Federal Reserve can place a stop on that bond so it can't be cashed by someone else, and they can issue a replacement.

If the bond is damaged but still readable, most banks will still cash it. If it's so damaged that the serial number or issue date is illegible, the bank will likely ask you to mail it to the Federal Reserve with a letter explaining what happened. The Federal Reserve can research the bond and issue a replacement if they can confirm you own it.

Cashing bonds registered to a minor

If the bond is registered in a child's name, a parent or legal guardian can cash it. Bring the child's birth certificate or Social Security card along with your ID and the bond itself. The bank will verify that you're the custodian of the account.

If the child is old enough to sign their name, some banks may ask the child to sign the back of the bond in front of a bank employee. This is rare, but it depends on the bank's policy and the child's age. Call ahead if you're unsure.

What to do if the bank won't cash your bond

If a bank refuses to cash your bond, it's usually because they can't verify it through their system or they suspect it may be counterfeit or stolen. Ask the bank why they won't cash it and whether they can contact the Federal Reserve on your behalf.

If the bank still refuses, you can mail the bond directly to the Federal Reserve Bank serving your region. Include a cover letter explaining the situation, your ID copy, and form FS Form 1522. The Federal Reserve will research the bond and either cash it or contact you if there's a problem.

Frequently Asked Questions

Can I cash an EE bond before it reaches final maturity?

Yes. EE bonds can be cashed anytime after you've owned them for one year. If you cash before five years, you'll lose the last three months of interest as a penalty. After five years, there's no penalty — you get all the interest earned.

Do I need to report the bond's serial number to the bank?

No. The bank will ask for your ID and may ask for your Social Security number, but you don't need to memorize or provide the serial number. The bank will read it directly from the bond itself.

What if I want to cash the bond but delay paying the tax?

You can't delay the tax. The interest is taxable in the year you cash the bond, regardless of when you actually pay the tax bill. You'll report it on your tax return for that year.

Can I cash a bond at any bank, or does it have to be my bank?

Any bank or credit union can cash it. You don't need an account there. Some very small banks or credit unions may decline if they don't have the systems to verify bonds, but most will cash it for you.

How long does it take to get the money after I cash the bond?

If you cash in person at a bank, you'll usually get the money the same day or the next business day. If you use TreasuryDirect online, it takes a few business days. If you mail it to the Federal Reserve, allow two to three weeks.