Where to cash your savings bond

You can cash a 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 usually all you need. Some banks may ask for your Social Security number or require you to be a customer, so calling ahead saves a trip.

If you prefer not to visit a bank in person, you can mail the bond to the U.S. Department of the Treasury's Bureau of the Fiscal Service. Send it with a completed FS Form 1522 (the form for redeeming Series EE and I bonds by mail) or FS Form 1523 (for Series HH bonds). Include a copy of your photo ID and mail everything to the address listed on the form. The Treasury will send you a check, though this takes several weeks.

Some employers offer payroll savings plans that let you buy bonds directly, and those same employers may cash them for you as well. Ask your HR or payroll department whether they offer this service.

Key Takeaways

  • You can cash a savings bond at any bank or credit union by showing the bond and a photo ID, without needing an account.
  • The Treasury will cash bonds by mail if you send the bond, a completed redemption form, and a copy of your ID.
  • Series EE and I bonds have an early redemption penalty if cashed before five years, but Series HH bonds do not.
  • You will owe federal income tax on the interest your bond earned, though you may not owe it until you file your tax return.
  • Some bonds stop earning interest after 30 years, so check your bond's maturity date before deciding when to cash it.

What happens to the interest when you cash

When you cash a savings bond, you receive the original purchase price plus all the interest it has earned. For example, if you bought a $100 Series EE bond 20 years ago, it may now be worth $200 or more depending on the interest rates in effect when you bought it. You get the full $200 (or whatever the current value is) in one payment.

That interest is subject to federal income tax. You don't pay the tax at the bank when you cash it — instead, the bank reports the amount to the IRS, and you report it on your tax return for that year. If you cashed the bond in 2024, you report the interest on your 2024 tax return filed in 2025. You may owe state income tax on the interest as well, depending on where you live.

You have the option to report the interest each year as the bond earns it, rather than all at once when you cash it. This is called "reporting on an accrual basis" and can lower your tax bill if you're in a lower tax bracket in the years before you cash the bond. To do this, you must file Form 8818 with your tax return each year. Most people don't use this option because it requires extra paperwork every year.

The five-year early redemption penalty

Series EE and Series I bonds have a penalty if you cash them before five years have passed. The penalty is the last three months of interest. For example, if your bond has earned $120 in interest and you cash it after four years, you lose the last three months of interest (roughly $30) and receive only $90 in interest instead of $120.

Series HH bonds do not have this penalty. You can cash them at any time without losing interest.

After five years, there is no penalty no matter when you cash the bond. If you bought a Series EE bond in 2019, you can cash it anytime after 2024 with no penalty.

When your bond stops earning interest

Series EE bonds stop earning interest after 30 years. Series I bonds stop after 30 years as well. Series HH bonds stop after 20 years. Once a bond stops earning interest, there's no financial reason to hold it — you won't gain anything by waiting longer.

Check the issue date printed on your bond to know when it will stop earning. If you have a bond from 1994, it stopped earning in 2024. If you have one from 2000, it will stop in 2030. The Treasury website has a tool where you can enter your bond's series and issue date to see exactly when it matures.

Cashing bonds owned by a minor or deceased person

If a bond is registered in a child's name, a parent or legal guardian can cash it by bringing the bond, their own photo ID, and the child's Social Security number to a bank. Some banks may require additional paperwork showing guardianship.

If the bond owner has died, the person handling the estate (called the executor or administrator) can cash the bond. Bring the bond, a photo ID, and a certified copy of the death certificate to a bank. The bank may ask for a copy of the will or court documents showing who is authorized to handle the estate. The interest earned up to the date of death is reported on the final tax return of the deceased person.

What to do if your bond is lost or damaged

If your bond is lost, stolen, or too damaged to cash at a bank, you can file a claim with the Treasury. You'll need to complete FS Form 1048 and provide as much information as you can about the bond — the series, denomination, approximate issue date, and the name it was registered under.

The Treasury will research their records to confirm the bond existed and that you own it. This process takes time, sometimes several months. Once confirmed, they will issue a replacement bond or pay you the current value. Keep copies of everything you send to the Treasury.

Frequently Asked Questions

Do I have to cash the entire bond at once?

Yes. You cannot cash part of a bond and keep the rest. When you present it to a bank, you receive the full current value or nothing. If you own multiple bonds, you can cash some and keep others.

Will the bank charge me a fee to cash my bond?

No. Banks are not allowed to charge a fee for cashing U.S. savings bonds. If a bank tells you there is a fee, go to a different bank or contact the Treasury directly.

Can I cash a bond that someone gave me as a gift?

Yes, as long as your name is on the bond as the owner or co-owner. If the bond is registered only in someone else's name, you cannot cash it — only the registered owner can. The person who gave it to you would need to cash it and give you the money, or have the Treasury reissue it in your name.

What if I want to reinvest the money into new bonds?

You can buy new Series EE or Series I bonds through TreasuryDirect.gov or through a bank. There is no requirement to reinvest the money from a cashed bond — you can use it however you want. If you do reinvest, you'll start a new bond with a new issue date and new interest rate.

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

If you cash at a bank in person, you typically receive the money the same day or within one business day. If you mail the bond to the Treasury, allow four to six weeks for processing and mailing the check.