Where and how to redeem your savings bonds

You can cash in savings bonds at most banks and credit unions, or directly through the U.S. Department of the Treasury if your financial institution won't redeem them. Banks and credit unions are the fastest route — you walk in with the bonds, show ID, and typically receive payment the same day or within a few business days. If your bank declines (some smaller institutions don't handle bond redemptions), you can mail the bonds to the Treasury's Bureau of the Fiscal Service or redeem them through TreasuryDirect, the government's online platform for bond management.

The specific steps depend on whether your bonds are paper certificates or digital records in TreasuryDirect. Paper bonds require you to sign the back in front of a bank employee or notary, and the bank verifies the serial number and your identity before paying you. Digital bonds held in TreasuryDirect can be redeemed entirely online through your account — no paperwork, no waiting in line.

Timing matters if you need the money quickly. Bank redemptions usually complete within days. Treasury mail-in redemptions take two to four weeks. TreasuryDirect redemptions typically process within one business day, though the money may take an additional one to three business days to reach your bank account depending on your bank's processing speed.

Key Takeaways

  • Most banks and credit unions will cash your paper savings bonds on the spot if you bring the bonds and a photo ID, though some smaller institutions may decline.
  • Series EE and Series I bonds cannot be redeemed until they are at least one year old, and you lose the last three months of interest if you cash them in before five years have passed.
  • Digital bonds in TreasuryDirect can be redeemed online in minutes, while paper bonds redeemed at a bank usually take a few business days.
  • If your bank won't redeem your bonds, you can mail them to the Treasury's Bureau of the Fiscal Service or redeem them through TreasuryDirect, though mail processing takes longer.
  • You will receive a 1099-INT form at tax time for the interest your bonds earned, which counts as taxable income on your federal return.

Minimum holding periods and interest penalties

Series EE and Series I bonds cannot be cashed in during the first year you own them. If you try to redeem one before that year is up, the bank or Treasury will refuse the transaction. This rule applies regardless of how much interest has accumulated or how badly you need the money.

If you redeem a bond between one and five years after purchase, you forfeit the last three months of interest. For example, if you bought a bond on March 15, 2022, and cashed it in on July 1, 2024, you would receive interest only through March 31, 2024 — the three-month penalty applies. After five years, you keep all the interest earned, with no penalty for early redemption.

Series HH bonds (no longer sold but still held by many people) have different rules: they can be redeemed after six months, but the six-month interest penalty applies if you cash them before five years. Check your bond's series letter to confirm which rules explore to your specific bonds.

What to bring when redeeming at a bank

For paper bonds, bring the physical certificates and a government-issued photo ID — a driver's license, passport, or state ID card. The bank employee will ask you to sign the back of each bond in their presence. If the bond was registered to two people (listed as "John Smith or Jane Smith"), both owners must be present and sign, or one owner must bring a notarized power of attorney from the other.

If the bond was registered to a minor and that minor is now an adult, bring the bond and the adult's ID. If the minor is still under 18, a parent or legal guardian must sign on their behalf. If the original owner has died, the person redeeming the bond must bring a death certificate and proof of their authority to act (such as letters testamentary from probate court or a certified copy of the will).

For digital bonds in TreasuryDirect, you need only your login credentials — no documents to print or bring anywhere. You redeem entirely from your computer or phone.

Redeeming bonds through TreasuryDirect online

If your bonds are registered in TreasuryDirect, log into your account at treasurydirect.gov using your username and password. Navigate to the "Manage My Securities" section and select the bonds you want to redeem. The system will show you the current value, including all interest earned, and confirm that the bond meets the minimum holding period. If it does, you can proceed with the redemption request.

After you submit the request, TreasuryDirect processes it within one business day. The money is then transferred to the bank account you have on file with your TreasuryDirect account. Depending on your bank's processing speed, the funds appear in your account within one to three business days. You will receive email confirmation of the redemption and the amount paid.

If you have forgotten your TreasuryDirect password, use the "Forgot Password" link on the login page. You will need to answer security questions or verify your identity through a code sent to your email address. If you cannot recover your account, call the TreasuryDirect customer service line at 844-284-2676 to speak with a representative who can help you regain access.

Mailing bonds to the Treasury for redemption

If your bank will not redeem your bonds and you do not have a TreasuryDirect account, you can mail the paper bonds to the Bureau of the Fiscal Service. Send them to: Bureau of the Fiscal Service, Parkersburg, WV 26106-1328, United States.

Include a letter stating your name, address, Social Security number, and the series and denomination of each bond you are redeeming. Sign and date the letter. Do not sign the bonds themselves — the Treasury will ask you to sign them when they receive them. Mail the bonds and letter via certified mail with return receipt so you have proof of delivery. Keep a copy of your letter and a list of the bond serial numbers for your records.

Processing takes two to four weeks from the date the Treasury receives your package. They will mail you a check to the address you provided. If you do not receive payment within six weeks, contact the Bureau of the Fiscal Service at 304-480-6112 to check the status of your redemption.

Tax reporting when you cash in bonds

The interest your bonds earned is subject to federal income tax. You can choose to report the interest each year as it accrues, or you can wait and report all the interest when you redeem the bond. Most people wait until redemption because it simplifies record-keeping, but either method is allowed.

When you redeem a bond, the Treasury or your bank will send you a Form 1099-INT showing the total interest paid. You receive this form by January 31 of the year following redemption. Report the interest amount on your federal tax return as ordinary income. State income tax treatment varies by state — some states tax savings bond interest, others do not. Check your state's tax rules or consult a tax professional if you are unsure.

If you redeemed bonds in multiple years, you will receive a separate 1099-INT for each redemption. Keep all forms with your tax records for at least three years in case the IRS requests documentation.

What to do if you cannot find your bonds or lost them

If you own paper bonds but cannot locate them, contact the Treasury's Bureau of the Fiscal Service at 304-480-6112. Provide your name, Social Security number, and as much information as you remember about the bonds — the series, approximate purchase date, and denomination. The Treasury can search their records to confirm whether the bonds were issued in your name.

If the bonds are confirmed to exist but you have lost the physical certificates, you can request replacement bonds. The process requires you to complete Form PD 1048 (process for Relief) and provide proof of loss or destruction. The Treasury will issue replacement bonds with the same issue date and value as the originals. This process takes several weeks and may require additional documentation if the loss occurred long ago.

If the bonds were destroyed (for example, in a fire or flood), gather any evidence you have — insurance claim documents, photos, or written statements from witnesses. Include this with your process to speed up the replacement process. Once replacement bonds are issued, you can redeem them using the standard methods described above.

Frequently Asked Questions

Can I cash in a savings bond before one year has passed?

No. Series EE and Series I bonds cannot be redeemed during the first 12 months after purchase, regardless of circumstances. If you need money before that time, you will have to use another source. After 12 months, you can redeem the bond, but you will lose the last three months of interest if you do so before the five-year mark.

What happens if I lose a savings bond certificate?

Contact the Treasury's Bureau of the Fiscal Service at 304-480-6112 to report the loss. They can search their records and issue a replacement bond if it is confirmed to exist in your name. You will need to complete Form PD 1048 and may need to provide evidence of the loss. Replacement bonds take several weeks to arrive.

Do I have to pay state income tax on the interest from my savings bonds?

Federal income tax is required on all savings bond interest. State income tax depends on where you live — some states tax it, others do not. Check your state's tax agency website or speak with a tax professional to learn the rules in your state.

Can someone else cash in my savings bonds if I give them permission?

If the bond is registered in only your name, the other person cannot redeem it without your signature or a notarized power of attorney. If the bond is registered to two people as "or" (meaning either can act), either person can redeem it alone. If it is registered as "and" (both must act), both owners must be present and sign together.

How long does it take to get my money after I redeem a bond?

Bank redemptions usually take one to three business days. TreasuryDirect online redemptions process within one business day, with funds reaching your bank account in one to three additional business days. Mail-in redemptions to the Treasury take two to four weeks from the date they receive your package.