Where to cash your savings bond

You can cash a savings bond at most banks and credit unions, or directly through the U.S. Department of the Treasury if your financial institution won't do it. The easiest route is your own bank — call ahead and ask if they cash savings bonds, because some smaller institutions don't. If yours won't, any bank in the country will cash it for you, even if you don't have an account there.

For bonds issued after 2011, you can also cash them online through TreasuryDirect, the Treasury's website where the bonds are registered. This works only if you set up a TreasuryDirect account and the bond is held there. Older paper bonds cannot be cashed online.

The Treasury itself will cash any bond by mail if you send it to the Bureau of the Fiscal Service in Parkersburg, West Virginia. This takes longer — typically four to six weeks — but it's an option if no bank near you will help.

Key Takeaways

  • Most banks and credit unions will cash savings bonds without requiring you to have an account, though you should call first to confirm they offer this service.
  • You need the physical bond itself (for paper bonds), a valid government-issued ID, and your Social Security number to cash a bond in person.
  • Series EE and I bonds must reach their final maturity date before you can cash them without penalty, except in cases of death or disability.
  • If you cash a bond before it matures, you lose all accrued interest and may owe a penalty, so check the bond's issue date and type before cashing.
  • TreasuryDirect accounts allow you to cash digital bonds online, but paper bonds must be cashed at a bank or mailed to the Treasury.

What you need to bring to the bank

For a paper bond, bring the bond certificate itself, a valid government-issued photo ID (driver's license, passport, or state ID card), and your Social Security number. The bank will ask you to sign the back of the bond in front of a teller. If the bond is registered to someone else, that person must be present and sign it, or you'll need a power of attorney document.

For a digital bond held in TreasuryDirect, you don't need to bring anything to a bank. Instead, you log into your TreasuryDirect account online, select the bond you want to cash, and request the redemption. The Treasury deposits the money directly into your bank account within a few business days.

If you've lost the physical bond or it's damaged, contact the Treasury directly. You'll need to provide the bond's series, denomination, and serial number if you have it. The Treasury can issue a replacement, though this process takes several weeks.

Checking if your bond is ready to cash

Series EE bonds and Series I bonds cannot be cashed until they reach their final maturity date without losing all the interest you've earned. For Series EE bonds, final maturity is 30 years from the issue date. For Series I bonds, it's 30 years as well. If you cash either type before that date, you get only your original purchase price back — no interest at all.

There are two exceptions: if the bond owner has died, or if the owner is declared totally and permanently disabled, the bond can be cashed early without penalty. You'll need to provide a death certificate or disability documentation to the bank or Treasury.

To find out when your bond was issued, look at the date printed on the bond itself. If you bought it through TreasuryDirect, log into your account and check the purchase date listed there. You can also search the Treasury's Savings Bond Database online by entering your Social Security number and the bond's series and denomination.

What happens if you cash before maturity

If you cash a Series EE or I bond before its final maturity date, you lose all accrued interest and receive only what you paid for it. For example, if you bought a $100 Series EE bond 10 years ago and it has grown to $150, cashing it early means you get $100, not $150. The $50 in interest disappears.

Some older bond types — Series A through D bonds, and some Series E bonds — have different rules. These bonds may have already stopped earning interest, so cashing them early doesn't cost you anything. Check the Treasury's bond type guide to see what applies to your specific bond.

If you're unsure whether cashing now makes sense, contact the Treasury or your bank and ask them to tell you the current value of your bond. They can show you what you'll receive if you cash it today versus what it will be worth at maturity.

Cashing bonds through the mail

If you can't reach a bank or prefer not to, you can mail your bond to the Bureau of the Fiscal Service, Division of Transactions and Adjustments, 200 Third Street, Parkersburg, WV 26106-1328. Include a letter stating that you want to redeem the bond, your name, address, phone number, and Social Security number.

Sign the back of the bond in front of a notary public or bank officer — do not sign it before mailing. Include a copy of your government-issued ID (driver's license or passport) with your process. The Treasury will verify your identity, process the redemption, and mail you a check.

This method takes four to six weeks from the date the Treasury receives your package. Use certified mail with return receipt so you have proof of delivery. Keep a record of the bond's series, denomination, and serial number in case you need to follow up.

Tax reporting when you cash a bond

The interest you earn on savings bonds is subject to federal income tax. When you cash a bond, the Treasury does not automatically report the interest to the IRS, so you are responsible for reporting it yourself on your tax return.

You have two options: report the interest in the year you cash the bond, or report it each year as it accrues (even if you don't cash the bond). Most people choose to report it when they cash the bond because it's simpler. If you choose to report it annually, you must do so consistently for all your bonds.

The interest is not subject to state or local income tax in most states, but check your state's rules. Keep records of the bond's purchase price and the amount you received when you cashed it — the difference is your interest income.

Cashing bonds registered to a minor or deceased person

If a bond is registered to a minor, a parent or legal guardian must sign it and present ID. The minor does not need to be present. If the bond is registered to a deceased person, the person handling the estate (executor or administrator) can cash it by providing a death certificate and proof of their authority, such as a court order or letters testamentary.

If you inherit a bond and are not the executor, you'll need written permission from the executor or administrator before any bank will cash it. Contact the estate's attorney or the probate court in the county where the person died if you're unsure who has authority.

For bonds held in TreasuryDirect, the Treasury has a process for transferring ownership after death. Contact TreasuryDirect directly and provide a death certificate. They will guide you through the steps to either cash the bond or transfer it to another account.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks will cash savings bonds, but not all. Call your bank first to ask if they offer this service. If they don't, any other bank in the country will cash it for you, even without an account. You may need to show ID and your Social Security number.

What if I don't know when my bond was issued?

The issue date is printed on the bond itself — look for a date near the top or bottom. If you have a paper bond and can't find it, contact the Treasury's Savings Bond Database online or call 1-800-553-2663. They can look up your bond if you provide your Social Security number and the bond's series and denomination.

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

Yes, the interest is subject to federal income tax. You report it on your tax return in the year you cash the bond (or each year it accrues, if you choose that method). Interest is generally not subject to state or local tax, but check your state's rules.

What if my bond is damaged or I lost it?

Contact the Treasury directly at 1-800-553-2663 or through TreasuryDirect. You'll need to provide the bond's series, denomination, and serial number if you have it. The Treasury can issue a replacement, though the process takes several weeks.

Can I cash a bond before it reaches maturity?

You can, but for Series EE and I bonds, you'll lose all accrued interest and receive only your original purchase price. The only exceptions are if the bond owner has died or is totally and permanently disabled. Older bond types may have different rules — check with the Treasury about your specific bond.