Banks and credit unions are your fastest option for cashing a savings bond

Most people cash savings bonds at their own bank or credit union. Walk in with the bond itself, your government-issued ID, and your Social Security number. The teller will verify the bond is genuine, check that it has reached its final maturity date (or that you are past any penalty period for early withdrawal), and process the payment. This usually takes a few minutes to a few hours, depending on how busy the branch is.

Not every bank will cash every bond. Some banks only cash bonds issued by the U.S. Department of the Treasury if you hold an account there. Others will cash bonds for non-customers but may charge a small fee or require you to open an account. Call ahead to ask whether they cash savings bonds and what they need from you.

Credit unions often have fewer restrictions than banks. If you are a member, ask at your branch whether they cash savings bonds. Many do, and membership usually means no extra fees.

Key Takeaways

  • Your own bank or credit union is the simplest place to cash a savings bond, and most will do it in one visit if you bring the bond, ID, and Social Security number.
  • Some banks charge a fee to cash bonds if you are not a customer, so calling ahead saves a wasted trip.
  • The U.S. Treasury will cash any savings bond by mail if no bank near you will do it in person.
  • Series I and Series EE bonds have penalty periods if cashed before five years; cashing before that means you lose the last three months of interest.
  • You cannot cash a bond that has not reached its final maturity date, which is 30 years after issue for most bonds.

The U.S. Treasury's mail-in process for bonds without a local bank option

If no bank or credit union near you will cash your bond, you can mail it directly to the U.S. Department of the Treasury. You will need to fill out Form PD F 1522, which is the official request form for redeeming savings bonds by mail. The form asks for your name, address, Social Security number, the bond serial number, and the issue date.

Mail the completed form and the bond itself to the address listed on the form. The Treasury will verify the bond, process the payment, and send you a check. This takes several weeks, so use this route only if a bank option is truly not available. The Treasury does not charge a fee for this service.

You can read Form PD F 1522 from the Treasury's website or request it by phone. Keep a copy of the form and the bond's serial number for your records before you mail anything.

What happens if your bond is lost, stolen, or damaged

A damaged bond that is still readable can usually be cashed at a bank the same way as an undamaged one. If the bond is torn, water-damaged, or faded but the serial number and issue date are still visible, bring it to your bank and ask whether they will accept it. Many will.

A lost or stolen bond is harder to replace. You cannot straightforward report it missing and get a new one. Instead, you will need to file a claim with the Treasury using Form PD F 1048, which is the process for relief on account of loss, theft, or destruction of a U.S. savings bond. This form requires proof that you owned the bond — such as purchase receipts, bank statements showing the purchase, or documentation from the person who gave it to you as a gift.

The Treasury investigates the claim and may take several months to respond. If approved, they will issue a replacement bond or payment. If you cannot locate the bond and have no proof of ownership, the Treasury may deny the claim.

Penalties and interest loss for cashing before maturity

Series I and Series EE bonds have a five-year holding period. If you cash either type before five years have passed since the issue date, you lose the last three months of interest. This is not a fee — it is a reduction in the amount you receive.

For example, if a Series EE bond issued on January 1, 2020 has earned $100 in interest by January 1, 2023, and you cash it then, you will receive the original purchase price plus $97 (the $100 minus three months of accrued interest). The three-month penalty applies no matter when you cash it before the five-year mark.

After five years, you can cash the bond without the interest penalty, though you will still receive only the interest earned up to that point. Bonds continue to earn interest for 30 years after issue, so cashing early means you also lose all future interest that would have accrued.

Series I bonds have the same five-year holding period and three-month interest penalty. Series HH and Series H bonds (older bonds no longer sold) have different rules depending on when they were issued; check the Treasury's website or ask your bank for the specific terms of your bond.

How to verify a bond's maturity date before you cash it

Every savings bond has a final maturity date printed on the face of the bond. For Series EE and Series I bonds, this is 30 years after the issue date. For older Series HH and Series H bonds, the maturity date varies.

You can also check the Treasury's savings bond database online at TreasuryDirect.gov. Log in with your account information, and the system will show you all bonds registered in your name, their issue dates, current values, and maturity dates. This is the most reliable way to confirm whether a bond has reached maturity and how much it is worth.

If you have a paper bond and do not have a TreasuryDirect account, you can create one for free. You will need your Social Security number and a valid email address. Once you register, you can look up any bond you own.

What to bring when you go to cash a bond in person

Bring three things: the bond itself, a government-issued photo ID (such as a driver's license or passport), and your Social Security number. Some banks may ask for additional information, such as your account number if you bank there, but these three are the standard requirement.

If someone else gave you the bond as a gift or inheritance, bring proof of that relationship if the bank asks. A letter from the previous owner, a gift receipt, or a will or trust document can serve as proof. Most banks will not ask for this unless the bond is very old or the circumstances are unclear.

If you are cashing a bond on behalf of someone else — for example, as a guardian or power of attorney — bring documentation of your authority to act on their behalf, such as a power of attorney document or guardianship papers. The bank will need to verify that you have the legal right to cash the bond.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only at my own bank?

Most banks will cash a savings bond even if you do not have an account there, but some charge a fee for non-customers or have restrictions. Call your bank first to ask. Credit unions are often more flexible. If no local bank will cash it, you can mail it to the U.S. Treasury.

What if my savings bond is worth more than $10,000?

Banks can cash bonds of any value. If the amount is large, the bank may ask additional questions for tax reporting purposes, but this does not prevent you from cashing it. You will receive a Form 1099-INT from the bank or Treasury for tax purposes if the interest earned exceeds $10.

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

At a bank, you usually receive the money the same day or within one business day. If you mail the bond to the Treasury, expect four to six weeks. The Treasury will send a check, which may take additional days to arrive depending on mail delivery in your area.

Can I cash a bond that someone else is the registered owner of?

No. Only the registered owner or their legal representative can cash a bond. If you inherited a bond, you may need to provide a death certificate and proof that you are the beneficiary. If someone gave you a bond as a gift, the original owner must transfer it to your name through TreasuryDirect before you can cash it.

What if I lost the physical bond but remember the serial number?

If you have a TreasuryDirect account, you can look up the bond and may be able to cash it through your online account without the physical bond. If you do not have an account or the bond is not registered there, contact the Treasury to file a claim for a lost bond using Form PD F 1048.