You can cash a savings bond at most banks, credit unions, and the U.S. Treasury, but the route depends on whether the bond is paper or digital

Paper savings bonds issued before 2012 can be cashed at your bank or credit union if you have an account there. Many banks will cash them for non-customers too, though some charge a fee or require you to open an account. If your bank declines, you can mail the bond directly to the Treasury Department's Bureau of the Fiscal Service, which will send you a check. Digital bonds held in TreasuryDirect never need to be cashed in person — you redeem them online through your account and the money goes to your linked bank account within a few business days.

The fastest route is usually your own bank or credit union, since you can walk in with the bond and leave with cash or a deposit the same day. The safest route is the Treasury if you have a paper bond you're unsure about, because they can verify it's real and hasn't been reported lost or stolen.

Key Takeaways

  • Paper savings bonds can be cashed at your bank, credit union, or by mail to the Treasury Department's Bureau of the Fiscal Service.
  • Digital bonds in TreasuryDirect are redeemed online through your account, with funds deposited to your bank within a few business days.
  • You will need the bond itself (for paper bonds), a government-issued ID, and proof of Social Security number to cash a bond in person.
  • Some banks charge fees to cash bonds for non-customers or may refuse entirely, so calling ahead saves a trip.
  • If a paper bond is lost, stolen, or you cannot find it, the Treasury can issue a replacement or pay you directly after you file a claim.

Cashing a paper bond at your bank or credit union

Bring the bond itself, a government-issued photo ID (driver's license, passport, or state ID), and your Social Security number or tax ID. The teller will verify the bond is genuine, check that it has reached its maturity date or that you are past any penalty period for early redemption, and process the cash or deposit. This usually takes a few minutes. If you have an account at the bank, there is no fee. If you do not, ask whether they charge a redemption fee — this varies by institution and can range from $5 to $25 or more.

Credit unions are often more flexible than banks about cashing bonds for non-members, and many do it free. Call ahead if you do not have an account, because some branches will refuse or require you to speak to a manager. Bring the bond in person rather than mailing it — once it leaves your hands, you lose the ability to stop the transaction if something goes wrong.

Redeeming a digital bond through TreasuryDirect

Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Navigate to the "Manage My Securities" section and select the bond you want to redeem. Click "Redeem" and confirm the transaction. The Treasury will verify that the bond has reached maturity or that you meet the early redemption terms, then process the request.

The money will be deposited to the bank account you linked when you created your TreasuryDirect account. This usually takes two to three business days, though it can take up to five during high-volume periods. You will receive an email confirmation with the transaction details. There is no fee to redeem a digital bond through TreasuryDirect.

Mailing a paper bond to the Treasury

If your bank refuses to cash the bond or you prefer not to go in person, you can mail it to the Bureau of the Fiscal Service. read and complete Form PD F 1522 (the "Request for Redemption of United States Savings Bonds") from treasurydirect.gov. Include the completed form, the bond itself, a copy of your government-issued ID, and a letter stating your name, address, Social Security number, and the reason for redemption.

Mail the package to: Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Do not use regular mail — send it by certified mail with return receipt so you have proof of delivery. The Treasury will verify the bond, process the redemption, and mail you a check. This typically takes four to six weeks from the date they receive your package. Keep a copy of everything you send for your records.

What to do if you cannot find your paper bond

If your bond is lost, stolen, or destroyed, you can file a claim with the Treasury to have it replaced or to receive payment. Complete Form PD F 1048 (the "Claim for Lost, Stolen, or Destroyed United States Savings Bond") and mail it to the same Parkersburg address with a copy of your ID and a statement explaining what happened to the bond.

The Treasury will search their records to confirm the bond exists and has not already been redeemed. If they find it and it has not been cashed, they will issue a replacement bond or pay you the current value, depending on what you request. This process can take several months because the Treasury must verify the bond's status and may support no one else has claimed it. You will not receive interest that accrued after the bond matured while your claim was being processed.

Penalties and taxes when you redeem a bond

If you redeem a paper Series EE or I bond before it reaches five years old, you will lose the last three months of interest. For example, if you redeem after four years and nine months, you receive interest only through four years and six months. Digital bonds in TreasuryDirect have the same penalty. This is the only penalty — there is no fee charged by the Treasury.

You will owe federal income tax on the interest the bond earned, but not on the principal (the amount you originally paid). You do not owe state or local income tax on savings bond interest. The Treasury does not withhold tax when you redeem, so you will report the interest as income on your tax return for the year you cash the bond. If you cashed the bond in 2024, you report the interest on your 2024 return filed in 2025.

Cashing a bond held in someone else's name

If the bond is registered in your name as the owner, you can cash it yourself. If it is registered in someone else's name, you cannot cash it — only the registered owner can redeem it. If the owner has died, the bond becomes part of their estate and must go through probate or be handled according to their will. You will need to provide a death certificate and proof that you are the executor or beneficiary before the Treasury will process a redemption.

If the bond is registered as "owner or beneficiary," either person can redeem it. If it is registered as "owner and beneficiary," both people must sign and agree to the redemption. Bring both people to the bank, or if that is not possible, have the co-owner sign a power of attorney form authorizing you to redeem on their behalf. The bank will tell you what form they need.

Frequently Asked Questions

Can I cash a savings bond before it matures?

Yes, but you will lose the last three months of interest. Series EE and I bonds must be held at least five years to avoid this penalty. If you redeem earlier, the Treasury calculates interest only through the previous three-month period. For example, if you redeem after two years, you receive interest through one year and nine months.

What if my bank says they will not cash my bond?

Ask to speak to a manager, because some tellers are unfamiliar with the process. If the bank still refuses, try a different bank or credit union in your area. If no local institution will cash it, mail it to the Treasury using Form PD F 1522. The Treasury will always redeem a valid bond.

Do I have to report the interest when I cash the bond?

Yes. The interest is taxable federal income in the year you redeem the bond. You do not owe state or local tax. The Treasury does not send you a tax form, so keep your redemption receipt and add the interest amount to your tax return.

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

In person at a bank: same day or next business day. By mail to the Treasury: four to six weeks. Through TreasuryDirect online: two to three business days. Certified mail delivery adds a few days to the mailing timeline.

Can someone else cash my bond if I give them permission?

Not without a power of attorney or if the bond is registered with them as a co-owner. Banks require the registered owner to present ID and sign the redemption form in person. If you cannot go in person, you can mail the bond to the Treasury yourself, or have a lawyer prepare a power of attorney that the bank will accept.