You can cash savings bonds at most banks, credit unions, and the U.S. Treasury

The easiest place to cash a savings bond is usually your own bank or credit union. Most financial institutions will cash them for free during business hours, and you'll get your money the same day. You'll need to bring the physical bond certificate and a valid ID — the teller will verify the bond's serial number and current value, then give you cash or deposit it to your account.

If your bank won't cash it (some smaller institutions decline), you can mail the bond directly to the U.S. Treasury's Bureau of the Fiscal Service. This takes longer — typically two to four weeks — but it's free and works for any bond issued by the U.S. government. You'll fill out a form, include the bond, and mail it to the address on the Treasury's website. They'll send you a check.

A third option is to cash the bond at a Federal Reserve Bank branch if one is near you, though this is less common and requires calling ahead. Most people find their local bank the fastest route.

Key Takeaways

  • Your own bank or credit union will cash savings bonds for free and deposit the money the same day if you bring the physical certificate and valid ID.
  • You can mail bonds to the U.S. Treasury's Bureau of the Fiscal Service if your bank won't cash them, though you'll wait two to four weeks for a check.
  • The bond must be in your name or you must have power of attorney to cash it; bonds in a deceased person's name require a court order or estate documentation.
  • Series EE and I bonds have penalties if you cash them before five years, but Series HH bonds have no early-redemption penalty.

What your bank needs to see before cashing a bond

Bring the actual bond certificate — not a copy or a photo. The teller will need to see the serial number, the series (EE, I, or HH), the issue date, and the face value printed on the front. You'll also need a valid government-issued ID like a driver's license or passport.

The bond must be registered in your name, or you must have legal authority to cash it. If you're cashing a bond that belongs to someone else — a child, for example — you'll need documentation showing you have the right to do so, such as a custodial account statement or power of attorney. If the bond owner has died, the bank will ask for a death certificate and proof that you're the executor or beneficiary of the estate.

Some banks may ask you to sign the back of the bond in front of the teller. This is normal and part of their verification process.

How to mail a bond to the Treasury if your bank won't cash it

Go to the Bureau of the Fiscal Service website and read Form PD F 1522 (Request for Payment of Savings Bond). Fill in your name, address, Social Security number, and the bond's details — series, serial number, issue date, and face value. Sign and date the form.

Place the form and the physical bond certificate in an envelope and mail it to the address listed on the form (this varies by region). Do not send the bond by regular mail if you can avoid it — use certified mail with return receipt so you have proof of delivery. The Treasury will verify the bond, calculate its current value including accrued interest, and mail you a check.

This process typically takes two to four weeks. You won't be able to track the bond once you mail it, so certified mail gives you peace of mind. Keep a copy of the form and the tracking number for your records.

Early redemption penalties and waiting periods

Series EE and Series I bonds have a five-year holding period. If you cash either type before five years have passed, you'll lose the last three months of interest. For example, if you cash a bond at four years and eight months, you'll only receive interest through four years and five months.

Series HH bonds have no early-redemption penalty — you can cash them anytime without losing interest. However, HH bonds are no longer issued, so you only have them if you bought them before 2004.

The penalty applies to when you cash the bond, not when you buy it. If you bought a Series I bond on January 1, 2020, and cash it on January 1, 2025, you'll get the full five years of interest with no penalty. If you cash it on December 1, 2024, you'll lose the last three months.

Cashing bonds owned by minors or in trust

If the bond is in a child's name and you're the parent or legal guardian, you can cash it at your bank by bringing the bond, your ID, and documentation of guardianship (usually a birth certificate or custody order). Some banks will ask you to sign as the custodian on the back of the bond.

If the bond is held in a trust, bring the bond, your ID, and a copy of the trust document. The bank will verify that the trust is valid and that you have authority to redeem bonds on its behalf. If the trust is complex or the bank is unfamiliar with it, they may ask you to mail the bond to the Treasury instead.

For bonds owned by a deceased person, the process depends on whether the estate has gone through probate. If it has, bring the death certificate, a copy of the will or court order naming you as executor, and your ID. If probate hasn't started, you may need to wait or provide other documentation — ask your bank what they require.

What happens to the interest when you cash a bond

The interest you've earned is included in the redemption value. You don't receive it separately — the bank or Treasury straightforward pays you the total amount the bond is worth on the day you cash it. This includes all accrued interest minus any early-redemption penalty.

The redemption value is not the same as the face value. A $100 Series I bond bought five years ago might be worth $130 today because of the interest it has earned. When you cash it, you receive $130, not $100.

You'll receive a 1099-INT form from the Treasury or your bank at the end of the tax year if the interest earned was more than $10. This reports the interest as taxable income on your federal tax return. The interest is taxable in the year you cash the bond, even if you earned it over many years.

Cashing bonds at a Federal Reserve Bank

Some Federal Reserve Banks will cash savings bonds in person, but availability varies by location and they typically require an appointment. Call the Federal Reserve Bank nearest you to ask whether they offer this service and what documentation you'll need to bring.

This option is slower than using your bank and less convenient than mailing to the Treasury, so most people skip it. It's useful only if you live very close to a Federal Reserve Bank and prefer to handle it in person rather than by mail.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only the one where I have an account?

Most banks will cash savings bonds even if you don't have an account there, though some may charge a small fee or require you to open an account. Call ahead to ask. Your own bank is the safest bet — they know you and won't charge a fee.

What if I lost the physical bond certificate?

Contact the Treasury's Bureau of the Fiscal Service and report it lost. They can issue a replacement if you provide the serial number, issue date, and proof of ownership. This takes several weeks. If you don't have the serial number, the process is much harder — you'll need to provide other documentation of purchase.

Do I have to cash the entire bond, or can I cash part of it?

You must cash the entire bond. You cannot redeem a portion of it. If you need only part of the money, you'll have to cash the whole bond and keep the rest, or leave it unredeemed.

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

If you deposit it to your account, it typically posts the same day or the next business day. If you take cash, you get it when ready. If you mail it to the Treasury, expect two to four weeks.

Will cashing a savings bond affect my taxes?

The interest you earned is taxable income in the year you cash the bond. You'll receive a 1099-INT form if the interest was more than $10. The principal (the amount you originally paid) is not taxable — only the interest is.