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

The easiest place to cash a savings bond depends on whether you have the physical bond or a digital one, and whether you want to cash it in person or by mail. Paper bonds can be cashed at most banks and credit unions without an account. Digital bonds held through TreasuryDirect can only be redeemed through that online system. The Treasury itself will cash bonds by mail if your bank refuses, though this takes longer.

Before you go anywhere, check whether your bond has reached final maturity — the date when the Treasury stops paying interest. A bond past final maturity still has value, but you are no longer earning anything by holding it. You can find the maturity date on the bond itself or by logging into TreasuryDirect if it is digital.

Key Takeaways

  • Paper savings bonds can be cashed at most banks and credit unions, even if you do not have an account there.
  • Digital bonds in TreasuryDirect must be redeemed through your TreasuryDirect account online — no bank can cash them for you.
  • Banks may refuse to cash bonds if you do not have an account, so calling ahead saves a wasted trip.
  • The U.S. Treasury will cash bonds by mail if your bank refuses, but the process takes four to six weeks.
  • Cashing a bond before its maturity date means you lose all unpaid interest accrued since the last interest-payment date.

Cashing paper bonds at a bank or credit union

Most banks and credit unions will cash paper savings bonds over the counter during business hours. You do not need to be a customer — walk in with your bond and a valid photo ID, and the teller can process it on the spot. The funds typically appear in your account the same day if you have an account there, or you can receive a check.

Call ahead before you go. Some banks, especially smaller branches, have stopped cashing bonds because the process requires training and verification. A five-minute phone call to the customer service line or your local branch prevents you from making a trip only to be turned away. Ask specifically whether they cash savings bonds and whether you need an account.

Bring the bond itself, your photo ID, and your Social Security number. The teller will verify the bond's serial number and confirm it has not been reported lost or stolen. If the bond is registered to someone else, that person must be present or have signed a power of attorney.

Redeeming digital bonds through TreasuryDirect

If your savings bonds are held in a TreasuryDirect account, you must redeem them online through that same account. Log in at treasurydirect.gov, navigate to your holdings, and select the bond you want to redeem. The system will ask you to confirm the amount and the destination account where the money should be deposited.

Redemptions through TreasuryDirect are processed within one to three business days. The money goes directly to the bank account you have linked to your TreasuryDirect account — you cannot receive a check or cash. If you need to change the linked account, you can do that in your account settings before you redeem.

TreasuryDirect does not allow partial redemptions of a single bond. You must redeem the entire bond at once. If you own multiple bonds, you can choose which ones to redeem and leave others untouched.

Cashing bonds through the U.S. Treasury by mail

If your bank refuses to cash your bond and you do not have a TreasuryDirect account, you can mail the bond directly to the Treasury. Send the bond, a completed Form PD 1239 (available at treasurydirect.gov), a copy of your photo ID, and a letter stating the amount you want to redeem to the address listed on the form.

The Treasury will deposit the funds into the bank account you specify on the form. The process takes four to six weeks from the date they receive your package. Mail your bond certified with return receipt so you have proof it arrived. Do not send cash or checks — the Treasury only deposits funds into a bank account.

This route is slow and requires you to trust the mail with your bond, so use it only if your bank genuinely will not help. Most banks will cash bonds for non-customers if you ask the right person or call the right department.

What happens to your interest when you cash early

Savings bonds earn interest on a schedule. Series EE bonds earn interest every six months on the first and fifteenth of the month. Series I bonds earn interest monthly. If you cash your bond before an interest-payment date, you lose all the interest that has accrued since the last payment.

For example, if your Series EE bond's interest date is May 15 and you cash it on May 10, you forfeit five days of interest. You receive only the interest paid through May 1. This is different from a penalty — you are straightforward not paid for time you did not hold the bond through a complete interest period.

Check your bond's issue date and interest schedule before you cash. If you are only a few days away from an interest-payment date, waiting might be worth the delay.

Bonds past final maturity and stopped-earning bonds

Savings bonds stop earning interest on their final maturity date. Series EE bonds issued after May 2003 stop earning interest after 30 years. Series I bonds stop earning interest after 30 years as well. After that date, the bond still has value equal to the principal and all interest earned, but you are no longer building wealth by holding it.

You can still cash a bond past final maturity at any bank or through TreasuryDirect. The value does not change — you straightforward receive whatever the bond is worth on the day you redeem it. There is no penalty for cashing a matured bond late, but there is no benefit either.

If you have lost track of your bonds or forgotten which ones you own, you can search the Treasury's Hunt for Savings Bonds database at treasuryhunt.gov. This tool shows unclaimed bonds registered to you or your deceased relatives.

Frequently Asked Questions

Can I cash a savings bond at any bank?

Most banks will cash savings bonds, but not all. Some smaller branches or banks that have stopped offering the service will refuse. Always call ahead to confirm your specific branch cashes bonds. Credit unions are often more willing than large national banks.

What if the bond is in someone else's name?

The person whose name is on the bond must be present with a photo ID to cash it. If that person is deceased or unable to travel, you will need a power of attorney or to go through probate. The Treasury can provide guidance on the specific steps for your situation.

Do I have to pay taxes when I cash a savings bond?

Yes. The interest you earned is subject to federal income tax and state income tax in most states. You do not pay tax when you redeem — you report the interest on your tax return for the year you cash the bond. The bank does not withhold taxes automatically.

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

At a bank or credit union, same day if you have an account there, or a check within one to three business days. Through TreasuryDirect, one to three business days to your linked bank account. By mail to the Treasury, four to six weeks.

Can I cash a bond if I do not have a bank account?

Yes. A bank or credit union will cash a bond for a non-customer and issue a check. You can then cash that check at another bank, a check-cashing service, or your employer if they offer that option. TreasuryDirect requires a bank account to redeem digital bonds.