Banks and credit unions are your fastest option for cashing savings bonds

Most savings bonds can be cashed at any bank or credit union where you have an account. You do not need to cash the bond at the institution that issued it. Walk in with the bond itself, your ID, and your account number, and the teller can process it on the spot — usually within minutes. Some banks will cash bonds for non-customers, though they may charge a small fee or require you to open an account.

Credit unions often have the same capability as banks and may be more flexible about fees. Call ahead to confirm the branch handles savings bond redemptions, since not every location does, especially in smaller towns.

Key Takeaways

  • Any bank or credit union can cash a savings bond if you have an account there, and most do it the same day you walk in.
  • The U.S. Treasury's TreasuryDirect website lets you cash Series I and EE bonds online if you own them through that platform, without visiting a physical location.
  • Your employer's payroll or benefits office may cash savings bonds if you bought them through a payroll savings plan.
  • The Federal Reserve Bank serving your region can cash bonds by mail if no local bank will do it, though the process takes one to two weeks.
  • Savings bonds must reach their issue date before you can cash them; cashing early may mean losing accrued interest or paying a penalty.

Cashing bonds online through TreasuryDirect

If you own Series I or Series EE bonds through TreasuryDirect — the U.S. Treasury's online platform — you can cash them directly on the website without leaving home. Log into your TreasuryDirect account, select the bond you want to redeem, and request the redemption. The money goes to the bank account you have on file, usually within two business days.

This method works only for bonds you bought or transferred into TreasuryDirect. If you own paper bonds or bonds purchased through a bank, you cannot redeem them through TreasuryDirect.

Payroll savings plans and employer redemption

If you bought savings bonds through your employer's payroll savings plan, your company's benefits or payroll office may redeem them for you. This is often the easiest route if your employer still administers the plan. Call or visit your HR department to ask whether they handle bond redemptions and what paperwork you need to bring.

Some employers stopped offering payroll savings plans years ago, so this option may not be available to you. If your employer does not handle it, you will need to use a bank, credit union, or the Federal Reserve instead.

Federal Reserve Banks for bonds without a local bank option

If no bank or credit union near you will cash your savings bond, you can mail it to the Federal Reserve Bank that serves your region. The Federal Reserve maintains a list of regional banks on its website, along with mailing addresses and instructions for each one.

Send the bond, a completed Form PD 1522 (Request for Payment of Savings Bond), a copy of your ID, and a letter with your name, address, and the bond's serial number. The Federal Reserve will mail you a check, usually within one to two weeks. This method is slower than walking into a bank, but it is free and works for any bond type.

What you need to bring or provide

At a bank or credit union, bring the physical savings bond, a government-issued ID (driver's license, passport, or state ID), and your account number if you have one there. Some institutions ask for a second form of ID or proof of address, so calling ahead can save you a trip.

For online redemption through TreasuryDirect, you need only your login credentials and access to the account where the bond is registered. For mail redemption through the Federal Reserve, you need the bond itself, Form PD 1522, a copy of your ID, and a letter with your details.

Timing: when you can actually cash a bond

You cannot cash a savings bond before its issue date, even if you own it. Series EE bonds issued after May 2003 reach their issue date when ready, so you can cash them right away. Older Series EE bonds and all Series I bonds have a one-year holding period from the issue date before you can redeem them.

If you cash a bond before it has been held for five years, you lose the last three months of interest. For example, if you cash a bond after four years and nine months, you receive only four years and six months of interest. After five years, you can cash without this penalty, though the bond continues to earn interest if you hold it longer.

Paper bonds versus digital bonds

Paper savings bonds — the physical certificates you may have received years ago — must be cashed in person at a bank, credit union, or Federal Reserve Bank, or mailed to the Federal Reserve. You cannot redeem them online.

Digital bonds purchased through TreasuryDirect can be redeemed online through your account. If you have paper bonds and want to avoid going to a bank, you can transfer them into TreasuryDirect first, though this process takes several weeks and requires submitting the physical bond to the Treasury.

Frequently Asked Questions

Can I cash a savings bond at any bank, or does it have to be my bank?

Most banks will cash a savings bond even if you do not have an account there, though some charge a fee for non-customers. Calling ahead to ask about their policy and any fees saves time. Credit unions are often more flexible about this than large banks.

What happens if I cash a bond before five years?

You lose the last three months of interest. If you cash after four years and nine months, you get paid through four years and six months. After five years, there is no penalty, though the bond keeps earning if you hold it longer.

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

At a bank or credit union, you usually get the money the same day or within one business day. Through TreasuryDirect online, it takes one to two business days. By mail through the Federal Reserve, expect one to two weeks.

Do I need the original paper bond to cash it, or can I use a copy?

You need the original bond. Banks and the Federal Reserve will not accept copies. If your bond is lost or damaged, you can file a claim with the Treasury to get a replacement before cashing it.

What if my name on the bond is different from my current ID?

Bring both the bond and a document showing the name change, such as a marriage certificate or court order. The bank or Federal Reserve will need to see proof that you are the same person named on the bond.