Bank of America will cash savings bonds, but only paper bonds issued before 2012

Bank of America cashes paper savings bonds at any branch, but the bond must be a physical certificate issued before May 2012. If your bond is digital (held in TreasuryDirect), you cannot cash it at a bank—you must redeem it through the U.S. Treasury's website or by mail. The bank charges no fee to cash a paper bond, but you will need to bring the bond itself, a government-issued ID, and your Social Security number.

The process takes a few minutes at the teller window. The teller will verify the bond's serial number, confirm it has reached its final maturity date or that you meet early redemption rules, and then issue you a check or deposit the funds directly to your account. If the bond is registered in someone else's name or if multiple people own it, all registered owners must be present with ID.

Key Takeaways

  • Bank of America cashes only paper savings bonds issued before May 2012; digital bonds in TreasuryDirect cannot be cashed at a bank.
  • You must bring the physical bond certificate, a government-issued ID, and your Social Security number to any Bank of America branch.
  • If the bond is registered to multiple owners, all owners must appear in person with ID to cash it.
  • The bank will not cash a bond before its final maturity date unless you meet specific early redemption conditions set by the Treasury.

What happens if your bond is held in TreasuryDirect

TreasuryDirect is the U.S. Treasury's online system for buying and holding savings bonds electronically. If your bond exists only in TreasuryDirect, Bank of America cannot cash it. You must redeem it through TreasuryDirect itself by logging into your account at treasurydirect.gov, selecting the bond, and requesting redemption.

The Treasury will deposit the proceeds into the bank account you have on file with TreasuryDirect within one to three business days. If you no longer have access to your TreasuryDirect account or have forgotten your login, you can request a redemption by mail using Form PD F 5396, which you can download from the Treasury website or request by phone at 844-284-2676.

Early redemption rules and penalties

Savings bonds have a final maturity date, usually 30 years from issue. You can redeem a bond before that date, but the Treasury imposes a penalty if you cash it within the first five years: you lose the last three months of interest. After five years, there is no penalty.

Bank of America will not cash a bond that has not yet reached the five-year mark without the three-month interest penalty being applied automatically. The teller will calculate this and deduct it from the redemption amount. If your bond is less than one year old, the bank cannot cash it at all—the Treasury does not allow redemption until at least one year has passed.

Bonds registered to multiple owners or in a trust

If a bond is registered in two names (for example, "John Smith or Jane Smith"), either owner can cash it alone. If it says "and" instead of "or," both owners must appear together with ID. Bank of America will ask to see the bond certificate itself to determine which word appears on it.

If the bond is registered to a trust or an estate, the rules are more complex. Bank of America may ask for a copy of the trust document or a court order showing you have authority to redeem it. Call your local branch ahead of time to ask what documents they need; policies can vary by location.

What to bring to the bank

Bring the physical bond certificate itself—do not bring a photocopy. Bring a government-issued photo ID such as a driver's license or passport. Bring your Social Security number (you may have it memorized, but write it down to be safe). If the bond is in someone else's name and you are authorized to cash it, bring documentation of that authorization, such as a power of attorney or a letter from the bondholder.

If you have lost the bond certificate, you cannot cash it at the bank. You will need to contact the Treasury directly at 844-284-2676 or file a claim for a lost or stolen bond using Form PD F 1048. This process takes several weeks.

Series I and EE bonds: special tax timing rules

Series I and Series EE bonds have tax consequences when you redeem them. The interest you earned is subject to federal income tax in the year you cash the bond. If you cashed the bond in 2024, you report that interest on your 2024 tax return. Some people hold bonds specifically to use them for education expenses, because there is a federal tax exemption for Series EE and I bonds used to pay tuition—but that exemption has strict rules and does not apply to all bonds.

Bank of America does not handle the tax reporting; the Treasury does. After you redeem a bond, the Treasury will send you a Form 1099-INT showing the interest earned. Keep this form for your tax records. If you think you may may have access to for the education tax exemption, consult a tax professional before cashing the bond, because the exemption must be claimed when you file your return.

If the bond is damaged or the serial number is unclear

A slightly worn bond is usually fine. If the bond is torn, water-damaged, or the serial number is hard to read, the bank teller may not be able to process it. In that case, you will need to contact the Treasury directly to request a replacement bond or redemption by mail.

Call 844-284-2676 and explain the damage. The Treasury will ask you to mail the damaged bond to them along with a letter explaining what happened. They will verify the bond in their records and either send you a replacement certificate or process a redemption and mail you a check. This process takes four to eight weeks.

Frequently Asked Questions

Can I cash a savings bond at Bank of America if I am not a customer?

Yes. Bank of America will cash a paper savings bond for anyone with a valid government ID and the bond certificate, regardless of whether you have an account there. Some branches may ask you to open an account if you want the funds deposited rather than issued as a check, but you can always take a check.

What if the bond was issued to a child and the child is now an adult?

If the bond is registered in the child's name only, the adult can cash it with their own ID and Social Security number. If it is registered "Parent and Child" or "Parent or Child," the rules depend on the exact wording on the certificate. Bring the bond to the bank and the teller will tell you what is needed.

How long does it take to cash a savings bond at Bank of America?

The transaction itself takes five to ten minutes. If you want the funds deposited to a Bank of America account, the deposit posts the same day. If you take a check, you can deposit it at any bank, and it will clear within one to three business days depending on your bank.

Can I cash a bond online through my Bank of America account?

No. Bank of America does not offer online redemption of savings bonds. You must visit a branch in person with the physical bond certificate and ID. This is a Treasury requirement, not a Bank of America policy.

What if I lost the bond certificate years ago and just found it?

If you have the physical certificate, bring it to Bank of America. If you lost it and never reported it to the Treasury, contact the Treasury at 844-284-2676 to file a claim. They will verify the bond in their records and either send you a replacement or process redemption by mail. This takes several weeks.