Where You Can Actually Cash a Savings Bond

Most banks will not cash a savings bond, even if you have an account there

A savings bond — whether a Series EE, Series I, or an older Series A through H bond — cannot be cashed at your regular bank branch. Banks are not authorized to handle the redemption of U.S. savings bonds. You need to go through the U.S. Department of the Treasury, either online or by mail, or find one of the few financial institutions that still offer in-person redemption.

This catches many people off guard. You might assume that because you hold the bond and have a bank account, your bank can process it. That is not how the system works. The Treasury keeps tight control over who can redeem bonds and how the process happens, partly because bonds are government-issued debt instruments, not regular financial products.

The good news is that redemption is straightforward once you know where to go. Most people can complete it online in minutes. For those without internet access or who prefer to work in person, alternatives exist, though they require more steps.

Key Takeaways

• Your bank cannot redeem savings bonds, even if you have a checking or savings account there.
• The fastest method is TreasuryDirect online, which lets you redeem bonds in your account within minutes and deposit the money directly to your bank.
• If you do not have internet access or prefer in-person service, some credit unions and a small number of banks still redeem bonds, but you must call ahead to confirm they offer this service.
• Bonds must meet age requirements before redemption — Series EE and I bonds must be at least one year old, and you lose the last three months of interest if you cash them before five years.
• If you have lost the bond or cannot locate it, the Treasury can search its records and issue a replacement if you can prove ownership.

Redeeming bonds through TreasuryDirect online

If you own the bond and it is registered in your name, TreasuryDirect is the fastest and most direct route. You create a free account at treasurydirect.gov, link your bank account, and redeem the bond electronically. The money deposits to your bank account within one to three business days. You do not need to mail anything or visit a location.

To set up a TreasuryDirect account, you need a Social Security number, email address, and a U.S. bank account. The registration process takes about 15 minutes. Once your account is active, you can add the bond to your account by entering its series, denomination, and serial number — all printed on the bond itself. After the bond is added, you can redeem it immediately if it meets the age requirement.

The one catch: if the bond was issued before you opened your TreasuryDirect account, you may need to verify ownership by mail first. The Treasury will send you a form to sign and return. This adds two to four weeks to the process. If the bond was issued after you opened your account, you can redeem it right away.

In-person redemption at credit unions and select banks

Some credit unions and a small number of banks still redeem savings bonds in person, though this service has become rare. The institution must be authorized by the Treasury to do so, and not all branches of the same bank offer it. You cannot walk in and assume they will help — you must call ahead and ask specifically whether they redeem U.S. savings bonds.

If they do, bring the bond itself, a government-issued photo ID, and your Social Security card or a document showing your Social Security number. The teller will verify the bond information, check that it meets redemption requirements, and issue you a check or deposit the funds to an account you hold at that institution. The process usually takes 10 to 15 minutes.

To find a bank or credit union near you that offers this service, call your own bank first and ask if they redeem bonds. If not, ask whether they can refer you to another institution in the area that does. You can also contact the Treasury at 844-284-2676 and ask for a referral, though they cannot may provide every referral will still offer the service.

Redeeming bonds by mail through the Treasury

If you do not have internet access or prefer not to use TreasuryDirect, you can redeem a bond by mail. Download the form FS Form 1522 from treasurydirect.gov, fill it out completely, and mail it along with the bond itself to the address listed on the form. Include a copy of your photo ID and Social Security card or a document showing your Social Security number.

Mail your package to the Treasury's Parkersburg, West Virginia office. Processing takes four to six weeks from the date they receive your envelope. The Treasury will mail you a check to the address on file. If you want the money deposited directly to your bank account instead, you can request that on the form and provide your routing and account numbers.

Use certified mail with return receipt so you have proof the Treasury received your package. Savings bonds are valuable documents, and you want confirmation they arrived safely. The return receipt costs a few dollars but is worth the peace of mind.

Age and timing requirements before you can redeem

Not all bonds can be redeemed immediately. Series EE and Series I bonds must be at least one year old before you can cash them. If you try to redeem a bond that is less than one year old, the Treasury will reject the request.

Additionally, if you redeem a Series EE or Series I bond before it has been held for five years, you lose the last three months of accrued interest. For example, if you redeem a bond after three years, you receive interest only through the end of the previous quarter. This penalty does not apply to older bond series (A through H), but those bonds are rarely issued anymore.

Check the issue date printed on your bond. If it is less than one year old, wait until that anniversary date to redeem. If it is between one and five years old, you can redeem it, but understand that you will forfeit the most recent three months of interest.

What to do if you cannot find the bond

If you have lost the physical bond or cannot locate it, the Treasury can search its records to confirm you own it and issue a replacement. You will need to file a claim with the Treasury using form FS Form 1048, which asks for the bond's series, denomination, issue date, and serial number — information you may have from old paperwork, bank statements, or correspondence.

If you do not have the serial number, provide as much detail as you can remember: the approximate issue date, the amount, and the series. The Treasury will search its database. If they find a match in your name and Social Security number, they can issue a replacement bond. This process takes six to eight weeks.

Once you receive the replacement, you can redeem it through TreasuryDirect, by mail, or at an authorized financial institution using the same steps as a physical bond.

Bonds held in someone else's name or as a gift

If the bond is registered in someone else's name — a parent, grandparent, or other person — that person must be the one to redeem it. The Treasury will not release the money to anyone else, even if you are the beneficiary or the bond was intended as a gift to you.

If the bond owner has passed away, the redemption process is different. The estate or the person authorized to handle the deceased's finances must file a claim with the Treasury and provide a death certificate and proof of authority (such as letters testamentary or a court order). The Treasury will then issue a check to the estate.

If you are unsure whether you have the legal right to redeem a bond, contact the Treasury at 844-284-2676 before you attempt to redeem it. They can clarify who is authorized to cash it.

Frequently Asked Questions

Can I cash a savings bond at my bank if I have been a customer for years?

No. Banks are not authorized to redeem U.S. savings bonds, regardless of how long you have been a customer or how much money you have in your account. You must use TreasuryDirect, mail the bond to the Treasury, or find an authorized credit union or bank that still offers in-person redemption.

What happens if I redeem a Series I bond before five years?

You lose the last three months of accrued interest. For example, if you redeem after three years and four months, you receive interest only through the end of the previous quarter. The penalty does not apply if the bond is at least five years old.

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

One to three business days. The money deposits directly to the bank account you linked to your TreasuryDirect account. If you redeem by mail, expect four to six weeks from the date the Treasury receives your package.

Can someone else redeem my savings bond if I give them permission?

No. Only the person whose name appears on the bond can redeem it. If you want someone else to handle it, you must add them as a co-owner or transfer ownership through the Treasury, which requires specific forms and the original bond.

What if I do not know the serial number of my bond?

The serial number is printed on the bond itself. If you have lost the physical bond, you can still file a claim with the Treasury using form FS Form 1048 and provide the series, denomination, and approximate issue date. The Treasury will search its records and issue a replacement if they find a match.