Not every bank will cash a savings bond, and the ones that do have specific requirements

Most banks will not cash a savings bond at all. Your best option is to cash it through the U.S. Department of the Treasury directly, either online at TreasuryDirect.gov or by mail. If you want to use a bank, only certain banks participate in the Treasury's savings bond redemption program, and they typically charge a fee — usually $25 to $50 — to handle the transaction for you.

The banks most likely to cash savings bonds are large national banks and some credit unions, but even then, not every branch will do it. You need to call ahead and ask whether that specific branch handles savings bond redemptions. Smaller regional banks and most community banks do not offer this service at all.

Key Takeaways

  • The Treasury's website TreasuryDirect.gov is the fastest and cheapest way to cash a savings bond — you can do it online in minutes with no fee.
  • Banks that do cash savings bonds charge a fee of $25 to $50 and require you to present the bond in person with a government-issued ID.
  • Only certain large national banks and some credit unions participate in bond redemption; you must call your specific branch to confirm they offer the service.
  • If your bond is lost or damaged, you cannot cash it at a bank — you must contact the Treasury directly to request a replacement.
  • Savings bonds must have reached their issue date before any institution will cash them; you cannot redeem a bond that was issued less than one month ago.

How to cash a savings bond through the Treasury instead of a bank

Going directly to the Treasury is simpler and costs nothing. If you own a Series EE or Series I bond issued after 2005, you can log into TreasuryDirect.gov with your Social Security number and redeem it online. The money goes into your bank account within one to three business days. You do not need to mail anything or visit a location.

For bonds issued before 2005, or if you do not have a TreasuryDirect account, you can mail the physical bond to the Treasury along with a form. You will need to fill out Form PD 1522 (the Definitive Obligation Bond Redemption Request), sign it, and mail both the form and the bond to the Bureau of the Fiscal Service. Processing takes four to six weeks by mail.

If you have lost the bond or it is damaged, do not try to cash it at a bank. Contact the Treasury's Savings Bond Division at 1-844-284-2676 to report it and request a replacement. They will issue a new bond in your name, which you can then redeem through TreasuryDirect or by mail.

Which banks actually cash savings bonds

Banks that participate in the Treasury's Savings Bond Redemption Program are scattered across the country and do not advertise the service prominently. Large national banks like Bank of America, Wells Fargo, and Chase have some branches that will redeem bonds, but not all of them. Credit unions sometimes offer the service, particularly larger ones that are part of national networks.

The only way to know whether your bank will cash a bond is to call the specific branch where you have an account and ask. Do not assume that because one branch does it, another branch in the same bank will. Ask to speak with someone in the operations or customer service department, not a teller — they may not know the policy.

If your bank does not offer redemption, they cannot direct you to another bank that does. You will need to either use TreasuryDirect or contact the Treasury directly.

What you need to bring if a bank agrees to cash your bond

Bring the physical bond itself and a government-issued photo ID — a driver's license, passport, or state ID card. The bank will not cash a bond based on a copy or a description. The bond must be in your name or, if it is a co-owned bond, both owners must be present with ID.

The bank will verify that the bond has reached its issue date (meaning at least one month has passed since it was issued) and that it has not matured and stopped earning interest. They will then deduct their fee and deposit the remaining amount into your account, usually within one to three business days.

Why the Treasury is faster and cheaper than a bank

The Treasury charges no fee to redeem a savings bond. If you use TreasuryDirect online, you get the money in one to three business days. If you mail a form and bond, you wait four to six weeks but still pay nothing.

A bank charges $25 to $50 for the same service and takes the same amount of time. The only reason to use a bank is if you do not have internet access to use TreasuryDirect and cannot mail a form to the Treasury — a rare situation for most people.

What happens if your bond is in someone else's name

If a bond is registered in someone else's name, neither a bank nor the Treasury will cash it for you. The person whose name is on the bond must be the one to redeem it. If that person has died, the bond becomes part of their estate and must be handled through probate or the estate settlement process.

If you are the executor or administrator of an estate, you can redeem the deceased person's bonds through the Treasury by submitting a certified copy of the death certificate and proof of your authority to act on behalf of the estate. Contact the Savings Bond Division at 1-844-284-2676 for the specific forms you will need.

Series EE and Series I bonds have different redemption rules

Series EE bonds (issued after 2005) and Series I bonds can both be redeemed online through TreasuryDirect if you have an account. Series EE bonds issued before 2005 must be redeemed by mail or through a bank.

Series I bonds cannot be cashed within the first year of purchase — the Treasury will not allow it. If you cash them between one and five years after purchase, you lose the last three months of interest. After five years, you can cash them with no penalty. Banks follow the same rules, so this restriction applies whether you use a bank or the Treasury.

Frequently Asked Questions

Can I cash a savings bond at any branch of my bank?

No. Even if one branch offers savings bond redemption, another branch of the same bank may not. Call the specific branch where you bank and ask whether they handle bond redemptions. If they do not, you will need to use TreasuryDirect or mail the bond to the Treasury.

What if I do not know which bank issued my savings bond?

You do not need to know. Savings bonds are issued by the U.S. Treasury, not by banks. Any bank that participates in the redemption program can cash any bond, regardless of where you bought it. If no bank near you participates, use TreasuryDirect or mail the bond to the Treasury.

How long does it take a bank to cash a savings bond?

The bank deposits the money into your account within one to three business days after you bring the bond in. The fee is deducted from the redemption amount. If you use TreasuryDirect online, the money arrives in the same timeframe with no fee.

Can I cash a savings bond if it is torn or faded?

A bank will not cash a damaged bond. Contact the Treasury's Savings Bond Division at 1-844-284-2676 to request a replacement bond. Once you receive the replacement, you can redeem it through TreasuryDirect or by mail.

What if I inherited a savings bond from someone who died?

You cannot cash an inherited bond in your own name. The bond must be redeemed as part of the deceased person's estate. If you are the executor, contact the Savings Bond Division at 1-844-284-2676 with a certified death certificate and proof of your authority to handle the estate.