You can deposit most savings bonds into a bank account, but the method depends on the bond type and whether it's still earning interest
Series EE, Series I, and Series HH savings bonds can all go into a bank account, but the process is not the same as depositing a check. Your bank does not cash savings bonds directly at the teller window. Instead, you redeem the bond through the U.S. Treasury first, receive the cash value, and then deposit that money into your account. The exception is Series HH bonds, which require a different path because they are no longer sold and have special rules about how they pay out.
The time it takes depends on which method you use to redeem. Paper bonds redeemed at a bank branch take a few business days. Online redemption through TreasuryDirect takes one to three business days for the money to land in your linked bank account. If you mail bonds to the Treasury, add one to two weeks for processing.
Key Takeaways
- Series EE and Series I bonds must be redeemed through TreasuryDirect online or at a bank branch before the money can be deposited into your account.
- Paper bonds redeemed at a bank typically take three to five business days to show up in your account after the teller processes them.
- TreasuryDirect online redemption is the fastest method and deposits money directly into a linked bank account within one to three business days.
- Series HH bonds cannot be redeemed for cash; they must be exchanged for Series I bonds or held until maturity, which changes how you access the money.
- You will need the bond's serial number and issue date, plus proof of ownership, to redeem through any method.
Redeeming paper bonds at your bank branch
Most banks will redeem Series EE and Series I paper bonds for you at the teller window, though not all branches do this regularly. Call ahead to confirm your branch handles bond redemptions, because some larger banks have moved this service to specific locations or require advance notice.
Bring the physical bond, a government-issued photo ID, and your Social Security number. The teller will verify the bond's authenticity, check that you are the registered owner or an authorized representative, and process the redemption. You will receive a check or, at some banks, a deposit directly to your account on the spot. If you get a check, deposit it as you normally would.
The money typically appears in your account within three to five business days if you receive a check. If the bank deposits it directly, it may post the same day or within one business day. Ask the teller which option your branch offers and whether there are any fees.
Redeeming bonds online through TreasuryDirect
TreasuryDirect is the U.S. Treasury's official website for managing savings bonds. If your bonds are already registered in a TreasuryDirect account, you can redeem them online without visiting a bank. Log in, select the bond you want to redeem, and confirm the transaction. The Treasury will deposit the cash value directly into the bank account you have linked to your TreasuryDirect profile.
This method is the fastest: money usually arrives within one to three business days. You do not need to print anything, mail anything, or visit a branch. However, you must have already set up a TreasuryDirect account and linked a bank account to it. If your bonds are paper bonds you bought years ago and never registered online, you will need to set up an account first, which takes a few days.
To link a bank account to TreasuryDirect, you will provide your routing number and account number. The Treasury may verify the account by depositing and withdrawing small amounts, which can add a day or two to the setup process.
Mailing bonds to the Treasury for redemption
If you cannot visit a bank branch and do not have a TreasuryDirect account, you can mail your bonds to the Bureau of the Fiscal Service for redemption. You will need to complete a form, include the bonds, and mail everything to the address listed on the Treasury's website. Processing takes one to two weeks after the Treasury receives your package, plus mail time in both directions.
This method is slower and carries the risk of bonds being lost in the mail. Use certified mail with return receipt if you choose this route. The Treasury will send you a check, which you then deposit into your bank account. This adds another few days to the total timeline.
What to do with Series HH bonds
Series HH bonds are no longer sold by the Treasury, but many people still hold them. These bonds cannot be redeemed for cash. Instead, they must either be held until maturity or exchanged for Series I bonds. If you exchange an HH bond for an I bond, you can then redeem the I bond through any of the methods above.
The exchange does not trigger a tax event at the time of exchange, but you will owe taxes on the interest when you eventually redeem the I bond. If you simply hold the HH bond until it matures, it stops earning interest and you still cannot cash it out—you must exchange it or let it sit. Contact TreasuryDirect or your bank for guidance on exchanging HH bonds, as the process is less common.
How long bonds take to show up after redemption
| Redemption Method | Time to Receive Money | Time for Bank Deposit |
|---|---|---|
| Bank branch (check) | Same day | 3–5 business days |
| Bank branch (direct deposit) | Same day or next day | 1 business day |
| TreasuryDirect online | 1–3 business days | Deposits directly |
| Mail to Treasury | 1–2 weeks plus mail time | 3–5 business days after check arrives |
The timeline depends on whether you receive a check or a direct deposit. Direct deposit is always faster. If you are in a hurry, TreasuryDirect online is your best option because the money goes straight into your account without a check step in between.
What you need before you redeem
Have your bond's serial number and issue date ready. You will also need proof that you own the bond. If you are the registered owner, a government-issued photo ID and your Social Security number are usually enough. If you are redeeming on behalf of someone else—as a parent redeeming a child's bond, for example—you will need documentation of your authority to do so, such as a power of attorney or guardianship papers.
If your bond is registered in both your name and another person's name, both owners may need to be present or sign off on the redemption, depending on how the bond was registered. Check with your bank or TreasuryDirect before you go in, because the rules vary by registration type.
Frequently Asked Questions
Can I deposit a savings bond directly into my bank account like a check?
No. Savings bonds must be redeemed first through either a bank branch, TreasuryDirect online, or by mail to the Treasury. Once redeemed, you receive cash or a check, which you then deposit. TreasuryDirect offers direct deposit to your bank account, which is the closest to a direct transfer.
What if my bank says they do not redeem savings bonds?
Use TreasuryDirect online if your bonds are registered there, or mail the bonds to the Bureau of the Fiscal Service. Some banks have stopped offering this service, so online redemption is often faster anyway. You can also try a different bank branch in your area.
Do I have to pay taxes when I redeem a savings bond?
You will owe federal income tax on the interest the bond earned, but not on the original amount you paid. You do not pay the tax at redemption—you report it on your tax return for the year you redeem. State taxes vary by location.
How do I know if my bonds are in TreasuryDirect?
Go to TreasuryDirect.gov and log in with your account. If you see your bonds listed, they are registered there. If you have no account or your bonds do not appear, they are likely paper bonds that were never registered online, and you will need to redeem them at a bank or by mail.
Can I redeem a savings bond before it reaches final maturity?
Yes. Series EE and Series I bonds can be redeemed at any time after you have held them for one year. If you redeem before five years have passed, you lose the last three months of interest as a penalty. After five years, you can redeem without penalty.