You can buy savings bonds at most banks, but the process and bond types available depend on whether you go in person or online

Most banks sell Series EE savings bonds and Series I savings bonds over the counter during business hours. You walk in, tell the teller you want to buy a bond, show ID, and hand over cash or write a check. The bank orders the bond from the Treasury, holds it in your account, and you receive a confirmation. The whole transaction takes about 15 minutes if the bank stocks bonds regularly; some smaller branches may need to order them, which adds a few days.

Not every bank sells bonds, and policies vary widely. Call your branch before you go. Some banks limit purchases to customers with accounts there; others sell to anyone. A few large banks—including Bank of America, Wells Fargo, and Chase—sell bonds online through their websites to account holders, which is faster than going in person and works any time of day.

The Treasury also sells bonds directly through TreasuryDirect.gov without a bank at all, which is free and gives you more control, but requires setting up an account online and waiting for electronic delivery. For most people, the bank route is simpler if your bank participates.

Key Takeaways

  • Series EE and Series I bonds are sold at bank teller windows during business hours for cash or check, with confirmation issued the same day.
  • Not all banks sell bonds—call your branch first to confirm they offer them and whether you need an account there to buy.
  • Some large banks let account holders buy bonds online through their website, which is faster than visiting in person.
  • The Treasury sells bonds directly through TreasuryDirect.gov at no cost, but requires an online account and takes longer to set up.
  • Minimum purchase is $25 for Series EE bonds and $50 for Series I bonds when buying at a bank.

What to bring and how much you can spend

Bring a government-issued ID—a driver's license, passport, or state ID card. Bring cash or a check. You do not need to have an account at the bank, though some branches require one; ask when you call.

The minimum purchase is $25 for Series EE bonds and $50 for Series I bonds. You can buy in any amount above that, but most banks sell them in $25 or $50 increments. There is no daily limit at a bank, but the Treasury caps total purchases at $10,000 per person per calendar year across all purchase methods combined. If you buy $6,000 at your bank in January, you can only buy $4,000 more through TreasuryDirect or any other bank for the rest of that year.

The teller will ask whose name the bond should be registered under. You can register it in your name alone, or as a joint owner with someone else. If you register it jointly, either owner can cash it in later, so choose carefully. You cannot change the registration after purchase.

Series EE versus Series I: which one to buy at the bank

Series EE bonds earn a fixed interest rate set by the Treasury every six months. The rate is the same whether you buy at a bank or online. As of early 2024, the rate is around 4.30% annually, but this changes. The bond doubles in value after 20 years if held to maturity, though you can cash it in anytime after one year. If you cash it in before five years, you lose the last three months of interest as a penalty.

Series I bonds earn interest that changes every six months based on inflation. The rate is higher when inflation is high and lower when it is low. Right now, Series I bonds earn more than Series EE bonds because inflation is elevated, but that can flip. You also cannot cash in a Series I bond for one year, and if you cash it in before five years, you lose three months of interest.

If you want a may provide rate and do not care about inflation protection, buy Series EE. If you want your interest to rise and fall with inflation, buy Series I. Both are backed by the US government and carry zero risk of default. You cannot lose money, but you also cannot gain if rates fall after you buy.

How the bank orders and holds your bond

When you hand over money at the teller window, the bank does not print a physical bond and hand it to you. Instead, the bank submits an order to the Treasury on your behalf. The Treasury creates an electronic record in your name, and the bank holds a confirmation slip for you. The bond exists only as a digital record in the Treasury's system.

The bank will give you a receipt showing the bond type, the amount, the issue date, and the registration. Keep this receipt. You will need it if you ever want to cash the bond in or if you lose track of it. Some banks also mail a confirmation letter a few days later.

The bond starts earning interest on the issue date, which is usually the first day of the month in which you bought it. If you buy on March 15, the bond may be issued on April 1, so you do not earn interest for those two weeks. Ask the teller when the issue date will be.

Cashing in a bond you bought at the bank

To cash in a bond, go back to the same bank where you bought it and bring your receipt or the confirmation letter. The teller will verify the bond in the Treasury system, calculate the current value including all accrued interest, and give you a check or deposit the money into your account. This takes about 10 business days because the bank has to request the funds from the Treasury.

You can also cash a bond at a different bank, but it is slower and some banks charge a fee. The easiest route is the bank where you bought it. If that bank has closed or you moved away, call the Treasury's Savings Bond Operations Center at 1-800-553-2663 and they will walk you through cashing it in by mail.

Remember the one-year and five-year rules: you cannot cash in a bond during its first year, and if you cash it in before five years, you forfeit three months of interest. After five years, you can cash it in anytime with no penalty.

When to buy bonds at a bank versus online or through TreasuryDirect

Buy at a bank if you want to complete the purchase in person the same day and do not want to set up an online account. This works well if you have a small amount to invest and want the simplicity of a face-to-face transaction.

Buy online through your bank's website if your bank offers it and you have an account there. This is faster than going in person and you can buy at any time, not just during business hours. The process is the same—you fund the purchase from your account and receive a confirmation—but it takes a few days for the Treasury to process.

Buy through TreasuryDirect.gov if you want to avoid bank fees (though most banks do not charge to buy bonds) or if you want to set up automatic monthly purchases. TreasuryDirect is free and you have full control, but you have to create an account online, link a bank account, and wait for the Treasury to verify everything. This takes about a week. Once your account is set up, buying is fast.

What happens if something goes wrong

If you lose your receipt or confirmation letter, contact the bank where you bought the bond. They can look it up in their records and print a new confirmation. If the bank cannot find it, call the Treasury at 1-800-553-2663 with your name, Social Security number, and the approximate date you bought it. The Treasury keeps records of all bonds issued and can help you locate it.

If you bought a bond and changed your mind within a few days, you may be able to cancel it before the issue date. Call the bank immediately and ask. Once the issue date passes, the bond is issued and you own it; you cannot return it for a refund. You can only cash it in after one year.

If a bank tells you they do not sell bonds, ask if they can refer you to a branch that does, or ask for the name of a bank nearby that participates. Not all branches of the same bank sell bonds, so location matters.

Frequently Asked Questions

Do I need a bank account to buy a savings bond at the bank?

Most banks do not require an account, but some do. Call your branch first. Even if they require an account, opening one is free and takes 10 minutes. You can close it after you buy the bond if you want, though there is no reason to.

Can I buy a savings bond as a gift for someone else?

Yes. Register the bond in the other person's name or as a joint owner. You pay for it, but they own it and can cash it in whenever they want after one year. Some people buy bonds as gifts for children; the child's Social Security number goes on the registration.

What is the difference between a savings bond and a Treasury bond?

Savings bonds (Series EE and I) are designed for individual savers and have low minimums and no maturity date—you can hold them forever. Treasury bonds are sold in larger amounts, have fixed maturity dates, and are traded on the secondary market. Banks sell savings bonds, not Treasury bonds.

How do I know if my bank sells savings bonds?

Call the branch and ask if they sell Series EE or Series I savings bonds. If they say no, ask if another branch nearby does. You can also search online for "savings bonds near me" or check the Treasury's list of issuing agents at treasurydirect.gov.

Can I buy savings bonds with a debit card or credit card at the bank?

Most banks only accept cash or check at the teller window. Some banks that sell bonds online through their website may let you use a debit card linked to your account, but policies vary. Ask when you call.