You can cash savings bonds at a bank, credit union, or the U.S. Treasury without having an account

You do not need a bank account to cash a savings bond. The U.S. Treasury will redeem bonds directly through their TreasuryDirect website or by mail, most banks and credit unions will cash them even if you are not a customer, and some post offices handle them too. The method you choose depends on which bonds you own, whether they are paper or digital, and how quickly you need the money.

The fastest route for most people is walking into a bank or credit union with the physical bond and a valid ID. They will verify the bond, check that you are the registered owner or an authorized representative, and give you cash or a check on the spot. If you own digital bonds through TreasuryDirect, you will need to set up an account with the Treasury to redeem them — but that account is free and separate from a bank account.

Key Takeaways

  • Paper savings bonds can be cashed at most banks and credit unions without having an account, using only a valid ID and the bond itself.
  • Digital bonds held in TreasuryDirect require you to create a free Treasury account and request redemption online, which takes three to five business days to reach your bank account.
  • If a bank refuses to cash your bond, the U.S. Treasury will redeem it by mail, though this takes two to four weeks.
  • Series EE and Series I bonds have penalties if redeemed before five years, and Series EE bonds redeemed before 20 years earn less interest than if held longer.

Cashing paper bonds at a bank or credit union

Walk into any bank or credit union branch with your paper savings bond and a government-issued photo ID. You do not need to be a customer. Tell the teller you want to redeem the bond, and they will verify that the bond is genuine, check the serial number, and confirm you are the owner or an authorized representative listed on the bond.

The teller will ask how you want the money — cash or check. If you choose cash, they will count it out on the spot. If you choose a check, they may issue it immediately or mail it to you, depending on the bank's policy. Some banks have a limit on how much cash they will hand over at once, so if your bond is worth more than a few thousand dollars, ask about their cash limit before you go in. If the amount exceeds it, they can issue a check instead.

Bring the bond itself, not a photocopy. The teller needs to see the original document. If you have lost the bond, you will need to contact the U.S. Treasury to request a replacement before you can redeem it.

Redeeming digital bonds through TreasuryDirect

If your bonds are held digitally in a TreasuryDirect account, you cannot walk into a bank to cash them. You must redeem them through the TreasuryDirect website at treasurydirect.gov. If you do not already have a TreasuryDirect account, you will need to create one using your Social Security number, email address, and a password. The account is free and takes about 10 minutes to set up.

Once you are logged in, go to the "Manage Securities" section and select the bond you want to redeem. Click "Redeem" and confirm the amount. The Treasury will process the redemption and deposit the money into the bank account you have on file with TreasuryDirect. This takes three to five business days. You do not need to own the bank account — you can provide any account number where you want the money sent, and the Treasury will deposit it there.

If you do not have a bank account at all, you can still set up TreasuryDirect and provide a friend's or family member's account number for the deposit. Alternatively, you can request a check by mail instead of a bank deposit — contact TreasuryDirect customer service at 844-284-8778 to arrange this.

Cashing bonds by mail through the U.S. Treasury

If no bank near you will cash your paper bond, or if you prefer not to go in person, you can mail the bond to the U.S. Treasury. Send the original bond, a completed Form PD 1239 (Request to Redeem Series EE or I Savings Bonds), and a copy of your ID to the address listed on the Treasury website. Include a letter stating your name, address, and the amount you are requesting.

The Treasury will verify the bond, process the redemption, and mail you a check. This takes two to four weeks from the date they receive your package. Use certified mail with tracking so you can confirm delivery. Do not send cash or ask them to wire the money — the Treasury only sends checks by mail.

You can also call the Treasury's Savings Bonds customer service line at 844-284-8778 to ask about mailing instructions or to report a lost bond.

Early redemption penalties and interest loss

Series EE and Series I bonds have a five-year holding requirement. If you redeem either type before five years have passed, you will lose the last three months of interest. For example, if you redeem a Series I bond after four years and eight months, you will receive interest only through four years and five months.

Series EE bonds also have a 20-year interest may provide. If you redeem a Series EE bond before 20 years, the Treasury will pay you the greater of the may provide value or the current value — but if you hold it longer, it may be worth significantly more. Check the current value of your bond before you redeem it to understand what you will receive.

Series I bonds have no penalty beyond the three-month interest loss, so you can redeem them anytime after five years without losing principal. If you redeem before five years, you lose the last three months of interest but still get your full principal back.

What to do if a bank refuses to cash your bond

Some banks, especially smaller branches or credit unions, may say they do not cash savings bonds. This is their choice — there is no law requiring them to do so. If this happens, try another bank in your area. Larger national banks like Bank of America, Wells Fargo, and Chase typically cash them, but policies vary by branch.

If you have tried multiple banks and none will cash your bond, contact the U.S. Treasury directly. They will redeem it by mail at no cost. You can also ask the bank manager whether they will make an exception or refer you to a branch that handles bonds.

Do not try to sell the bond to someone else or transfer it to another person — savings bonds are registered to the owner and cannot be sold or given away. The only way to convert it to cash is to redeem it through a bank or the Treasury.

Bringing someone else to cash your bond

If you cannot go to the bank yourself, you can authorize someone else to redeem the bond on your behalf. The person you send must bring the original bond, a valid photo ID in their own name, and a signed letter from you stating that you authorize them to redeem the bond. Some banks may also ask for a copy of your ID.

The letter does not need to be notarized, but it should include your full name, the bond serial number, the amount, and a clear statement that you are authorizing the other person to redeem it. Sign and date the letter. Keep a copy for your records.

If the bond is registered to two people (for example, "John Smith or Jane Smith"), either person can redeem it alone without written authorization from the other. If it is registered as "John Smith and Jane Smith" (with "and" instead of "or"), both owners must be present or one must provide written authorization from the other.

Frequently Asked Questions

Do I need to report the bond redemption to the IRS?

Yes. Savings bonds earn interest, and that interest is taxable income in the year you redeem the bond. The bank or Treasury will not send you a tax form, so you are responsible for reporting the interest on your tax return. If the interest is more than $10, you may receive a Form 1099-INT from the bank or Treasury, but this is not may provide. Keep your own records of the redemption amount and the original purchase price so you can calculate the interest.

What if my bond is damaged or torn?

A slightly damaged bond can usually still be cashed at a bank if the serial number and issue date are readable and the bond is still identifiable. If the damage is severe, contact the U.S. Treasury to request a replacement bond before attempting to redeem it. They will verify your ownership and issue a new bond with the same value.

Can I redeem a bond that someone else gave me as a gift?

Only if your name is on the bond as the registered owner or co-owner. If the bond is registered only to the person who gave it to you, they must redeem it themselves or authorize you in writing. Savings bonds cannot be transferred to a new owner — they are tied to the person or people named on the certificate.

How do I know how much my bond is worth?

For paper bonds, the Treasury has a Savings Bond Calculator on treasurydirect.gov. Enter the series, denomination, and issue date, and it will show you the current value. For digital bonds in TreasuryDirect, log into your account and the value appears next to each bond. The value changes monthly, so check it shortly before you plan to redeem.

What if I lost my paper bond?

Contact the U.S. Treasury at 844-284-8778 or visit treasurydirect.gov to report it lost. You will need to provide the serial number, issue date, and series. The Treasury will verify your ownership and issue a replacement bond. This process takes several weeks. In the meantime, no one else can redeem the bond because it is registered to you.