Most banks will cash Series EE and Series I savings bonds, but not all branches handle them the same way
Your bank can cash a savings bond, but the process depends on which bank you use and what type of bond you hold. Large national banks like Bank of America, Wells Fargo, Chase, and Citibank typically cash savings bonds at most branches. Credit unions and smaller regional banks may cash them too, though some require you to be a member or have an account there. The key is calling ahead — not every branch does this, and some have limits on how many bonds they'll cash in a single day.
The bond must be in your name or co-owned with you, and you'll need to bring the physical bond certificate plus a government-issued ID. If the bond is registered to someone else, that person must be present to sign it over to you, or you'll need a power of attorney document. Banks don't cash bonds electronically — they need the paper certificate in hand.
Key Takeaways
- National banks and most credit unions cash savings bonds, but you should call your branch first to confirm they offer this service and ask about any daily limits.
- You must bring the physical bond certificate and a government-issued ID; the bond must be registered in your name or co-owned with you.
- If you're cashing a bond registered to someone else, that person must sign it in front of the bank teller, or you need a signed power of attorney.
- The Treasury Department's Savings Bond Calculator can tell you the current value of your bond before you go to the bank.
- If your bank won't cash the bond, you can redeem it directly through TreasuryDirect or by mail to the Federal Reserve.
How to prepare your bond for cashing at a bank
Before you walk into a branch, locate your bond certificate and check that it's still valid. Series EE bonds issued before May 2003 stop earning interest 30 years after issue; Series I bonds stop earning 30 years after issue as well. You can find the issue date printed on the front of the certificate. If your bond has reached its final maturity date, the bank will still cash it, but it won't earn any more interest.
Next, go to the Treasury Department's Savings Bond Calculator at treasurydirect.gov and enter your bond's series, denomination, and issue date. This tool will show you exactly what your bond is worth on that day. Write down the value so you know what to expect when the teller processes it. The value changes monthly for Series I bonds (which are tied to inflation) and annually for Series EE bonds, so the amount you see online is the amount you should receive.
Check whether you need to pay federal income tax on the interest earned. The interest on savings bonds is subject to federal income tax but not state or local tax. If this is a large redemption, you may want to consult a tax professional about whether the bank will issue a 1099-INT form or if you'll need to report it yourself when you file taxes.
What to bring and what to expect at the bank
Bring the original bond certificate and a government-issued photo ID — a driver's license, passport, or state ID card all work. The teller will examine the bond to confirm it's authentic and that you're the registered owner. They'll ask you to sign the back of the bond in front of them. This signature is required by the Treasury Department and proves you authorized the redemption.
The teller will then process the redemption and give you the cash or deposit it into your account if you have one there. Some banks charge a small fee for this service, though many do not — ask about fees when you call to confirm they cash bonds. The entire process usually takes 10 to 15 minutes if the branch handles bonds regularly. If the teller seems unfamiliar with the process, ask to speak to a supervisor; some branches don't do this often and may need guidance.
If the bond is registered to two people (co-owned), both owners must be present and sign it. If the bond is registered to someone else and you have power of attorney, bring the original power of attorney document along with your ID and the bond. Some banks will not accept a power of attorney for bond redemptions, so call ahead to confirm.
Banks that commonly cash savings bonds
| Bank Type | Typical Policy | What to Confirm |
|---|---|---|
| Large national banks (Bank of America, Wells Fargo, Chase, Citibank) | Most branches cash bonds; some have daily limits | Call your branch; ask about limits and whether you need an account |
| Regional and community banks | Many cash bonds, but policies vary widely | Call ahead; some require you to be a customer |
| Credit unions | Most cash bonds for members; non-members may be turned away | Confirm membership requirement and any daily limits |
| Online-only banks | Do not cash bonds; no physical branches | Use Treasury Direct or Federal Reserve mail redemption instead |
What to do if your bank won't cash the bond
If your bank declines to cash the bond, you have two other options. The first is to redeem it through TreasuryDirect, the Treasury Department's online platform. You'll need to set up an account, enroll your bond, and request redemption online. This process takes about five business days once submitted. You'll need the bond's series, denomination, and issue date, and the money will be deposited into your bank account.
The second option is to mail the bond directly to the Federal Reserve. Send the original certificate, a signed letter requesting redemption, and a copy of your ID to the Federal Reserve Bank in your region. Include your bank account information so they can deposit the proceeds. Mail redemption typically takes two to four weeks. You can find the address for your regional Federal Reserve Bank on the Treasury Department website.
Some people also redeem bonds through their employer's payroll department if the bond was purchased through a payroll savings plan, though this is less common now. Call your HR or payroll office to ask whether they still handle bond redemptions.
Bonds registered to a deceased person
If the bond is registered to someone who has passed away, the process is more complex. The person redeeming the bond must be the executor of the estate or have legal authority to act on behalf of the deceased's account. You'll need to bring the death certificate, proof of your authority (such as letters testamentary from the probate court), and your ID. Some banks will not handle this transaction and will direct you to redeem through TreasuryDirect or the Federal Reserve instead.
Contact the bank in advance to ask whether they can process a redemption for a deceased bond owner. If they cannot, the Federal Reserve mail redemption is usually the most straightforward path. Include a copy of the death certificate and your proof of authority with your redemption request.
Frequently Asked Questions
Can I cash a savings bond at any branch of my bank?
Not necessarily. Large banks usually offer this service at most branches, but smaller branches or those in rural areas may not. Call your specific branch first. If they don't cash bonds, ask whether another nearby branch does, or use TreasuryDirect or Federal Reserve mail redemption instead.
Do I need to have an account at the bank to cash a savings bond there?
Most large national banks will cash bonds for non-customers, though some prefer to deposit the money into an account. Credit unions typically require membership. Call ahead to ask about the policy at your bank. If you don't have an account and the bank won't cash it, use TreasuryDirect or mail redemption.
What if I lost the bond certificate?
You cannot cash a lost bond at a bank. Contact TreasuryDirect or the Federal Reserve directly. You'll need to file a claim for a lost or stolen bond, which requires proof of ownership and identification. The process takes several weeks and may require an affidavit.
Will the bank give me cash or a check?
Most banks will deposit the money into your account if you have one there, or give you a check. Some will give you cash if you ask, but large redemptions may be subject to daily cash withdrawal limits. Ask the teller what options are available.
How long does it take to cash a savings bond at the bank?
The transaction itself takes 10 to 15 minutes. The money is available immediately if deposited into your account, or you receive a check or cash on the spot. There's no waiting period like there is with mail redemption.