You can cash a savings bond at a bank where you don't have an account, at the U.S. Treasury, or through your employer if they offer savings bond programs

A savings bond is a debt security issued by the U.S. Department of the Treasury. When it reaches maturity or you decide to redeem it, you need to convert it to cash. The most direct route is to walk into any bank or credit union and ask to redeem it at the teller window — you do not need to be a customer. Bring the physical bond certificate (or the bond itself if it's a paper bond), a valid photo ID, and your Social Security number or tax ID. The teller will verify the bond, check that it has reached its earliest redemption date, and process the cash payment on the spot or within one business day.

If you prefer not to visit a bank in person, you can redeem the bond directly through the U.S. Treasury's website at TreasuryDirect.gov, but this method works only for electronic bonds you already own in a TreasuryDirect account. For paper bonds, the Treasury does not process redemptions online. A third option is to mail the bond to the Federal Reserve Bank in your region with a completed redemption form, though this takes two to four weeks and requires you to trust the mail with the physical certificate.

Key Takeaways

  • Any bank or credit union will cash a savings bond for you without requiring an account; bring your bond certificate, photo ID, and Social Security number.
  • Paper bonds must reach their earliest redemption date before you can cash them; Series EE bonds can be redeemed after one year, but you lose three months of interest if you cash before five years.
  • Electronic bonds held in a TreasuryDirect account can be redeemed online through the Treasury website, which is faster than visiting a bank.
  • If you mail a paper bond to the Federal Reserve, include a signed letter requesting redemption and expect the process to take two to four weeks.
  • Some employers offer payroll deduction programs for savings bonds; if you bought through that program, you may be able to redeem through your employer's benefits office.

Cashing a paper bond at any bank or credit union

Walk into the teller area of any bank or credit union and tell them you want to redeem a savings bond. You do not need to have an account there. The teller will ask for the bond certificate itself, a government-issued photo ID (driver's license, passport, or state ID), and your Social Security number. They will verify the bond's series, issue date, and serial number in the Treasury's system to confirm it is legitimate and has reached its redemption date.

The teller will then check the bond's current value using Treasury tables. Series EE bonds, for example, are sold at half their face value and earn interest over time; a $100 bond purchased for $50 might be worth $75 after five years. Once the value is confirmed, the bank will either hand you cash on the spot or deposit the funds into a temporary account and give you a check within one business day. Some banks process redemptions the same day; others take 24 hours. Ask the teller which applies at that branch.

If you have multiple bonds to redeem, bring them all at once. The teller can process several bonds in a single visit. If a bond is registered in two names (such as a parent and child), both owners may need to be present with ID, though some banks allow one owner to redeem with a signed letter from the other. Call ahead to ask about the bank's two-name bond policy before you go.

Redeeming electronic bonds through TreasuryDirect

If you own electronic savings bonds through a TreasuryDirect account, you can redeem them online without visiting a bank. Log into your TreasuryDirect account at treasurydirect.gov using your username and password. Navigate to the "Manage My Securities" section and select the bond you want to redeem. Click "Redeem" and confirm the transaction. The Treasury will deposit the cash into the bank account linked to your TreasuryDirect account within one to three business days.

This method is faster than mailing a paper bond or visiting a bank in person. However, it requires that you already have a TreasuryDirect account set up with a linked bank account. If you do not have one, you will need to create an account first, which takes a few days to verify. Once your account is active, you can redeem bonds anytime during business hours without leaving home.

Electronic bonds have the same redemption rules as paper bonds: Series EE bonds must be held for at least one year before redemption, and you forfeit the last three months of interest if you redeem before five years. The Treasury website will show you the current value of each bond and whether it has reached its redemption date before you submit the request.

Mailing a paper bond to the Federal Reserve

If you cannot visit a bank or do not have a TreasuryDirect account, you can mail your paper bond to the Federal Reserve Bank that serves your region. First, find your regional Federal Reserve Bank on the Treasury website by entering your state. Then prepare a letter requesting redemption. The letter should include your name, address, Social Security number, the bond's series and serial number, and a statement that you are requesting redemption and payment by check.

Sign the letter and place it in an envelope with the bond certificate. Do not fold or damage the bond. Send it via certified mail with return receipt requested so you have proof of delivery. The Federal Reserve will receive the bond, verify it in the Treasury system, calculate its current value, and mail you a check. This process typically takes two to four weeks from the date they receive the package.

Mailing is the slowest option and carries the risk that the bond could be lost in transit. For this reason, certified mail with tracking is essential. Keep the return receipt and tracking number until you receive the check. If the check does not arrive within five weeks, contact the Federal Reserve Bank directly with your tracking information.

Understanding redemption dates and interest penalties

Not all savings bonds can be redeemed immediately. Series EE bonds, the most common type, must be held for at least one year before you can redeem them. If you redeem before five years have passed, you lose the last three months of interest. For example, if you bought a Series EE bond in January 2020 and redeem it in March 2023, you receive the value as of December 2022 (three months earlier), not March 2023.

Series I bonds (inflation bonds) have a similar one-year holding period and a three-month interest penalty if redeemed before five years. Series HH bonds, which are older and no longer sold, have different rules depending on when they were issued; check the Treasury website for the specific terms of your bond.

Before you redeem, ask the bank teller or check TreasuryDirect to confirm the current value and whether you will incur an interest penalty. The teller can show you what the bond is worth if you redeem today versus waiting a few more months. This information helps you decide whether to redeem now or hold the bond longer.

Redeeming bonds through an employer savings plan

If you purchased savings bonds through a payroll deduction program at your employer, you may be able to redeem them through your company's benefits office or human resources department. Some employers maintain relationships with banks or the Treasury to handle bond redemptions for employees. Contact your HR or benefits office and ask whether they process savings bond redemptions. If they do, they can guide you through their specific process, which may be faster than visiting a bank yourself.

Not all employers offer this service, so do not assume it is available. If your company does not handle redemptions, you will need to use one of the other methods described above. Keep your bond certificate and any documentation from your employer's savings plan handy, as the benefits office may ask for proof that you purchased the bond through their program.

What to do if your bond is lost, damaged, or in someone else's name

If your paper bond is lost or damaged, you cannot redeem it at a bank. Instead, contact the Treasury's Savings Bond Division at savingsbonds.gov or call 1-800-553-2663. You will need to provide the bond's series, denomination, issue date, and serial number (if you have it). The Treasury can issue a replacement bond or process a claim for the bond's value, though this takes several weeks and requires documentation of the loss.

If a bond is registered in someone else's name, you cannot redeem it unless you are listed as a co-owner or the owner has given you written permission and signed the back of the certificate. Some bonds allow the owner to sign the back and authorize another person to redeem it on their behalf. Ask the bank teller whether the bond's registration allows this before you attempt to redeem it.

Frequently Asked Questions

Can I cash a savings bond at any bank, or only at the bank where I have an account?

Any bank or credit union will cash a savings bond for you, even if you have no account there. Bring your bond certificate, photo ID, and Social Security number. Some banks may ask you to fill out a brief form, but they cannot refuse to redeem a legitimate bond based on account status.

How long does it take to get the money after I redeem a bond?

If you redeem in person at a bank, you usually receive cash or a check the same day or within one business day. If you redeem online through TreasuryDirect, the deposit takes one to three business days. Mailing a bond to the Federal Reserve takes two to four weeks.

What happens if I redeem a Series EE bond before five years?

You lose the last three months of interest. For example, if you redeem in March, you receive the bond's value as of December of the previous year. You can still redeem after one year, but the three-month penalty applies until the bond reaches five years old.

Do I have to pay taxes on the money I get from cashing a savings bond?

Yes. The interest earned on a savings bond is subject to federal income tax. The bank does not withhold taxes when you redeem, so you will owe the tax when you file your return. Keep records of the bond's purchase price and redemption value to report the interest correctly.

What if I do not have the physical bond certificate?

If you own the bond electronically through TreasuryDirect, you can redeem it online without a physical certificate. If you own a paper bond but have lost the certificate, contact the Treasury's Savings Bond Division to request a replacement or file a claim for the bond's value.