Chase will cash Series EE and Series I savings bonds, but only if you have an account there and the bond is registered in your name

Chase Bank can redeem savings bonds for you, but the process depends on which type of bond you hold and whether you meet their requirements. Series EE bonds (the paper kind most people own) and Series I bonds can both be cashed at Chase, provided the bond is in your name alone or you are listed as a co-owner. You cannot cash a bond at Chase if someone else's name is on it without that person present, and you cannot cash bonds that are registered to a minor unless you are the parent or legal guardian.

The bank will not cash the bond on the spot. Instead, they will send it to the Federal Reserve for verification and redemption, which takes roughly two to three weeks. During that time, the bond remains in their possession. You will receive the proceeds by check or deposit to your account once the Federal Reserve confirms the bond is valid and calculates the current value.

Key Takeaways

  • Chase requires you to have an account with them and present a government-issued ID to cash a savings bond.
  • The bond must be registered in your name alone or list you as a co-owner; bonds in someone else's name cannot be cashed without that person present.
  • Chase sends the bond to the Federal Reserve for verification, a process that takes two to three weeks.
  • You will receive payment by check or direct deposit once the Federal Reserve confirms the bond's value.
  • If your bond is lost, damaged, or you cannot locate it, you will need to contact the U.S. Department of the Treasury instead.

What Chase needs from you before they will cash the bond

Bring the physical bond itself, a government-issued photo ID (driver's license, passport, or state ID), and your Chase account number. The teller will ask you to sign the back of the bond in their presence. If the bond is a Series EE paper bond, it must be intact enough to read the serial number and issue date. If it is damaged or the printing is faded, Chase may refuse it and direct you to the Treasury instead.

If you are cashing a bond that lists two owners (such as you and a spouse), both owners must be present with ID. If the bond is registered to a minor and you are the parent or guardian, bring the child's birth certificate or Social Security card along with your ID and the bond. Chase will not cash a bond if only one owner shows up when two are listed.

The timeline from the teller window to your account

On the day you visit Chase, the teller will complete a form, have you sign the bond, and take a copy of your ID. They will place the bond in an envelope and send it to the Federal Reserve's processing center, usually within one business day. The Federal Reserve then verifies that the bond is genuine, that it has not already been cashed, and calculates the redemption value based on the current date and the bond's series.

This verification step typically takes ten to fifteen business days. Once the Federal Reserve confirms everything, they send the funds to Chase, which deposits the money into your account or mails you a check, depending on what you requested. The entire process from teller window to money in hand usually takes two to three weeks, though it can stretch to four weeks if the Federal Reserve is processing a high volume or if there is any issue with the bond's registration.

When Chase cannot cash your bond

Chase will turn you away if the bond is registered to someone other than you and that person is not present. They will also refuse if the bond is so damaged that the serial number or issue date cannot be read, or if the bond appears to have been altered. If you have lost the physical bond, Chase cannot help you—you will need to contact the U.S. Department of the Treasury's Bureau of the Fiscal Service directly to request a replacement or redemption.

If the bond was issued before 1974, Chase may decline to process it because older bonds require additional verification steps that the Federal Reserve no longer handles through standard bank channels. In that case, you can mail the bond directly to the Treasury, though the process is slower. If you suspect the bond has already been cashed or if there is a dispute over ownership, Chase will not attempt to resolve it; you will need to contact the Treasury's customer service line.

Your alternatives if Chase will not cash the bond

You can redeem a savings bond directly through the U.S. Department of the Treasury's website at TreasuryDirect.gov. This route works for Series EE and Series I bonds and does not require a bank account. You will need to set up a TreasuryDirect account, verify your identity, and upload an image of the bond. The Treasury will then mail you a check or deposit the funds to a bank account you designate. This process takes longer than a bank redemption—typically four to six weeks—but it works if your bond is damaged, if you do not have a Chase account, or if the bond is in someone else's name and they are willing to authorize the redemption.

If the bond is lost or you cannot locate it, you can file a claim with the Treasury by mail. You will need to provide the bond's serial number (if you have it), the issue date, and the series letter. The Treasury will search their records and, if they find the bond has not been cashed, will issue a replacement or process a redemption. This route takes several months and requires documentation, but it is the only option if the physical bond no longer exists.

What happens to the money once you receive it

If Chase deposits the redemption into your account, the funds are available when ready and are treated like any other deposit. If Chase mails you a check, you can deposit it at Chase or any other bank. The redemption amount includes all interest earned on the bond up to the redemption date. You will receive a 1099-INT form from the Treasury in January of the following year if the interest earned exceeds a certain threshold, which you will need to report on your tax return.

The interest on savings bonds is subject to federal income tax but not state or local tax. If you held the bond for education expenses and meet certain conditions, you may be able to exclude some or all of the interest from your taxable income under the Education Savings Bond Program, but you will need to report this on your tax return. Keep the redemption receipt or confirmation from Chase for your records.

Frequently Asked Questions

Do I need a Chase account to cash a savings bond there?

Yes. Chase will only cash a bond if you have an active checking or savings account with them. If you do not have an account, you can open one before you visit, or you can redeem the bond through the Treasury's website instead.

Can I cash a savings bond at Chase if my spouse's name is on it too?

Only if your spouse is present with a government-issued ID. Both owners must sign the bond in front of the teller. If your spouse cannot be there, you will need to contact the Treasury to explore other options.

What if the savings bond is damaged or the printing is faded?

Chase may refuse a damaged bond if the serial number or issue date cannot be read clearly. If that happens, contact the Treasury directly. They can sometimes process redemptions for damaged bonds if you can provide the serial number and other identifying information.

How long does it really take to get the money after I hand the bond to Chase?

Two to three weeks is typical. Chase sends the bond to the Federal Reserve for verification, which takes one to two weeks, and then the funds are transferred back to Chase and deposited into your account. Delays can happen if the Federal Reserve is busy or if there is any question about the bond's authenticity.

Will I owe taxes on the interest from the savings bond?

Yes, the interest is subject to federal income tax. You will receive a 1099-INT form in January if the interest exceeds the reporting threshold. State and local taxes do not explore to savings bond interest. If the bond was used for education expenses, you may be able to exclude some interest under specific conditions, but you will need to report this on your tax return.