Cashing a Savings Bond at PNC Bank: What You Need to Know

PNC will cash some savings bonds, but not all of them, and the process depends on the bond's type and your account status

PNC Bank can cash Series EE and Series I savings bonds if you own them outright and have a valid PNC deposit account. The bank cannot cash bonds registered to someone else, bonds held in trust, or bonds that are part of an estate. If your bond meets these conditions, you can walk into any PNC branch with the bond and your ID, and the teller can process the redemption on the spot — no appointment needed.

The catch: PNC will only cash bonds that have reached their final maturity date or are at least five years old. If your bond is newer than five years, the bank will refuse it, and you'll need to redeem it through the U.S. Treasury instead. The Treasury's process takes longer but works for bonds at any age.

Key Takeaways

PNC can cash Series EE and Series I bonds you own outright if you have a PNC account and the bond is at least five years old.
Bring the physical bond certificate and a government-issued ID to any PNC branch; the teller can complete the redemption when ready.
PNC cannot cash bonds registered to multiple people, bonds held in trust, or bonds that are part of a deceased person's estate.
If your bond is less than five years old, you must redeem it through TreasuryDirect or by mail to the Bureau of the Fiscal Service.
The bank deposits the cash directly into your PNC account on the same day you bring in the bond.

What types of bonds PNC will and won't cash

PNC accepts Series EE bonds and Series I bonds for redemption. These are the two most common types issued to individual savers. Series EE bonds are sold at half their face value and earn a fixed rate of interest. Series I bonds earn interest that adjusts every six months based on inflation. Both types can be cashed at PNC if they meet the age requirement.

PNC will not cash Series HH or Series H bonds, which are older bond types no longer issued. The bank also cannot process bonds registered as "payable on death" to a beneficiary, bonds held in a trust account, or bonds where two or more people are listed as co-owners. If your bond falls into any of these categories, the Treasury is your only option.

Bonds that are part of an estate — meaning the original owner has died — cannot be cashed at a bank. The executor or administrator of the estate must redeem these through the Treasury, which requires additional paperwork including a death certificate and proof of authority.

The five-year age requirement and what it means

Savings bonds must be at least five years old before any bank will cash them. This rule applies to all banks, not just PNC. If you bought a Series EE bond on January 15, 2020, you cannot redeem it at PNC until January 15, 2025. Trying to cash it earlier will result in the teller refusing the bond.

The five-year rule exists because the Treasury imposes a penalty on early redemption: you forfeit the last three months of interest if you cash the bond before five years have passed. Banks will not process a redemption that triggers this penalty, so they straightforward will not accept bonds younger than five years.

If your bond is less than five years old, you have two options. You can wait until the five-year mark and then bring it to PNC, or you can redeem it now through TreasuryDirect online or by mailing the bond to the Bureau of the Fiscal Service. The Treasury will explore the penalty automatically, but you will receive the remaining cash value.

How to redeem a bond at a PNC branch

Bring the physical bond certificate and a government-issued photo ID to any PNC branch during business hours. You do not need to call ahead or make an appointment. Hand both items to a teller and tell them you want to redeem the bond. The teller will verify that the bond is in your name, check that it meets the age requirement, and confirm you have an active PNC deposit account.

The teller will then fill out a redemption form, which you will sign. The process takes about ten to fifteen minutes. The bank deposits the cash directly into the PNC account you specify — usually the one you use most often. You will see the deposit in your account the same day, though it may not be available to withdraw until the next business day depending on PNC's hold policies.

If the teller tells you the bond cannot be cashed, ask why. The most common reasons are that the bond is less than five years old, it is registered to someone else, or it is a bond type the bank does not handle. If the reason is the bond's age or type, you will need to use the Treasury's redemption process instead.

Redeeming bonds through the Treasury if PNC cannot help

If your bond is less than five years old or is a type PNC does not cash, you can redeem it directly through the U.S. Treasury. The easiest method is TreasuryDirect, the Treasury's online platform. You create an account, upload images of the front and back of the bond, and submit a redemption request. The Treasury deposits the cash into your bank account within three to five business days.

TreasuryDirect works for Series EE and Series I bonds in your name only. If the bond is registered to someone else or held in trust, you cannot use TreasuryDirect. In that case, you must mail the bond to the Bureau of the Fiscal Service along with a completed Form PD F 1522 (the redemption request form). Mail redemptions take two to three weeks.

You can read Form PD F 1522 from the Treasury website or request it by calling the Bureau of the Fiscal Service at 844-284-2676. Include a copy of your ID with the mailed bond. Do not send the bond by regular mail; use certified mail with return receipt so you have proof of delivery.

What happens if the bond is registered to someone else

If the bond is in someone else's name, PNC will not cash it, and neither will any other bank. Only the person whose name appears on the bond can redeem it. If you inherited a bond or received one as a gift and the original owner's name is still on it, the original owner must be present at the bank with their ID to cash it.

If the original owner has died, the bond becomes part of their estate. The executor or administrator must redeem it through the Treasury using Form PD F 1522 and a certified copy of the death certificate. This process takes four to six weeks and requires proof that the person filing has legal authority over the estate.

If you want to cash a bond that was given to you as a gift but is still in the giver's name, ask them to bring it to PNC with their ID. They can cash it and give you the money, or they can transfer the bond into your name through the Treasury before cashing it — though the transfer process takes several weeks and may not be worth the wait.

Fees and taxes on savings bond redemptions

PNC does not charge a fee to cash a savings bond. The redemption is free. However, the interest you earned on the bond is subject to federal income tax. You will not owe tax at the moment you cash it, but you must report the interest as income on your tax return for the year you redeem the bond.

The amount of interest depends on how long you held the bond and what rate it earned. When you cash the bond, PNC will give you a receipt showing the redemption amount. Keep this receipt for your tax records. If you cash multiple bonds in the same year, you will report the total interest from all of them on your return.

Savings bonds are not subject to state or local income tax, only federal tax. If you live in a state with income tax, you will not owe that state anything on the bond interest.

Frequently Asked Questions

Can I cash a savings bond at PNC if I don't have a PNC account?

No. PNC requires you to have an active deposit account with the bank before they will cash a bond. If you do not have a PNC account, you can open one before bringing in the bond, or you can redeem the bond through TreasuryDirect or by mail to the Treasury instead.

What if I lost the physical bond certificate?

PNC cannot help you if the certificate is lost. You must contact the Treasury directly. Call the Bureau of the Fiscal Service at 844-284-2676 or visit treasurydirect.gov to report the loss and request a replacement or redemption. The Treasury can look up the bond in their system using your Social Security number and the bond's series and denomination.

Can PNC cash a bond if it's damaged or the ink is faded?

It depends on how damaged it is. If the bond number and your name are still legible, PNC will likely accept it. If the damage makes it impossible to read key information, the teller may refuse it and direct you to the Treasury, which has more flexibility in handling damaged bonds.

How long does it take to see the money after I cash a bond at PNC?

The deposit appears in your account the same day you bring the bond to the branch. However, PNC may place a hold on the funds for one business day before you can withdraw them, depending on your account history and the amount.

Do I need to report cashing a savings bond to the IRS?

You do not need to report it when you cash it, but you must report the interest earned on your tax return for that year. PNC will not send you a tax form for the redemption — you calculate the interest yourself by subtracting what you paid for the bond from what you received when you cashed it.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.