Not every bank will cash a savings bond, and the ones that do have specific requirements

Your bank may cash a savings bond, but it depends on the type of bond, whether you own it or are listed as a co-owner, and the bank's own policy. Some banks refuse savings bonds altogether. Others cash them only if you have an account there. A few will cash them for non-customers, but rarely. The safest option is to cash through the U.S. Department of the Treasury directly, which has no restrictions on who can redeem and no fees.

If you want to use a bank, call ahead. Tell them the bond series (Series EE, Series I, or Series HH), the issue date, and whether you're the registered owner or a co-owner. The bank will tell you whether they handle that type and what documents you'll need to bring.

Key Takeaways

  • Series EE and Series I bonds can be cashed at most banks that offer the service, but Series HH bonds are rarely accepted because they stopped being issued in 2004.
  • You must be the registered owner or a co-owner listed on the bond itself; a bank will not cash a bond in someone else's name even if you have power of attorney.
  • Banks that do cash savings bonds usually require you to have an account with them, though some larger institutions make exceptions for substantial amounts.
  • The U.S. Treasury will cash any savings bond for free through TreasuryDirect or by mail, with no account requirement and no restrictions on bond type.
  • If a bond is registered to a deceased person, the bank will not cash it; the estate or beneficiary must go through the Treasury with a death certificate and proof of authority.

What type of bond you have matters most

Series EE bonds and Series I bonds are the ones banks are most likely to accept. These are paper bonds issued before 2012 or digital bonds held in TreasuryDirect. Most major banks have the infrastructure to verify and process them.

Series HH bonds are a different story. The Treasury stopped issuing them in 2004, and they're rarely held anymore. Banks often refuse them because they're unfamiliar with the redemption process and the bond may have unusual terms. If you have a Series HH bond, the Treasury is your better option.

Savings bonds issued before 1974 may have matured and stopped earning interest. A bank may still cash them, but you should verify the maturity date first through the Treasury's Savings Bond Calculator at treasurydirect.gov. A bond past maturity is still redeemable, but the bank may ask questions about why you're cashing something so old.

You must be the registered owner or a named co-owner

Banks will only cash a bond if your name appears on it as the owner or co-owner. If the bond is in someone else's name alone, the bank will refuse it, even if you have a power of attorney document. Ownership of a savings bond is not transferable, and a bank cannot override that rule.

If you are a co-owner, both owners do not need to be present. The bank will cash it for whichever owner shows up with the bond and identification. If the bond lists you as a beneficiary but not as an owner, you cannot cash it at a bank; you'll need to go through the Treasury with a death certificate and proof that you're the beneficiary.

Bank policies vary widely on who they'll serve

Large national banks like Chase, Bank of America, and Wells Fargo typically cash savings bonds, but usually only for account holders. Some will make exceptions if the bond amount is large (often $1,000 or more) and you have a valid ID, but this is not may provide. Call your specific branch and ask; policy can differ between locations.

Community banks and credit unions are less predictable. Some have no experience with savings bonds and will turn you away. Others will cash them for anyone. A few will cash them only for members. The only way to know is to call and ask.

If your bank refuses, do not assume all banks will. Try a different bank in your area, or go directly to the Treasury. There is no fee either way, so the cost is only your time.

What documents you'll need to bring

Bring the physical bond itself and a government-issued photo ID. That's the minimum. Some banks will also ask for your Social Security number, a thumbprint, or a signature may provide from a notary. A few ask you to fill out a form confirming you're the owner and that the bond hasn't been reported lost or stolen.

If the bond is old or damaged, the bank may hesitate. Bring any paperwork you have that shows you purchased it or that it was given to you. A purchase receipt, a gift letter, or a will naming you as the recipient can help, though the bank is not required to accept them.

If you're cashing a bond on behalf of a minor you're the custodian for, bring the minor's birth certificate and your ID. The bank will likely require the minor to be present and may ask them to sign.

The Treasury route is faster and has no restrictions

If a bank turns you down or you want to avoid the hassle, the U.S. Treasury will cash any savings bond for free. You have two options: online through TreasuryDirect (for digital bonds only) or by mail.

For paper bonds, mail the bond itself, a completed Form PD 1239 (available at treasurydirect.gov), a copy of your ID, and a letter stating the amount you want to redeem to the Bureau of the Fiscal Service. The address is on the form. Processing takes about four weeks. The Treasury will mail you a check.

For digital bonds in TreasuryDirect, you can redeem them online when ready. Log into your account, select the bond, and request redemption. The money goes into the bank account linked to your TreasuryDirect account within one to three business days.

What happens if the bond is in a deceased person's name

A bank will not cash a bond registered to someone who has died, even if you have a will or power of attorney. The Treasury must handle it. You'll need to send the bond, a certified copy of the death certificate, and proof that you have authority to act on the estate (like letters testamentary or a court order) to the Bureau of the Fiscal Service.

If you're the surviving co-owner, the process is simpler. Send the bond with a certified death certificate and your ID. The Treasury will cash it and send the proceeds to you. This takes four to six weeks.

Frequently Asked Questions

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

Most banks that cash savings bonds do so only for account holders. Some larger banks make exceptions for non-customers if the bond is substantial, but this is not standard. Call ahead to ask. The Treasury will cash any bond for anyone with no account requirement.

What if my savings bond is damaged or the serial number is faded?

A bank may refuse a damaged bond because they cannot verify it. The Treasury is more flexible. Send the bond with a letter explaining the damage and your ID. The Treasury will investigate and usually cash it if they can confirm the bond number through their records.

Can I cash someone else's savings bond if I have their power of attorney?

No. A power of attorney does not transfer ownership of a savings bond. Only the registered owner or a named co-owner can redeem it. If the owner is incapacitated, you'll need a court order or guardianship, and you'll have to go through the Treasury, not a bank.

How long does it take a bank to cash a savings bond?

If the bank accepts it, cashing usually happens the same day or within one business day. The Treasury takes about four weeks by mail. TreasuryDirect (for digital bonds) processes redemptions in one to three business days.

What if my bank says they don't cash savings bonds anymore?

Some banks have stopped offering this service. Try another bank in your area, or use the Treasury. There's no penalty for going directly to the Treasury, and the process is straightforward if you have the bond and your ID.