Yes, you can deposit savings bonds into a bank account, but the process depends on the bond type and whether it has matured
Savings bonds can be converted to cash and deposited into your bank account, but not all bonds work the same way. Series EE bonds (the most common type sold today) and Series I bonds (inflation-adjusted bonds) must reach their final maturity date or a specific holding period before you can cash them in. Once they meet that requirement, you take them to a bank or credit union, and the institution deposits the cash directly into your account.
The key difference from other deposits is that your bank does not straightforward accept the physical bond as payment. Instead, the bank processes the bond through the U.S. Department of the Treasury, receives the cash value, and then deposits that amount into your account. This takes a few business days to complete.
Key Takeaways
- Series EE and Series I bonds must be held for at least one year before you can cash them, and you lose the last three months of interest if you cash them before five years.
- You can deposit bond proceeds into your bank account by bringing the physical bond to any bank or credit union and requesting a deposit.
- The bank sends the bond to the Treasury, receives the cash value, and deposits it into your account within a few business days.
- Paper bonds issued before 2012 and electronic bonds held in TreasuryDirect can both be cashed, but the process differs slightly for each.
How the deposit process actually works
When you bring a savings bond to your bank, you do not hand it over and walk out with cash. Instead, you fill out a form (usually called a FS Form 1522 or similar, depending on your bank) that authorizes the bank to submit the bond to the Treasury on your behalf. The bank keeps the bond temporarily, sends it to the Federal Reserve or Treasury processing center, and waits for the cash value to be returned.
Once the Treasury confirms the bond is valid and has reached the required holding period, it sends the cash to your bank. Your bank then deposits that amount into the account you specified on the form. The entire process typically takes three to seven business days, though some banks may take longer.
You will need to bring a photo ID and your account information (account number and routing number) to complete the deposit. Some banks may also ask for the bond's serial number or a copy of your purchase records, especially if the bond is old or the amount is large.
Holding period requirements before you can cash in
Series EE and Series I bonds cannot be cashed before one year has passed since purchase. If you try to cash a bond before that one-year mark, the bank will reject it and return it to you. This is a Treasury rule, not a bank rule, so no bank can override it.
If you cash the bond between one and five years after purchase, you lose the last three months of interest. For example, if you bought a bond in January 2023 and cashed it in March 2024, you would receive the interest earned only through December 2023, not through March 2024. After five years, you can cash the bond without losing any interest.
Older Series HH bonds (no longer sold) and bonds purchased before 2012 may have different rules. If you own older bonds, ask your bank about the specific holding period and interest penalties before you deposit them.
Paper bonds versus electronic bonds in TreasuryDirect
If you own a physical paper savings bond, you bring it to any bank or credit union that offers bond cashing services. Most large banks and credit unions do, but some smaller institutions may not. Call ahead to confirm before you visit.
If your bond is held electronically in a TreasuryDirect account (the Treasury's online system), you cannot deposit it into a bank account the same way. Instead, you log into your TreasuryDirect account, request a redemption, and the Treasury deposits the cash directly into the bank account linked to your TreasuryDirect profile. This process is faster — usually two to three business days — because there is no physical bond to mail or process.
If you have paper bonds and want to avoid the bank deposit process, you can also redeem them directly through TreasuryDirect by mailing them to the Treasury, though this takes longer and requires more paperwork.
What happens if your bond has not matured yet
If you bring a bond to the bank before it meets the one-year holding requirement, the bank will refuse to process it. The bond will be returned to you, and no deposit will occur. There is no way around this — the Treasury's system will reject the bond automatically.
If you are in a financial emergency and need cash before the bond matures, you have limited options. Some credit unions offer loans against the value of savings bonds, but this is rare and comes with interest charges. Your other option is to wait until the one-year mark and then cash the bond, accepting the three-month interest penalty if you are between one and five years.
Fees and what to expect from your bank
Most banks do not charge a fee to deposit a savings bond into your account. The bank is processing a Treasury transaction, not providing a service to you directly, so the cost is built into the Treasury's system. However, some banks may charge a small fee (usually under $10) if you are not a customer or if the bond amount is very large.
Call your bank before you visit and ask whether they charge a bond deposit fee. If they do, you can shop around — credit unions and other banks in your area may offer the service for free. Large national banks almost never charge, but smaller regional banks sometimes do.
What to bring and how to prepare
Bring the physical bond itself, a photo ID, and your bank account information (account number and routing number). If the bond is old or damaged, bring any paperwork you have that shows when you purchased it. Some banks may ask for your Social Security number as well.
Before you go, check the bond to make sure you can still read the series (EE, I, HH, etc.), the issue date, and the serial number. If the bond is too faded or damaged to read, contact the Treasury directly at 1-800-553-2663 or visit treasurydirect.gov to find out whether it can still be cashed.
If you own multiple bonds, you can deposit them all at once. Bring them all together, and the bank will process them as a single transaction. The total amount will be deposited into your account once all bonds have been verified by the Treasury.
Frequently Asked Questions
What if I lost the physical bond?
Contact the Treasury at 1-800-553-2663 or visit treasurydirect.gov to report it lost. You will need to provide proof of purchase (like a receipt or bank statement showing the purchase) and your Social Security number. The Treasury can issue a replacement bond or, in some cases, process a redemption without the physical bond.
Can I deposit a bond that someone else gave me?
Yes, but the bank may ask for proof that you are the registered owner or that the original owner authorized the transfer. If the bond is registered to someone else and you are not listed as a co-owner, bring a letter from the owner authorizing the deposit, along with their ID. Some banks may require the original owner to be present.
How long does it take for the money to show up in my account?
Most deposits appear within three to seven business days. Paper bonds take longer because the bank must mail them to a processing center. Electronic bonds in TreasuryDirect are faster, usually two to three business days. Call your bank if the deposit has not appeared after a week.
What if the bank says they cannot cash my bond?
Some smaller banks do not offer bond cashing services. Try a larger bank or credit union in your area. If no local institution will help, you can mail the bond directly to the Treasury with a redemption form (FS Form 1522), though this takes several weeks.
Do I have to deposit the full bond amount, or can I cash part of it?
You must cash the entire bond. You cannot split a bond or cash a partial amount. If you own multiple bonds, you can choose which ones to cash and leave others untouched.