You can cash a savings bond at a bank, credit union, or the U.S. Treasury without having an account
A savings bond is a debt security issued by the U.S. Treasury. When you cash it, you are asking the Treasury or a financial institution to convert it into cash. You do not need a bank account to do this — but the method you use depends on the bond's age, condition, and whether you have the original paper certificate or a digital record.
The fastest route for most people is a bank or credit union that will cash it on the spot, even if you have no account there. The Treasury itself will also process bonds by mail. Both paths work; the difference is speed and what documents you need to bring.
Key Takeaways
- Banks and credit unions will cash savings bonds for non-customers, usually within minutes, if the bond is in good condition and you have a valid ID.
- Series EE and I bonds issued after 1974 can be cashed at any bank; older bonds or damaged ones may need to go through the Treasury by mail.
- The Treasury will cash bonds by mail if you send the original certificate, a completed FS Form 1522, and a copy of your ID, taking four to six weeks.
- If you have lost the original certificate, you can request a replacement from the Treasury before cashing, which adds two to four weeks to the timeline.
- You will receive payment by check or, if you provide banking details on the Treasury form, by direct deposit — even without an account of your own.
Cashing a bond at a bank or credit union without an account
Most banks and credit unions will cash a savings bond for anyone who walks in with the original certificate and a valid photo ID. You do not need to be a customer. The teller will verify the bond's authenticity, check that it has matured (or is close enough that the Treasury will allow it), and give you cash or a check on the spot.
This works for Series EE bonds issued after 1974 and Series I bonds issued after 1998. Older bonds or bonds in poor condition — water damage, torn, faded — may be refused because the bank cannot verify them electronically. If that happens, your next step is the Treasury by mail.
Bring the original paper certificate and a government-issued photo ID. Some banks may also ask for a second form of ID or your Social Security number. Call ahead if you are cashing a large bond; some branches have daily cash limits and may need to order the money in advance.
Cashing a bond through the U.S. Treasury by mail
If a bank refuses your bond or you do not have the original certificate, you can send it to the Treasury's Bureau of the Fiscal Service. This process takes four to six weeks but works for any bond, including older ones and damaged certificates.
You will need three things: the original bond certificate (or a replacement if you have lost it), a completed FS Form 1522 (the official redemption request form), and a photocopy of your ID. Mail them to the address listed on the form — currently the Department of the Treasury, Bureau of the Fiscal Service, in Parkersburg, West Virginia. The Treasury will send you a check or deposit the money directly to a bank account if you provide those details on the form.
You can read FS Form 1522 from the Treasury's website or request it by phone. The form asks for the bond's series, denomination, and serial number — all printed on the certificate itself. If you cannot read the certificate clearly, the Treasury can still process it, but the process may take longer.
What to do if you have lost the original bond certificate
If you have no physical certificate but know you own a bond, you have two options. First, check if the bond is registered in the Treasury's digital system. Series EE and I bonds issued after 2002 are recorded in TreasuryDirect, the Treasury's online account system. If you can log in or create an account, you can see your bonds and redeem them directly without a paper certificate.
If the bond is not in TreasuryDirect or is too old to be there, you can request a replacement certificate from the Treasury. This takes two to four weeks. Once you have it, you can either cash it at a bank or send it to the Treasury by mail using the process above.
To request a replacement, contact the Bureau of the Fiscal Service by phone or mail. You will need to provide the bond's series, denomination, and issue date if you have them, plus proof of ownership — usually a copy of your ID and any documentation showing you purchased or received the bond.
Using TreasuryDirect to cash digital bonds
If your bond is in TreasuryDirect, you can redeem it online without ever visiting a bank or mailing anything. Create or log into your TreasuryDirect account, find the bond, and request redemption. The money will be deposited to the bank account linked to your TreasuryDirect profile within one to three business days.
You do not need a personal bank account for this step — you can provide any bank account number, including a joint account, a family member's account, or even a prepaid card account that accepts direct deposits. The Treasury will deposit the funds there.
If you do not remember your TreasuryDirect login or never created an account, you can set one up now using your Social Security number and a valid ID. The system will search for any bonds registered to you. This is the fastest way to cash a bond if it is available.
Timing and payment methods across all routes
| Method | Time to Cash | What You Need | Payment Form |
|---|---|---|---|
| Bank or credit union | Same day (minutes) | Original certificate, valid ID | Cash or check |
| Treasury by mail | 4 to 6 weeks | Original certificate, FS Form 1522, ID copy | Check or direct deposit |
| TreasuryDirect online | 1 to 3 business days | TreasuryDirect login, linked bank account | Direct deposit only |
| Replacement certificate request | 2 to 4 weeks, then add cashing time | Proof of ownership, bond details | Depends on cashing method |
What happens if the bond has not matured yet
Savings bonds have a maturity date, but you can usually cash them before that date. Series EE bonds can be cashed after one year; Series I bonds can be cashed after one year, though you will lose the last three months of interest if you cash before five years have passed.
A bank will know the maturity rules and will tell you if your bond is too new to cash. If it is, you have two choices: wait until the bond is old enough, or contact the Treasury to ask for an exception. The Treasury rarely grants exceptions for bonds that are only a few months away from the one-year mark, but it is worth asking if you have an urgent need.
Frequently Asked Questions
Can I cash someone else's savings bond?
Only if you are the registered owner or have legal authority — power of attorney, guardianship, or executor status. A bank will ask for proof of your authority. If the bond is in someone else's name and you have no legal claim, you cannot cash it.
What if the bank says they cannot verify my bond?
This usually means the bond is too old, too damaged, or the bank's system cannot read it. Ask the bank for a written reason. Then contact the Treasury directly — they can verify bonds that banks cannot and will process it by mail. Bring the written refusal from the bank when you contact them.
Do I have to pay taxes when I cash a savings bond?
Yes. The interest earned on the bond is subject to federal income tax and, in most states, state income tax. You will receive a Form 1099-INT from the Treasury or the bank showing the interest amount. You report this on your tax return. No tax is withheld at the time of cashing.
Can I deposit the check into someone else's account?
Yes, but the account holder will need to sign the back of the check along with you. Some banks may ask questions about why you are depositing a check in someone else's name. If you want to avoid this, ask the Treasury to deposit directly to that account instead — provide the account details on FS Form 1522.
What if my bond certificate is water-damaged or faded?
A bank may refuse it. Send it to the Treasury by mail instead. Even if the certificate is hard to read, the Treasury can often verify it using the serial number and other details. Include a note explaining the damage so they know to look carefully.