How to Cash Savings Bonds Without a Bank Account

You can cash savings bonds at most banks even without an account, or through the U.S. Treasury directly

You do not need a bank account to cash a savings bond. The U.S. Treasury will redeem bonds directly through their TreasuryDirect website or by mail, and most banks will cash them for non-customers as well — though some charge a fee or have restrictions. The method you choose depends on which type of bond you hold, whether you have the physical certificate or a digital record, and how quickly you need the money.

The fastest route is usually a bank where you have a relationship with someone (a friend, family member, or employer who banks there), because they can often process it same-day. If that is not an option, the Treasury's direct redemption process takes about two weeks but costs nothing and requires no account.

Key Takeaways

Banks will cash savings bonds for non-customers, but policies vary — some charge $5 to $15, some require you to be a customer, and some have daily limits on how much they will redeem.
Series EE and I bonds held digitally in TreasuryDirect can be cashed online through your Treasury account without visiting a bank at all.
Physical paper bonds require either a bank teller or the Treasury to process, and the Treasury route takes two to three weeks by mail.
If you lost or damaged a physical bond, you can request a replacement from the Treasury, but the process takes several weeks and requires proof of purchase or ownership.
Some credit unions and check-cashing services will redeem bonds, but banks remain the most reliable option for non-account holders.

Cashing digital bonds through TreasuryDirect

If your savings bonds are registered in TreasuryDirect — the Treasury's online system — you can redeem them without leaving home or visiting a bank. You log into your account, select the bonds you want to cash, and request redemption. The Treasury deposits the money into a U.S. bank account within one to three business days.

This method works only for Series EE and Series I bonds purchased after 2003. You will need the bank account information where you want the deposit sent, but that account does not have to be in your name — you can direct the payment to a family member's account or a joint account. If you do not have any U.S. bank account at all, you will need to use one of the other methods below.

To set up a TreasuryDirect account if you do not have one, you need a Social Security number, a valid email address, and online access to a U.S. bank account (to verify your identity). Once your account is created, you can manage all your digital bonds from there.

Cashing paper bonds at a bank without an account

Most banks will cash paper savings bonds for non-customers, but the experience varies widely. Call ahead to the specific branch where you plan to go — do not assume all branches of the same bank follow the same policy. Ask whether they cash bonds, whether there is a fee, whether you need an ID, and whether they have a daily limit.

Bring your physical bond certificate and a government-issued ID (driver's license, passport, or state ID). Some banks will ask you to sign the back of the bond in front of the teller. If the bond is in someone else's name, you will need that person present with their ID, or you will need a power of attorney or court order authorizing you to cash it on their behalf.

Fees range from nothing to $15, depending on the bank. Large national banks like Bank of America, Wells Fargo, and Chase typically charge $5 to $10 or waive the fee if you open an account. Smaller regional banks and credit unions are sometimes more flexible. If the bank refuses to cash it, try another bank — there is no rule that says they must, and policies are set locally.

Redeeming bonds directly through the U.S. Treasury by mail

If you cannot find a bank willing to cash your bond, or if you prefer not to visit one, you can mail your paper bond to the Treasury and they will send you a check. This process takes two to three weeks from the date they receive your package.

Send your bond certificate and a completed FS Form 1522 (Request for Payment of Savings Bond) to the Treasury Retail Securities Site. Include a copy of your ID and a letter explaining that you are requesting redemption. Do not send the original ID — send a photocopy. Mail everything certified with return receipt so you have proof of delivery.

The Treasury's mailing address is: Bureau of the Fiscal Service, Retail Securities Site, 200 Third Street, Parkersburg, WV 26106-1328. You can read Form 1522 from the Treasury website or request it by phone. The Treasury will mail you a check to the address you provide, which you can then deposit at any bank or cash at a check-cashing service.

What to do if your bond is lost, damaged, or in someone else's name

If your paper bond is damaged but still readable, most banks will still cash it. If it is torn, water-damaged, or illegible, the bank may refuse it and direct you to the Treasury. In that case, you can request a replacement bond through the Treasury using Form 1048, which takes four to six weeks.

If the bond is in a deceased person's name, you will need to provide a death certificate and proof that you are authorized to act on their behalf (such as being named executor in their will, or a court order). If the bond is in someone else's name and you are not authorized to cash it, you cannot redeem it — the owner or their legal representative must do so.

If your bond was lost or stolen, report it to the Treasury when ready. They can place a stop on it to prevent someone else from cashing it. You can then request a replacement, though you will need to provide proof of purchase or ownership (such as a receipt or bank statement showing the purchase).

Using check-cashing services and credit unions

If banks in your area are unwilling to cash your bond, check-cashing services and credit unions are alternatives. Credit unions are often more flexible than banks and may cash bonds for non-members, though they may charge a fee. Call ahead to confirm they will do this — not all credit unions offer the service.

Check-cashing services will cash bonds, but they typically charge a percentage of the amount (usually 1 to 3 percent) rather than a flat fee. This makes them more expensive than a bank for large bonds, but they may be your only option if no bank will help. Bring your bond certificate and a government-issued ID.

Understanding bond maturity and early redemption

Series EE bonds can be cashed anytime after one year, though if you cash them before five years have passed, you lose the last three months of interest. Series I bonds have a one-year holding period before you can cash them, and if you cash them before five years, you lose the last three months of interest as well. Series HH bonds and older series have different rules — check the Treasury website or call them to confirm the terms of your specific bond.

When you cash a bond, you will owe federal income tax on the interest you earned, but not on the principal (the amount you originally paid). The bank or Treasury will not withhold taxes — that is your responsibility when you file your tax return. Keep a record of the redemption amount and the date for your tax records.

Frequently Asked Questions

Can I cash someone else's savings bond if they give me permission?

Not without legal documentation. The person whose name is on the bond must be present with a government ID, or you need a power of attorney or court order. If the bondholder is deceased, you need a death certificate and proof that you are authorized to act on their behalf, such as being named in their will.

What if a bank tells me they will not cash my bond?

Try another bank — there is no requirement that they cash bonds. Credit unions and check-cashing services are alternatives. If none of those work, mail the bond to the Treasury using Form 1522. The process takes two to three weeks but will always work if the bond is valid.

Do I have to pay taxes when I cash a savings bond?

You will owe federal income tax on the interest earned, but not on the original amount you paid. The bank or Treasury will not withhold the tax — you report it when you file your tax return. Keep your redemption paperwork for your records.

How long does it take to get my money if I mail my bond to the Treasury?

Two to three weeks from the date they receive your package. Mail it certified with return receipt so you know when it arrives. The Treasury will send you a check to the address you provide, which you can deposit at any bank or cash at a check-cashing service.

Can I redeem a savings bond online if I do not have a TreasuryDirect account?

No. Online redemption is only available through TreasuryDirect for digital bonds. If you have a paper bond or a digital bond not in TreasuryDirect, you must use a bank, credit union, or mail it to the Treasury.

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.