You can cash savings bonds at a bank, credit union, or the U.S. Treasury — and you don't need an account at any of them

Savings bonds are issued by the U.S. Treasury and belong to you whether or not you have a bank account. When you're ready to cash one, you have three main routes: walk into a bank or credit union and ask them to redeem it, mail it to the Treasury Department, or use the Treasury's online system if the bond is registered in their system. The simplest route depends on whether you have the physical bond in your hand, how much time you have, and what kind of bond it is.

Banks and credit unions will cash savings bonds for non-customers, though some charge a small fee or require you to open an account. The Treasury will cash them by mail at no cost. If you've lost the bond or it's damaged, the process takes longer but is still possible.

Key Takeaways

  • Banks and credit unions cash savings bonds for anyone with the physical bond, regardless of whether you have an account there.
  • The Treasury Department will cash bonds by mail for free, though the process takes four to six weeks.
  • If you have a Series I or EE bond issued after 2003, you may be able to cash it online through TreasuryDirect without visiting anywhere in person.
  • Bring the bond itself, a photo ID, and your Social Security number when cashing in person.
  • If the bond is in someone else's name, that person must be present or you will need a power of attorney document.

Cashing bonds at a bank or credit union near you

Most banks and credit unions will redeem savings bonds for anyone who walks in with the bond and valid identification. You do not need to be a customer. Bring the physical bond, a government-issued photo ID (driver's license, passport, or state ID card), and your Social Security number. The teller will verify the bond is genuine, check that it has reached maturity (most savings bonds can be cashed after one year, though you may lose some interest if you cash before five years), and give you the cash or a check on the spot.

Call ahead before you go. Some branches cash bonds during business hours without appointment, while others ask you to schedule. A few banks charge a small fee — usually $5 to $15 — to redeem a bond that isn't from their institution, though many do it free. Credit unions are often more flexible about this and less likely to charge.

If the bond is in someone else's name, that person must come with you and bring their own ID. If they cannot come, you will need a power of attorney document signed by them and notarized. This is a legal form that gives you permission to act on their behalf. You can get a blank power of attorney form from a notary public or online, have the bond owner sign it in front of a notary, and bring both the form and the bond to the bank.

Mailing bonds directly to the Treasury Department

If you cannot reach a bank or credit union, or prefer not to, you can mail the bond to the Bureau of the Fiscal Service, which is the Treasury office that handles savings bonds. Send the bond, a completed form called FS Form 1522 (the "Request for Payment of Savings Bond"), a copy of your photo ID, and a letter stating your name, address, Social Security number, and the reason you're redeeming the bond. Mail everything to the address listed on the form — it varies by region.

The Treasury will send you a check in the mail, usually within four to six weeks. This route is free and requires no account. The downside is the wait. If you need cash sooner, a bank or credit union is faster.

You can read FS Form 1522 from the Treasury's website (treasurydirect.gov) or call the Bureau of the Fiscal Service at 844-284-2676 to request it by mail. Include a self-addressed stamped envelope if you want them to mail the form to you.

Using TreasuryDirect if your bond is registered online

If you own a Series I or EE bond issued after 2003 and it was registered in the TreasuryDirect system (the Treasury's online account platform), you can redeem it without leaving home. Log into your TreasuryDirect account at treasurydirect.gov, find the bond in your holdings, and request redemption. The money will be deposited into a U.S. bank account within a few business days.

This method requires that you have a bank account to receive the deposit — the Treasury will not send a check. If you don't have an account, you can open one at a bank or credit union first, then use this method. Many banks offer accounts with no minimum balance and no monthly fee, so this is worth considering even if you haven't had an account before.

If you don't know whether your bond is in TreasuryDirect, log into the system with your Social Security number and check. If the bond doesn't appear, it was either issued before 2003 or was never registered online, and you'll need to use one of the other methods.

What to do if the bond is lost, stolen, or damaged

A lost or stolen bond can still be redeemed, but the process is longer. Contact the Bureau of the Fiscal Service by phone at 844-284-2676 or by mail with proof that you owned the bond — this might be a receipt, a bank statement showing a deposit from bond redemption, or a letter from the person who gave it to you. The Treasury will search their records to confirm the bond exists and that you are the registered owner.

If the bond is damaged but still readable, most banks will still cash it. If it's too damaged to read, mail it to the Treasury with a letter explaining what happened. They may ask you to sign a statement under penalty of perjury confirming the bond's details.

Understanding maturity and early redemption penalties

Most savings bonds can be cashed after one year, but the interest you earn depends on how long you hold them. Series EE bonds, for example, are meant to be held for 20 years. If you cash one before five years, you lose the last three months of interest. After five years, you get the full interest earned. Series I bonds have a similar structure.

Before you redeem, ask the bank or the Treasury what the current value of your bond is. They can tell you exactly how much you'll receive. This matters because the interest rate on Series I bonds changes every six months, so two bonds of the same type issued at different times may have different values.

Frequently Asked Questions

Do I need to open a bank account to cash a savings bond?

No. You can walk into any bank or credit union with the bond and your ID, and they will cash it on the spot without requiring an account. You can also mail the bond to the Treasury Department. The only method that requires an account is redeeming online through TreasuryDirect.

What if I don't have a photo ID?

Banks typically require a government-issued photo ID to prevent fraud. If you don't have one, you can get a state ID card from your state's DMV or motor vehicle office — this is different from a driver's license and does not require you to drive. Bring proof of your address (a utility bill or lease) and your Social Security card or number.

Can I cash someone else's savings bond?

Only if that person is with you and brings their own ID, or if you have a notarized power of attorney document signed by them. The bond owner must authorize the redemption because the Treasury needs to confirm the person receiving the money is may have access to to it.

How long does it take to get the money?

At a bank or credit union, you get cash or a check when ready. By mail to the Treasury, expect four to six weeks. Through TreasuryDirect online, the deposit arrives within a few business days.

What happens if I cash the bond before it matures?

You will receive the current value of the bond, which may be less than the full maturity value because you lose some accrued interest. Most bonds can be cashed after one year without penalty, but cashing before five years means you forfeit the last three months of interest earned.