Most banks will cash Series EE and Series I savings bonds, but not all branches handle them the same way
Your bank can cash a savings bond, but the process depends on which bank you use and what type of bond you hold. Large national banks like Bank of America, Wells Fargo, and Chase will cash them at most branches. Credit unions and smaller regional banks often cash them too, though some require you to be a customer first. The bond must be in your name or co-owned with you, and you'll need to bring the physical bond certificate and a valid ID.
The catch: not every branch of a large bank handles bond redemptions. Some branches refer you to a specific location or ask you to mail the bond in. Call ahead before you go, because showing up without confirmation can waste a trip. If your bank won't cash it, the U.S. Treasury will always redeem it directly, though that takes longer.
Key Takeaways
- National banks and most credit unions will cash savings bonds if you're a customer, but call your specific branch first to confirm they handle redemptions.
- You need the physical bond certificate, a valid ID, and proof that the bond is in your name or co-owned with you.
- Some banks charge a small fee to cash a bond, while others do it free for customers; ask before you hand over the bond.
- If your bank refuses, the U.S. Treasury will redeem the bond by mail, but the process takes two to four weeks.
What you need to bring to the bank
The bond itself is the first requirement—the physical paper certificate. You cannot cash a bond online or over the phone at a bank, and you cannot use a scanned copy. The bond must be in your possession and unaltered. If it's damaged, creased, or torn, some banks will still cash it, but others may refuse. If the damage is severe, contact the Treasury directly.
Bring a government-issued photo ID: a driver's license, passport, or state ID card. The name on your ID should match the name on the bond. If you're cashing a bond that's registered to someone else but you're listed as a co-owner, bring both your ID and documentation showing you have the right to redeem it—usually the bond itself shows this. If you're the executor of an estate or a guardian cashing a bond for a minor, bring the relevant legal documents (death certificate, court order, or guardianship papers).
How banks handle the redemption
When you hand the bond to a bank teller, they verify the bond number, the face value, and the current redemption value. For Series EE bonds, the redemption value depends on how long you've held it—the longer you hold it, the more it's worth. For Series I bonds, the value includes the interest rate that was in effect when you bought it plus the current inflation rate. The bank looks this up in a Treasury database or calls the Treasury directly.
The teller then deposits the cash into your account or hands you a check. If you're not a customer, most banks will issue a check instead. The whole process usually takes 10 to 15 minutes, though some banks take longer if they have to verify the bond with the Treasury. You'll receive a receipt showing the bond number, the redemption value, and the date.
Banks that typically cash savings bonds
| Bank Type | Will Cash Bonds | Notes |
|---|---|---|
| Large national banks (Bank of America, Wells Fargo, Chase, Citibank) | Yes, usually | Most branches handle them, but call ahead. Some charge a small fee for non-customers. |
| Regional and mid-size banks | Often | Varies by bank and branch. Ask your branch manager if unsure. |
| Credit unions | Often | Many do, especially if you're a member. Non-members may be turned away. |
| Online banks (Ally, Charles Schwab, etc.) | No | They have no physical branches. You must use another bank or the Treasury. |
| U.S. Treasury | Yes, always | Mail the bond to the Bureau of the Fiscal Service. Takes 2–4 weeks. |
Fees and what happens if your bank refuses
Most banks cash savings bonds free for customers. Non-customers may face a small fee—typically $5 to $15—though many banks waive it. Ask the teller before they process the redemption. If a bank refuses to cash the bond entirely, they must tell you why. Common reasons include: the bond is damaged beyond recognition, the name on the bond doesn't match your ID, or the branch doesn't handle bond redemptions.
If your bank won't cash it, you have two options. First, try another bank—especially a large national bank or credit union in your area. Second, redeem it directly through the Treasury. Go to treasurydirect.gov, read the form FS Form 1522 (for Series EE bonds) or FS Form 1522-I (for Series I bonds), and mail the bond with the completed form to the Bureau of the Fiscal Service. Include a copy of your ID. The Treasury will mail you a check within two to four weeks. This route costs nothing and always works, but it's slower.
What happens if the bond is lost or destroyed
If you've lost the physical bond certificate, you cannot take it to a bank. Instead, contact the Treasury directly. You'll need to file a claim with the Bureau of the Fiscal Service, which requires proof of ownership—usually your purchase records or tax documents showing you bought the bond. The process takes several weeks and involves paperwork, but the Treasury can issue a replacement or redeem the bond without the certificate.
If the bond is destroyed (fire, water damage, etc.), the same process applies. Bring whatever remains of the bond to the Treasury along with an affidavit explaining what happened. If nothing remains, bring your purchase documentation instead. The Treasury keeps records of all bonds issued, so they can verify ownership and process the redemption.
Savings bonds and your bank account
When a bank cashes a savings bond, the money goes into your account as a deposit. If you're a customer, the teller can deposit it directly. If you're not a customer, you'll receive a check, which you can deposit into any account you own. The redemption value is treated as income for tax purposes in the year you redeem it, though you may have already paid tax on it when you filed your return in previous years (depending on how you reported the bond's interest).
Keep the receipt from the redemption. It shows the bond number, the redemption value, and the date. You'll need this for your tax records, especially if the bond earned a large amount of interest. If you're unsure whether you've already paid tax on the bond's earnings, contact a tax professional or the IRS before you redeem it.
Frequently Asked Questions
Can I cash a savings bond at any bank branch?
Not necessarily. Large national banks usually handle them at most branches, but some branches refer you elsewhere or require an appointment. Credit unions and smaller banks may limit redemptions to certain locations. Always call your specific branch first to confirm they cash bonds.
What if the name on the bond doesn't match my current ID?
If you changed your name (marriage, legal change, etc.), bring both your old and new ID, or bring a marriage certificate or court order showing the name change. The bank will verify that you're the same person. If the bond is in someone else's name entirely, you cannot cash it unless you're listed as a co-owner on the bond itself.
Do I have to be a customer to cash a bond at a bank?
No, but non-customers may face a small fee or be offered a check instead of a direct deposit. Some banks refuse to cash bonds for non-customers. Call ahead and ask. If your bank won't do it, try another bank or redeem through the Treasury.
How long does it take to cash a savings bond at a bank?
The teller usually processes it in 10 to 15 minutes. If the bank has to verify the bond with the Treasury, it may take longer—up to an hour in rare cases. The money appears in your account when ready if deposited, or you receive a check on the spot.
What's the difference between cashing a bond at a bank and redeeming it through the Treasury?
A bank is faster (minutes instead of weeks) and more convenient if you have a local branch. The Treasury is free and always available, but takes two to four weeks by mail. Both methods give you the same redemption value. Use the bank if you need the money soon; use the Treasury if your bank refuses or you prefer to avoid a fee.