Most banks will cash savings bonds, but not all, and the rules depend on the bond type

You can cash a US savings bond at most banks and credit unions, but you need to bring the physical bond itself, a valid ID, and proof that you own it. Some banks have stopped cashing bonds altogether because the process is manual and time-consuming for them. Your best bet is to call your bank first and ask whether they cash savings bonds — if they do, ask what documents they need and whether there are any fees.

If your bank won't cash the bond, you have two other reliable options: the US Treasury's official website (treasurydirect.gov) or your local Federal Reserve Bank. Both will cash any legitimate US savings bond without fees, though the Treasury route takes longer because it happens by mail.

Key Takeaways

  • Call your bank before you go in — many banks still cash savings bonds, but some have stopped, and policies vary by branch.
  • You will need the physical bond, a government-issued ID, and sometimes a Social Security number or tax ID to prove ownership.
  • Series EE and Series I bonds (the most common types) can be cashed at any bank that offers the service, but older bond types have different rules.
  • If your bank declines, the US Treasury and your regional Federal Reserve Bank will cash any bond for free, though the Treasury process takes several weeks by mail.
  • Some banks charge a small fee to cash bonds, so ask about cost before you hand over the bond.

How to find a bank that cashes savings bonds

Start with your own bank or credit union. Call the main branch or visit in person and ask directly: "Do you cash US savings bonds?" If the answer is yes, ask what documents you need to bring. If the answer is no, ask whether they can refer you to another bank in their network that does.

If your bank doesn't know or won't help, try calling other banks in your area — larger regional banks are more likely to have the staff trained to handle bonds than very small community banks. When you call, have your bond in front of you so you can tell them the series (usually printed on the front: EE, I, or an older type like E or H) and the issue date. Some banks will only cash bonds issued within a certain number of years, though this is less common now.

If you have a relationship with a bank where you have a checking or savings account, that bank is your best first choice — they already have your ID on file and may waive fees for account holders.

What documents you need to bring

You will need three things: the bond itself (the physical paper certificate), a government-issued photo ID (driver's license, passport, or state ID), and proof of ownership. Proof of ownership usually means your Social Security number or tax ID, which the bank will verify against the name on the bond.

If the bond is in someone else's name, you cannot cash it unless you are the registered owner or the bond is payable to your estate. If the original owner has died, the process is more complex — you will need to work with the Treasury directly, and you may need to provide a death certificate and proof that you are an authorized heir.

Bring the bond in its original condition if possible. If it is torn, faded, or damaged, some banks will still cash it, but others will refuse and direct you to the Treasury. The Treasury can replace damaged bonds, but that process takes time.

Which bond types banks will and won't cash

Series EE and Series I bonds are the most common types sold today, and virtually every bank that cashes bonds will handle these. Series EE bonds are sold at a discount and grow to face value over 20 years. Series I bonds earn interest tied to inflation and are sold at face value. Both can be cashed at any participating bank once they are at least one year old.

Older bond types — Series E, Series H, and Savings Notes — are less common but still valid. Some banks will cash these, and some will not, because the older the bond, the more manual work the bank has to do to verify it. If your bank refuses an older bond, the Treasury will always cash it.

Bonds that have reached final maturity (the point at which they stop earning interest) can still be cashed, but the bank may ask additional questions to confirm the bond is no longer earning. The Treasury website lists when each series reaches final maturity if you are unsure.

What happens when you cash a bond at a bank

The teller will examine the bond, verify your ID, and record your information. They will then either cash it on the spot (if it is a common type like Series EE or I) or send it to the Federal Reserve for verification, which takes a few days to a week. You will receive a check or a deposit to your account, depending on what the bank offers.

Some banks charge a fee for this service — usually between $5 and $25 — so ask before you hand over the bond. If the fee seems high, you can decline and use the Treasury or Federal Reserve instead, both of which are free.

The bank will report the transaction to the IRS if the bond has earned more than $10 in interest, so you will receive a 1099-INT form at tax time. This is normal and expected — the interest you earned on the bond is taxable income in the year you cash it (or the year it matures, if you cash it after maturity).

Using the US Treasury to cash a bond by mail

If no bank in your area will cash your bond, or if you prefer not to visit a bank, you can mail the bond directly to the Treasury. Visit treasurydirect.gov and look for the "Redeem Savings Bonds" section, which will give you the address to send the bond and the form you need to fill out.

You will need to complete a form (usually FS Form 1522 for Series EE and I bonds), include a copy of your ID, and mail everything to the address listed on the Treasury website. The Treasury will verify the bond, calculate any interest owed, and mail you a check. This process takes four to six weeks, sometimes longer during busy periods.

There is no fee for this service, and the Treasury will handle any bond type, including older series that banks may refuse. If the bond is damaged or you have questions about ownership, the Treasury can also help you sort that out before you cash it.

Cashing bonds at a Federal Reserve Bank

You can also visit your regional Federal Reserve Bank in person to cash a savings bond. Federal Reserve Banks are located in major cities across the country, and they handle bond redemptions as part of their public services. Call the Federal Reserve Bank nearest you to ask about their hours and whether you need an appointment.

Bring the same documents you would bring to a bank: the bond, your ID, and proof of ownership. The Federal Reserve will cash any legitimate US savings bond on the spot, with no fees. This is often faster than the Treasury mail process if you live near a Federal Reserve location.

You can find the Federal Reserve Bank nearest you on the Federal Reserve's website (federalreserve.gov). Look for the "Banking Information" or "Regional Banks" section, which lists all 12 regional Federal Reserve Banks and their branch locations.

Frequently Asked Questions

Can I cash a savings bond online?

No. You cannot cash a physical savings bond online. You must either visit a bank or Federal Reserve in person, or mail the bond to the US Treasury. If you own a digital savings bond (purchased through TreasuryDirect), you can redeem it online through your TreasuryDirect account.

What if my bank says they don't cash savings bonds anymore?

This is becoming more common. Ask the teller whether they can refer you to another bank in their network, or call a larger regional bank in your area. If no bank will help, the US Treasury and your regional Federal Reserve Bank will both cash it for free — the Treasury by mail, the Federal Reserve in person.

Do I have to pay taxes on the interest when I cash a bond?

Yes. The interest you earned on the bond is taxable income in the year you cash it. The bank or Treasury will report this to the IRS, and you will receive a 1099-INT form. You report this interest on your tax return like any other income.

Can I cash a savings bond that belongs to my child?

Only if you are the registered owner or the bond is payable to you. If the bond is in your child's name only, your child must be present with ID to cash it, or you must have legal guardianship and bring proof. If your child is a minor, some banks will not cash the bond at all and will direct you to the Treasury.

How long does it take to get the money after I cash a bond?

At a bank or Federal Reserve, you usually receive a check or deposit the same day or within one business day. If you mail the bond to the Treasury, expect four to six weeks. If the bond is damaged or there are questions about ownership, the Treasury may take longer.