You can cash a savings bond at a bank or credit union where you don't have an account, but the process and your options depend on the bond type and issuer
A savings bond issued by the U.S. Treasury can be cashed at most banks and credit unions, even if you have no account there. The Treasury also runs its own redemption system online. However, not every institution accepts bonds from non-customers, and some charge fees. The fastest route is usually the bank or credit union where the bond was originally issued, if you know it. If you don't, the Treasury's TreasuryDirect website or a call to their customer service line will tell you your options and current redemption value.
The actual mechanics depend on whether your bond is a paper bond (Series EE, Series I, or older Series HH) or a digital bond held in TreasuryDirect. Paper bonds can be cashed at a physical location. Digital bonds must be redeemed through TreasuryDirect itself, which requires setting up an account there—though not a bank account.
Key Takeaways
- Paper savings bonds can be cashed at most banks and credit unions without an account, but you will need to show government-issued photo ID and the bond itself.
- Digital bonds held in TreasuryDirect cannot be cashed in person; you must redeem them through the TreasuryDirect website, which requires creating a free TreasuryDirect account.
- Some banks charge a fee to cash bonds from non-customers, typically $5 to $25, so calling ahead to ask about fees and hours is worth the time.
- The Treasury's customer service line (1-844-284-2676) can tell you the current redemption value of a paper bond and which banks in your area will cash it without a fee.
- If a bond is more than five years old, you will receive the full face value plus all accrued interest; bonds less than five years old may have a penalty that reduces the amount you receive.
Cashing a paper bond at a bank or credit union
Most banks and credit unions will cash a paper savings bond for a non-customer, though policies vary by institution. Call ahead to confirm the specific branch accepts bonds, because some do not. Bring your government-issued photo ID (driver's license, passport, or state ID card) and the bond itself. The teller will verify the bond's authenticity, check its current value using the Treasury's redemption tables, and issue you a check or cash.
The process usually takes 15 to 30 minutes. Some institutions require the bond to be endorsed (signed on the back) before they will cash it; others will have you sign it in front of them. If the bond is registered to two people, both may need to be present, or one person may need a signed authorization from the other—ask the bank about their specific rule.
Fees vary. Many banks charge nothing to cash a bond from a non-customer. Others charge $5 to $25 for the service. A few large banks have stopped cashing bonds from non-customers entirely, so if you have a choice of institutions, call multiple branches to compare.
Redeeming a digital bond through TreasuryDirect
If your bond is held in TreasuryDirect (the Treasury's online system), you cannot cash it in person at a bank. You must redeem it through the TreasuryDirect website itself. This requires creating a TreasuryDirect account if you do not already have one, which is free and separate from a bank account.
To set up a TreasuryDirect account, go to treasurydirect.gov, click "Open an Account," and provide your Social Security number, email address, and a password. You will also need to verify your identity using either a driver's license or passport. Once your account is active, you can log in, select the bond you want to redeem, and request the redemption. The Treasury will deposit the funds directly into a U.S. bank account you specify—you will need to provide routing and account numbers, but the account does not have to be in your name if you have authorization to use it.
Redemptions through TreasuryDirect typically process within one to three business days after you submit the request. There is no fee.
What you need to know about redemption value and timing
The amount you receive when you cash a bond depends on its age and type. Series EE bonds and Series I bonds earn interest monthly, and that interest is added to the bond's value. If you cash the bond before it has been held for five years, you will lose the last three months of interest as a penalty. If the bond is five years old or older, you receive the full face value plus all accrued interest with no penalty.
For example, a $100 Series EE bond purchased 10 years ago might be worth $180 or more, depending on the interest rate at the time of purchase. A $100 Series I bond purchased two years ago might be worth $108, but if you cash it before the five-year mark, you would receive $105 (losing three months of interest).
You can find the current redemption value of a paper bond by calling the Treasury at 1-844-284-2676 or by visiting treasurydirect.gov and using the Savings Bond Calculator. For a digital bond, log into your TreasuryDirect account and the current value will be displayed next to each bond.
Cashing a bond if you have lost the paper or don't know where it was issued
If you have a paper bond but it is damaged or you have lost it, you can request a replacement from the Treasury. Call 1-844-284-2676 with the bond's series, denomination, and serial number (if you have it). The Treasury will verify ownership and issue a replacement, which you can then cash at a bank.
If you do not know whether a bond was issued or where it is, the Treasury's "Savings Bond Search" tool on treasurydirect.gov can help. Enter your Social Security number and the system will show any bonds registered to you. If bonds appear in the search results, you can claim them and move them into your TreasuryDirect account, where you can then redeem them online.
Comparing your options: bank, credit union, or TreasuryDirect
| Method | Bond Type | Time to Cash | Fee | What You Need |
|---|---|---|---|---|
| Bank or credit union | Paper only | 15–30 minutes | $0–$25 | Photo ID, bond |
| TreasuryDirect website | Digital only | 1–3 business days | None | TreasuryDirect account, bank account for deposit |
| Treasury customer service | Paper or digital | Varies (mailed check) | None | Phone, bond info or SSN |
If you have a paper bond and need cash when ready, a bank or credit union is fastest. If you have a digital bond or prefer not to visit a physical location, TreasuryDirect is your only option and has no fee. If you cannot find your bond or need help locating it, the Treasury's customer service line can walk you through the search process.
Frequently Asked Questions
Do I need to bring anything besides the bond and my ID?
No. A government-issued photo ID and the bond itself are all most banks require. Some institutions may ask for a second form of ID or your Social Security number, so calling ahead to ask what they need will save time.
What if the bank says they won't cash my bond?
Some banks have stopped cashing bonds from non-customers. If that happens, try a different bank or credit union in your area, or call the Treasury at 1-844-284-2676 to find an institution nearby that will. You can also redeem the bond by mail through the Treasury if no local bank will cash it.
Can I cash someone else's bond?
Only if you are listed as a co-owner on the bond or have a signed power of attorney from the owner. If the bond is registered to one person only, that person must be present and sign it in front of the teller, or provide written authorization.
How do I know if my bond is worth more than I paid for it?
Use the Savings Bond Calculator at treasurydirect.gov. Enter the bond's series, denomination, and issue date, and it will show the current redemption value. You can also call the Treasury at 1-844-284-2676 with this information.
What happens if I cash a bond before five years?
You lose the last three months of interest. For example, if a bond is worth $110 but you cash it at four years and nine months, you receive $107. After five years, there is no penalty and you get the full value.