You can cash savings bonds at a bank, credit union, or the U.S. Treasury without having an account

A savings bond is a loan you give to the U.S. government that pays you back with interest after a set time. When you're ready to cash one, you don't need a bank account — you have several options. Banks and credit unions will cash them for non-customers, the U.S. Treasury will process them by mail, and some employers or payroll services can handle them too.

The fastest route is usually a bank or credit union near you. Most will cash savings bonds for anyone, account holder or not, though some may ask for identification and may charge a small fee. If you prefer not to visit a bank, you can mail your bond directly to the U.S. Treasury and receive a check by mail, which takes longer but costs nothing.

Key Takeaways

  • Banks and credit unions cash savings bonds for non-customers, though some charge a fee and may require identification.
  • The U.S. Treasury will cash your bond by mail if you send it with a completed form and a copy of your ID, with payment arriving in about four weeks.
  • Your employer's payroll department or a payroll service can sometimes deposit the bond proceeds directly into a checking or savings account you may have elsewhere.
  • You will need the physical bond certificate and proof of identity; bonds held electronically through TreasuryDirect can only be cashed through that website.
  • Savings bonds stop earning interest after 30 years, so cashing an old bond does not cost you future earnings if it has reached that age.

Cashing a bond at a bank or credit union

Walk into any bank or credit union with your bond certificate and a photo ID. The teller will verify that the bond is genuine, check that it has reached its maturity date (the earliest date you can cash it), and process the payment. Most institutions will give you cash on the spot or deposit the money into an account if you have one elsewhere.

Call ahead to confirm the branch handles savings bonds — some smaller locations do not. A few banks charge a fee to cash bonds for non-customers, typically between $5 and $15. Ask about this when you call. If the branch turns you away, try another bank or a credit union in your area; credit unions are often more flexible about cashing bonds for non-members.

Bring the original bond certificate. If you have lost it, you will need to contact the U.S. Treasury to request a replacement before you can cash it anywhere.

Mailing your bond to the U.S. Treasury

If you prefer not to visit a bank, you can send your bond directly to the Bureau of the Fiscal Service, which is the U.S. Treasury office that handles savings bonds. You will need to complete Form PD 1239 (Statement Regarding Inherited Savings Bonds) or Form PD 1948 (Claim for Payment of Savings Bond), depending on whether you inherited the bond or own it yourself. Both forms are free and available on the Treasury website.

Include the completed form, your original bond certificate, a photocopy of your ID, and a letter with your name, address, and the reason you are cashing the bond. Mail everything to the address listed on the form. The Treasury will verify the bond, process your claim, and mail you a check. This process takes about three to four weeks.

Do not send cash or use registered mail unless you are sending a large number of bonds. Regular mail is sufficient and costs less. Keep a copy of everything you send in case the Treasury needs to contact you with questions.

Cashing electronic bonds through TreasuryDirect

If your bond is held in a TreasuryDirect account (the Treasury's online system for holding bonds electronically), you cannot cash it at a bank. You must log into your TreasuryDirect account online, select the bond you want to redeem, and request payment. The Treasury will deposit the money into a U.S. bank account you have registered with them.

If you do not have a bank account to link to TreasuryDirect, you will need to open one first — even a basic checking account will work. Some banks and credit unions offer accounts with no minimum balance or monthly fee, which may be worth exploring if you are opening an account solely to receive this payment.

Alternatively, you can contact TreasuryDirect by phone at 844-284-2676 and ask about other payment options, though electronic deposit is the standard method.

What you need before you cash a bond

You will need the physical bond certificate itself — a paper document issued by the Treasury. If your bond is electronic (held in TreasuryDirect), follow the process described above instead. You will also need a photo ID such as a driver's license, passport, or state ID card. Some institutions may ask for a second form of ID or proof of address.

Check the maturity date on your bond before you attempt to cash it. Savings bonds cannot be cashed before they reach maturity, which is usually 20 to 30 years after issue. The maturity date is printed on the certificate. If your bond has not yet matured, you will have to wait or contact the Treasury to ask about early redemption options, which may result in a penalty.

What happens if your bond is lost or damaged

If your bond certificate is lost, stolen, or too damaged to read, contact the Bureau of the Fiscal Service at 844-284-2676 or visit the Treasury website. You will need to provide the bond's serial number (if you have it), the issue date, and the denomination. The Treasury can issue a replacement certificate, though this process takes several weeks.

If the certificate is damaged but still readable, most banks will still cash it. If you are unsure whether damage will prevent cashing, contact the Treasury or call a bank ahead of time to ask.

Frequently Asked Questions

Can I cash someone else's savings bond?

Only if you are the registered owner or the bond is payable to you. If you inherited a bond, you may be able to cash it, but you will need to provide proof of inheritance and may need to complete additional paperwork. Contact the Treasury or the bank for guidance on your specific situation.

What if my bond has not reached maturity yet?

You cannot cash it at a bank or through the Treasury until it matures. However, you may be able to redeem it early by contacting the Treasury directly. Early redemption usually means you forfeit the last three months of interest, so you will receive less than the full value.

Do I have to pay taxes on the money from a cashed savings bond?

Yes. The interest you earned on the bond is taxable income in the year you cash it. You will receive a Form 1099-INT from the Treasury showing the interest amount, which you report on your tax return. The principal (the amount you originally paid for the bond) is not taxable.

How long does it take to get my money?

At a bank or credit union, you usually receive cash or a deposit the same day. By mail through the Treasury, expect three to four weeks. Through TreasuryDirect, the deposit typically arrives within one to two business days of your request.

What if a bank refuses to cash my bond?

Try another bank or credit union — policies vary. If multiple institutions refuse, contact the Treasury directly by phone or mail. The Treasury can always cash your bond, though it takes longer than a bank visit.