You can cash savings bonds at a bank, credit union, or the U.S. Treasury without having an account
You do not need a bank account to cash a savings bond. The U.S. Treasury will redeem bonds directly through their TreasuryDirect website or by mail, most banks will cash them even if you are not a customer, and credit unions often do the same. The catch is that each route has different requirements and timelines, and some methods cost money if you do not have an account.
The fastest and cheapest option is usually the Treasury itself, which takes about five business days and costs nothing. If you need cash the same day, a bank or credit union that knows you is your best bet, though you may pay a fee or face a wait while they verify the bond is real.
Key Takeaways
- The U.S. Treasury redeems savings bonds directly through TreasuryDirect online or by mail, with no account required and no fees.
- Banks and credit unions will cash savings bonds for non-customers, but may charge a fee ($5 to $25 is common) or require you to open an account.
- You will need the physical bond, proof of identity, and proof of ownership (your Social Security number matches the bond).
- Treasury redemption takes five to ten business days; same-day cashing at a bank is possible but less common for non-customers.
- If the bond is in someone else's name or you inherited it, the process changes and may require additional paperwork.
Cashing bonds through the U.S. Treasury (no account needed)
The Treasury Department will redeem Series EE, Series I, and Series HH savings bonds directly. You can do this online through TreasuryDirect if you have an account there (which is free and separate from a bank account), or by mail if you do not. The online route is faster and has no fees.
To redeem online, you create a TreasuryDirect account with your email, Social Security number, and a password. You then upload an image of the front and back of the bond. The Treasury verifies ownership and deposits the money to a bank account you provide — this does not have to be your own account; you can use a friend's or family member's account, or even a prepaid card account that accepts direct deposits. The process takes five to ten business days.
If you do not want to create an online account, you can mail the bond to the Treasury with a form. You will need to fill out Form PD 1522 (for Series EE and I bonds) or Form PD 1523 (for Series HH bonds), include a photocopy of your ID, and mail everything to the Bureau of the Fiscal Service in Parkersburg, West Virginia. Include a note with the bank account or address where you want the money sent. This takes two to three weeks.
Cashing bonds at a bank or credit union (fastest if you have ID)
Most banks and credit unions will cash savings bonds for anyone with a valid ID, whether or not you have an account there. Call ahead to confirm they do this — some smaller branches do not keep the cash on hand or have stopped offering the service. Large national banks like Bank of America, Chase, and Wells Fargo typically do it, as do most credit unions.
If you are a customer, the process is usually free and takes a few minutes. The teller will examine the bond, check that your ID matches the name on the bond, and verify the bond's authenticity (usually by calling a verification line). You walk out with cash the same day.
If you are not a customer, expect a fee of $5 to $25, depending on the bank. Some banks will waive the fee if you open an account on the spot; others will refuse to cash it for non-customers at all. A few will cash it but require you to wait while they verify it is real, which can take 24 hours or longer. Credit unions are often more flexible with non-members, especially if you live in their service area.
What you need to bring to cash a bond
Bring the physical bond itself — you cannot cash a bond with just the serial number or a photocopy. Bring a government-issued photo ID (driver's license, passport, or state ID). The name on your ID must match the name printed on the bond.
If the bond is in your name and you are the registered owner, that is all you need. If you are cashing it at the Treasury by mail, also include a photocopy of your ID and the appropriate form (PD 1522 or PD 1523).
If the bond is in someone else's name — a parent, grandparent, or spouse — the process is different. The registered owner must be present to sign the back of the bond, or they must sign a power of attorney form authorizing you to cash it. If the owner is deceased, you will need a death certificate and proof that you are the heir or executor of the estate. This is handled differently at each bank, so call ahead.
Comparing the three routes: speed, cost, and what works best
| Route | Speed | Cost | What you need | Best for |
|---|---|---|---|---|
| TreasuryDirect online | 5–10 business days | Free | Email, Social Security number, access to a bank account for deposit | No rush, want to avoid fees |
| Treasury by mail | 2–3 weeks | Free | Physical bond, ID photocopy, completed form, postage | No internet access or no bank account at all |
| Bank or credit union (customer) | Same day | Free | Physical bond, photo ID | Need cash today and have an account |
| Bank or credit union (non-customer) | Same day to 24 hours | $5–$25 | Physical bond, photo ID | Need cash today but do not have a bank account |
What to do if the bond is old or damaged
Savings bonds do not expire — you can cash a bond issued 50 years ago at full value. However, if the bond is damaged, faded, or torn, the bank or Treasury may refuse it or ask for additional proof of authenticity.
If a bank refuses a damaged bond, try the Treasury instead. Mail it with a letter explaining the damage and your ID photocopy. The Treasury is more flexible about condition because they can verify ownership through their records. If the bond is so damaged that the serial number is illegible, contact the Treasury directly at 844-284-2676 (TreasuryDirect customer service) to ask what documentation they need.
If you have lost the physical bond but remember the serial number, you cannot cash it without the actual bond. However, you can contact the Treasury to request a replacement. This requires proof of ownership (your Social Security number and the original purchase information) and takes several weeks.
Cashing bonds held in someone else's name or inherited bonds
If the bond is registered in someone else's name, that person must authorize the cash-out. They can do this by signing the back of the bond in front of a bank teller or notary, or by signing a power of attorney form that you bring to the bank or Treasury.
If the bond owner has died, you will need a death certificate and proof that you are authorized to handle their estate — usually an executor's letter from probate court or a copy of the will. Some banks will not handle inherited bonds and will direct you to the Treasury instead. The Treasury process for inherited bonds is the same as the mail-in process, but you include the death certificate and your proof of relationship or authority.
If the bond is in a child's name and a parent wants to cash it, the parent must have signed the bond as the custodian when it was purchased. If they did not, the child (or the child's legal guardian) must authorize the cash-out.
Frequently Asked Questions
Can I cash a savings bond at any bank, or only my own bank?
Most banks will cash savings bonds for anyone with a valid ID, but call ahead to confirm. Some smaller branches or credit unions may refuse non-customers. If your bank says no, try a larger branch of the same bank or a different bank in your area. The Treasury will always cash it, though it takes longer.
What if the bank says the bond is fake or will not verify it?
Ask the bank what they need to verify it — some call a verification line, others send it to a back office. If they refuse, do not leave the bond with them. Take it to the Treasury by mail instead, where you can include a letter explaining the situation. The Treasury has access to all bond records and can verify authenticity.
Can I cash a bond if I do not have a photo ID?
Banks require photo ID. If you do not have one, the Treasury will accept other forms of identification by mail — a birth certificate, Social Security card, or utility bill with your name on it, plus a letter explaining why you do not have photo ID. Call the Treasury at 844-284-2676 before mailing to confirm what they will accept.
Do I have to cash the entire bond, or can I cash part of it?
You must cash the entire bond. You cannot split a bond or cash half of it. If you need only part of the value, you still receive the full amount and keep the rest.
What happens if I cash a bond and then find out I owed it to someone else?
Once cashed, the bond is gone and the money is yours legally. However, if someone else had a legal claim to it (a creditor, a co-owner, or an heir), they may pursue you for the money separately. If you are unsure who owns the bond, contact the Treasury or a lawyer before cashing it.