Most banks will cash Series EE and Series I savings bonds, but not all branches handle them the same way
Your own bank is usually the fastest place to cash a savings bond, but the process depends on whether you own the bond in paper form or electronic form, and whether the bank knows you. Large national banks like Bank of America, Wells Fargo, and Chase cash savings bonds at most branches, but smaller regional banks and credit unions vary widely. Some will not cash them at all. The Federal Reserve Banks will cash any savings bond directly if your bank refuses, though that takes longer.
The key difference is paper bonds versus electronic bonds. Paper Series EE and Series I bonds issued before 2012 are physical certificates you hold. Electronic bonds, issued through TreasuryDirect since 2012, exist only in a digital account and cannot be cashed at a bank—you must redeem them through TreasuryDirect itself. If you have paper bonds, your bank can cash them. If you have electronic bonds, you cannot.
Key Takeaways
- Paper savings bonds can be cashed at most large national banks, but you must bring the physical bond certificate and a valid ID.
- Electronic savings bonds held in TreasuryDirect cannot be cashed at any bank and must be redeemed through your TreasuryDirect account online.
- Your own bank is faster than a Federal Reserve Bank, but some smaller banks and credit unions do not cash savings bonds at all—call ahead before you go.
- Banks may hold the funds for several business days while they verify the bond is genuine and not already redeemed.
- If your bank refuses, any Federal Reserve Bank will cash your paper bond, though the process takes one to two weeks.
How to cash a paper savings bond at your bank
Bring the physical bond certificate and a government-issued ID to any branch of your bank. The teller will verify that the bond has not already been cashed and that you are the registered owner or an authorized representative. If the bond is in both your name and someone else's name, both owners may need to be present, depending on how the bond was registered—ask your bank about this before you go.
The bank will then submit the bond to the Federal Reserve for verification, which typically takes three to five business days. During this time, the funds are held in a pending status. Once the Federal Reserve confirms the bond is legitimate and uncashed, the bank deposits the money into your account. Some banks charge a small fee for this service, though most do not—ask before you hand over the bond.
If the bond is very old or damaged, the bank may refuse to process it and direct you to the Federal Reserve instead. This is rare, but it happens. If your bank says no, do not assume all banks will say no—call another branch or a different bank before giving up.
Which large banks cash savings bonds
Bank of America, Wells Fargo, Chase, Citibank, and US Bank all cash Series EE and Series I paper bonds at their branches. These are the most common places people go, and they have the infrastructure to handle the Federal Reserve verification quickly. However, not every branch may be staffed to process bonds—some very small branches or kiosks may direct you elsewhere. Call your local branch first and confirm they handle savings bond redemptions.
Credit unions and smaller regional banks are less consistent. Some credit unions will cash bonds for members, but many will not. Community banks vary by institution. The safest approach is to call ahead and ask whether the branch handles savings bond redemptions. If they say no, ask if they can refer you to a branch that does, or move to the Federal Reserve option.
What happens if your bank will not cash the bond
If your bank refuses, you can take the bond directly to any Federal Reserve Bank. There are twelve Federal Reserve Banks across the United States, each serving a region. You can find the one nearest you on the Federal Reserve's website. Bring the bond certificate and a valid ID.
The Federal Reserve will verify the bond and mail you a check, which typically takes one to two weeks. Some Federal Reserve locations accept bonds by mail if you cannot visit in person—you will need to include a cover letter with your name, address, and the bond details, plus a photocopy of your ID. Call the Federal Reserve Bank in your region to confirm their current process and mailing address.
This route is slower than a bank, but it is free and will always work for legitimate paper bonds. It is also your only option if you have lost track of which bank you originally purchased the bond from.
Electronic savings bonds through TreasuryDirect
If you own Series EE or Series I bonds issued after 2012, they are held electronically in a TreasuryDirect account and cannot be cashed at any bank. You must redeem them through your TreasuryDirect account at treasurydirect.gov. Log in, select the bond you want to redeem, and request the redemption. The money is deposited into the bank account you have on file with TreasuryDirect, usually within one to three business days.
If you have forgotten your TreasuryDirect login or do not remember setting up an account, you can search for unclaimed savings bonds through the Treasury Hunt tool at treasurydirect.gov. This tool shows you any bonds registered in your name that may be held in old accounts you no longer access.
What to bring and what to expect
| Item | Why You Need It | Notes |
|---|---|---|
| The physical bond certificate | Proof you own the bond | Must be the original paper certificate, not a photocopy |
| Valid government ID | Proof of identity | Driver's license, passport, or state ID accepted |
| Bank account information (optional) | For direct deposit | Some banks ask which account to deposit into; have your account number ready |
| Both owners present (if applicable) | Verification of ownership | Required only if the bond is registered to two people; ask your bank first |
The teller will ask you to sign the back of the bond in their presence. They will then take the bond and submit it to the Federal Reserve. You will receive a receipt showing the bond serial number and the amount. The funds will appear in your account within three to five business days for a bank, or one to two weeks for a Federal Reserve Bank.
If the bond is very large, the bank may ask questions about the source of the funds for compliance reasons. This is normal and not a sign of a problem. Answer honestly and provide any documentation you have, such as old purchase receipts or statements showing when you bought the bond.
Bonds that are harder to cash
Bonds registered to two people with "or" between the names (meaning either owner can cash it) are usually straightforward. Bonds registered with "and" between the names (meaning both owners must agree) may require both owners to be present. Bonds registered to a deceased person require a death certificate and proof that you are the authorized heir or executor. Bonds registered to a minor require a parent or guardian to be present.
If your bond falls into one of these categories, call your bank or the Federal Reserve in advance and ask what documents you need to bring. Do not show up without confirming, because you may be turned away and have to make another trip.
Frequently Asked Questions
Can I cash a savings bond at any bank branch, or only at my own bank?
You can cash a paper savings bond at most large national bank branches, even if you do not have an account there. However, some banks prefer to cash bonds only for their own customers. Call ahead to confirm the branch will accept it. If they refuse, try another bank or go to the Federal Reserve.
How long does it take to get the money after I cash a savings bond?
At a bank, the funds usually appear in your account within three to five business days. At a Federal Reserve Bank, it takes one to two weeks. The delay is because the Federal Reserve must verify the bond is genuine and has not already been cashed.
What if I lost my savings bond certificate?
You cannot cash a lost bond at a bank. Contact the Treasury Department's Bureau of the Fiscal Service at 844-284-2676 or treasurydirect.gov to report the loss and request a replacement. The process takes several weeks. If the bond was issued after 2012, check your TreasuryDirect account first—it may still be there electronically.
Do I have to pay taxes when I cash a savings bond?
Yes, the interest earned on a savings bond is subject to federal income tax. You do not pay taxes when you cash it, but you must report the interest on your tax return for the year you redeem it. Keep the receipt from the bank or Federal Reserve showing the redemption amount.
Can I cash a savings bond at a credit union?
Some credit unions will cash savings bonds for members, but many do not. Call your credit union and ask. If they refuse, you can use a bank or the Federal Reserve instead.