Most banks will cash a savings bond, but not all locations do it the same way

You can walk into most major banks and cash a US savings bond at the teller window, but the process and restrictions vary by bank and by bond type. Some banks cash bonds for account holders only. Others require the bond to be registered in your name. A few have stopped cashing them altogether and will direct you to the Federal Reserve or the Treasury Department instead. Knowing which banks in your area actually do this, and what documents you need, saves you a trip.

The safest approach is to call ahead. Ask specifically: "Do you cash US savings bonds for non-customers?" and "What do I need to bring?" This takes five minutes and tells you whether to go there or find another option.

Key Takeaways

  • Major banks like Bank of America, Wells Fargo, and Chase typically cash savings bonds at the teller window, but policies vary by location and bond type.
  • You will need to bring the physical bond, a government-issued photo ID, and proof that the bond is registered in your name or that you are an authorized owner.
  • Some banks only cash bonds for their own account holders, so calling ahead to confirm your specific branch's policy takes the guesswork out.
  • If your bank refuses or you do not have a bank account, the Federal Reserve and the Treasury Department's Savings Bond Program both cash bonds by mail.
  • Savings bonds must have reached their final maturity date or you must be past the initial holding period to cash them without penalty.

Which major banks cash savings bonds

Bank of America, Wells Fargo, Chase, and Citibank all cash US savings bonds at most of their branches, though individual locations may have different rules. Community banks and credit unions vary widely — some do it routinely, others do not. The policy can even differ between branches of the same bank, so a call to your local branch is the only way to be certain.

If you do not have a bank account anywhere, or if your bank refuses, you have two federal options: mail the bond to the Federal Reserve Bank in your region with a form, or contact the Treasury Department's Savings Bond Program directly. Both are free, but both take longer than walking into a bank.

What you need to bring to cash a bond in person

Bring the physical bond itself — you cannot cash a bond online or by phone at a bank. Bring a government-issued photo ID (driver's license, passport, or state ID). Bring proof that the bond is in your name or that you are an authorized owner. This proof is usually the bond certificate itself, which shows the registered owner.

If the bond is registered to someone else and you are cashing it on their behalf, bring a signed power of attorney or a letter from the owner authorizing you to cash it, plus your ID and theirs. If the bond is registered to a minor and a parent or guardian is cashing it, bring the birth certificate or guardianship papers along with the adult's ID.

Some banks also ask for your Social Security number or tax ID. This is normal — the bank reports the interest earned on the bond to the IRS, and they need this to match the report to your tax return.

Timing and hold periods for different bond types

Series EE bonds and Series I bonds cannot be cashed for the first year you own them. After one year, you can cash them, but if you cash them before five years have passed, you lose the last three months of interest as a penalty. After five years, there is no penalty.

Series HH bonds and older bond types have their own rules. If you are unsure whether your bond has reached the point where you can cash it without penalty, check the Treasury Department's Savings Bond Program website or ask the bank teller — they can look up the bond's issue date and tell you what applies.

Cashing bonds by mail through the Federal Reserve

If no bank near you cashes bonds, or if you prefer not to go in person, you can mail the bond to the Federal Reserve Bank that serves your region. You will need to fill out a form (the Federal Reserve provides this), include a copy of your ID, and mail the bond and form together. The Federal Reserve will send you a check in the mail.

This process typically takes two to four weeks. You can find the Federal Reserve Bank for your region and read the form on the Federal Reserve's website. Include a return address and consider sending it certified mail so you have proof of delivery.

Cashing bonds through the Treasury Department

The Treasury Department's Savings Bond Program can also cash bonds by mail. You contact them through their website or by phone, and they will send you instructions and the required form. Like the Federal Reserve route, this takes several weeks and requires you to mail in the physical bond.

This option is useful if you have lost track of which Federal Reserve region serves you, or if you prefer dealing directly with the Treasury. The process is similar to the Federal Reserve method — you fill out a form, include a copy of your ID, and mail everything in.

What to do if a bank refuses to cash your bond

If a bank tells you they do not cash savings bonds, ask whether they can refer you to another branch or another bank in the area that does. Some banks have stopped offering this service to reduce teller workload, but they often know which competitors still do it.

If no local bank will help, use the Federal Reserve or Treasury Department mail-in option. It takes longer, but it is free and reliable. Do not try to sell the bond to a third party or use an online bond-cashing service — these often charge fees or ask for personal information you should not share.

Frequently Asked Questions

Can I cash a savings bond if it is not in my name?

Only if you have written permission from the owner. Bring a signed letter from the owner authorizing you to cash it, plus both your ID and a copy of theirs. If the owner is deceased, the process is more complex — contact the Federal Reserve or Treasury Department for instructions on how to handle an inherited bond.

Do I have to cash the whole bond at once?

Yes. You cannot cash part of a bond and keep the rest. When you cash it, you receive the full value plus any accrued interest, and the bond is gone. If you only need part of the money, consider whether you want to cash it yet.

What if I lost my savings bond?

Contact the Treasury Department's Savings Bond Program. They can look up the bond by serial number if you have the paperwork from when you bought it, and they can issue a replacement. If you have no record of the bond at all, they may not be able to help, but it is worth asking.

Will the bank charge me a fee to cash a savings bond?

No. Banks do not charge to cash US savings bonds. If someone offers to cash your bond for a fee, that is a scam. The only costs are the interest penalty if you cash before five years (for Series EE and I bonds), which is built into the bond itself, not charged by the bank.

Can I cash a savings bond at an ATM or online?

No. Savings bonds must be cashed in person at a bank teller window or by mail through the Federal Reserve or Treasury Department. There is no online or ATM option.