Where to cash savings bonds
Banks and credit unions, Treasury by mail, or TreasuryDirect: which bonds can go where, and what to bring.
Where you can cash a savings bond depends on two things: whether it is paper or electronic, and which series it is. Most paper bonds can go to a bank that offers the service or to Treasury by mail; electronic bonds are cashed only in TreasuryDirect; HH and the oldest series go only to Treasury. Every rule below is from TreasuryDirect.
- Paper EE and I bonds: at a bank or credit union where you have an account, if it cashes savings bonds, or by mail to Treasury with FS Form 1522 (TreasuryDirect).
- Electronic bonds: only in your TreasuryDirect account (ManageDirect, then Redeem securities), any amount of $25 or more (TreasuryDirect).
- HH bonds: by mail to Treasury only; they cannot be cashed at a bank (TreasuryDirect).
- Banks vary in how much they will cash at one time, or whether they cash savings bonds at all. By mail, Treasury has no limit on the value or number of bonds (TreasuryDirect).
- You do not have to convert paper bonds to electronic to cash them (TreasuryDirect).
Where each kind of bond can be cashed
| Bond | Where it can be cashed | Source |
|---|---|---|
| Paper Series EE or I | Bank or credit union that cashes bonds, or Treasury by mail (FS Form 1522) | TreasuryDirect |
| Paper Series E, Savings Notes | Bank or credit union that cashes bonds, or Treasury by mail (FS Form 1522) | TreasuryDirect, FS P 0022, FS Form 1522 |
| Electronic EE or I | Your TreasuryDirect account | TreasuryDirect |
| Series HH and H | Treasury by mail only (FS Form 1522) | TreasuryDirect, TreasuryDirect |
| Series A, B, C, D, F, G, J, K | Treasury by mail only (FS Form 1522) | TreasuryDirect |
The bank list comes from Treasury's guide for financial institutions, which tells banks to cash only Series E, Savings Notes, Series EE and Series I, and to refer Series F, G, J, K, H and HH (and retirement bonds) to Treasury's mail process (Treasury's guide for banks (FS Publication 0022)).
At a bank or credit union
TreasuryDirect's advice is to contact a bank where you have an account and ask three things: will they cash your savings bonds, how much will they cash at one time, and what identification or other documents do you need (TreasuryDirect: cashing EE or I bonds). Policies differ from bank to bank, so ask before you go; this site does not list individual banks' policies.
What Treasury tells the banks themselves (Treasury's guide for banks (FS Publication 0022)):
- A bank acting as a paying agent should cash eligible bonds for an established account holder who presents proper identification.
- Paying someone who has no account there, or only a recently opened one, is at the bank's option. The guide notes that the Secret Service recommends banks not cash bonds for a customer not established at the bank for at least 12 months. A bank that declines can refer you to the mail process.
- Banks must not cash bonds presented by an attorney-in-fact (power of attorney) or by a step-parent on behalf of a minor, bonds that are altered, mutilated or copies, or bonds held under 12 months.
- The bank pays the current redemption value, the same figure Treasury publishes. Check it first in the savings bond calculator.
A paper bond is cashed whole; you cannot cash part of one. A bank that cashes your bond is responsible for giving you the 1099-INT, either at the time or the following January (TreasuryDirect).
What to bring to the bank
- The bonds, unsigned. The bank must see you sign the request for payment on the back of each bond, and will have you re-sign one you signed earlier (Treasury's guide for banks (FS Publication 0022)).
- Identification. The guide lists acceptable ID including a driver's license, a state-issued ID card, a U.S. passport, an Armed Forces or federal employee ID card, and a green card. It lists documents that are not acceptable on their own, including Social Security cards, birth and marriage certificates, credit cards, and voter registration cards (Treasury's guide for banks (FS Publication 0022)).
- If you are the named beneficiary and the owner has died: the owner's certified death certificate (TreasuryDirect, Treasury's guide for banks (FS Publication 0022)). See inherited savings bonds.
- Your Social Security Number and current address. If the ones on the bond are not yours or not current, the bank has you write the correct ones on the back. A name printed after "Mail to" on a bond is not an owner and cannot cash it (Treasury's guide for banks (FS Publication 0022)).
By mail to Treasury
Fill out FS Form 1522, have your signature certified if the bonds total more than $1,000, and send the form and the bonds to Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150 (TreasuryDirect). Treasury pays by direct deposit and has no limit on how many bonds you send. For cashing by mail, TreasuryDirect's contact page says: "If you are named on the bonds and send them in with your request, processing may take three months or longer."
Electronic bonds: TreasuryDirect only
Log in to your TreasuryDirect account, go to ManageDirect, and under Manage My Securities choose Redeem securities. You can cash any amount of $25 or more, to the penny; if you cash part of a bond you must leave at least $25 in the account. The 1099-INT appears in your account in January of the following year (TreasuryDirect: cashing EE or I bonds). Electronic EE and I bonds are paid automatically when they reach final maturity (TreasuryDirect). If you cannot use your account online, Treasury's FS Form 5512 is the redemption request for an account in TreasuryDirect; it is not for paper bonds (TreasuryDirect forms).
Converting paper bonds to electronic (SmartExchange)
Treasury still offers conversion: paper EE and I bonds can be exchanged for electronic bonds of the same series and issue dates in a Conversion Linked Account inside TreasuryDirect, a process its FAQ calls SmartExchange (TreasuryDirect FAQ). Converted bonds keep their ownership, interest rate and maturity date, converting a bond that is still earning is not a taxable event, there is no limit on how much you can convert, and once converted a bond cannot go back to paper (TreasuryDirect: convert paper to electronic, how much can I spend/own). When you send the bonds for conversion, do not sign the back of them. H and HH bonds cannot be converted, and matured bonds that are converted are cashed into your account's no-interest Certificate of Indebtedness.
Conversion is optional. TreasuryDirect says plainly that you do not have to convert paper bonds in order to cash them, and that for older bonds that have stopped earning it is "faster and easier" to cash them at a bank or by mail. Conversion is not quick. TreasuryDirect's contact page says: "It may take nine months or longer to process requests to convert paper savings bonds into electronic bonds."
Special situations
- Outside the United States: a U.S. citizen who can reach a branch of a U.S.-incorporated bank can ask it to cash the bonds; otherwise Treasury cashes them by mail after an authorized official certifies your signature (TreasuryDirect).
- A young child's bond: a parent can cash it at a bank or by mail after writing Treasury's required statement on the back (TreasuryDirect).
- The owner has died: see inherited savings bonds.
- Declared disaster area: bonds can be cashed even if under a year old; see cashing early.
- Lost, stolen or destroyed bonds: FS Form 1048; for bonds you may have forgotten, see matured savings bonds.
Frequently asked questions
Where can I cash savings bonds?
Paper EE and I bonds can be cashed at a bank or credit union where you have an account, if it cashes savings bonds, or mailed to Treasury with FS Form 1522. Electronic bonds are cashed in your TreasuryDirect account. HH bonds can only be cashed by mail to Treasury.
Can I cash savings bonds at a bank where I don't have an account?
It is up to the bank. Treasury's guide for banks says paying someone without an account, or with a recently opened one, is at the bank's option, and notes a Secret Service recommendation not to cash bonds for customers established less than 12 months. If a bank says no, you can cash the bonds by mail with FS Form 1522.
What ID do I need to cash a savings bond at a bank?
Treasury's guide for banks lists acceptable ID such as a driver's license, state ID card, U.S. passport, or military ID. A Social Security card, birth certificate, or credit card is not enough on its own. Ask your bank what it requires before you go.
Is there a limit on how many savings bonds I can cash at once?
Banks set their own limits. Treasury has no limit on the value or number of savings bonds you can cash at one time by mail, and TreasuryDirect has no limit for electronic bonds.
Do I need to convert paper bonds to electronic to cash them?
No. TreasuryDirect says you can cash paper bonds as they are. Conversion through a Conversion Linked Account (SmartExchange) is optional, and Treasury's posted processing time for it is long.
Related: Can you cash savings bonds early? · FS Form 1522 · How much a savings bond costs · How to cash savings bonds · Savings bond calculator · Savings bond taxes · Inherited savings bonds · Matured savings bonds.
Rules are quoted from TreasuryDirect and Treasury's FS Publication 0022 and linked where they appear. Bank policies vary and are not listed here. This site is independent of the Treasury and is not legal or tax advice.