You can deposit savings bonds into your checking account, but the bond must be registered in your name and you need to cash it first
Savings bonds cannot go directly into a checking account the way a paycheck or tax refund does. Instead, you cash the bond at a bank or credit union, and then deposit the cash or deposit the proceeds as a check. The process takes a few days to a week depending on where you cash the bond and which financial institution holds your checking account.
The key requirement is that the bond must be registered in your name alone or in your name with another person as co-owner. If someone else's name is on the bond and you are not listed as an owner, you cannot cash it without that person present or their signed permission.
Key Takeaways
- Savings bonds must be cashed before the money can reach your checking account; they cannot be deposited directly like a check.
- Your bank or credit union can cash the bond if you have an account there, or you can cash it at the U.S. Treasury if the bond is a Series I or EE bond.
- You will need to present the physical bond certificate, a government-issued ID, and proof that the bond is registered in your name.
- Once the bond is cashed, you can deposit the proceeds into your checking account by check or as a cash deposit the same day.
Where to cash your savings bond
Your own bank or credit union is the fastest option if you have an account there. Most banks will cash Series EE and Series I savings bonds for account holders without charging a fee. Bring the bond certificate, your ID, and your account number or debit card. The teller will verify the bond is legitimate, confirm your name matches the registration, and issue you a check or cash on the spot.
If your bank does not cash savings bonds or you do not have an account there, you can cash Series EE and Series I bonds at the U.S. Treasury's Bureau of the Fiscal Service. You will need to mail the bond certificate along with a form and a copy of your ID. This route takes two to three weeks because the Treasury processes requests by mail only. You cannot walk into a Treasury office to cash a bond in person.
Some credit unions and smaller banks may refuse to cash bonds they did not issue. Call ahead before you go in. If your bond is an older series (Series A through H, or older Series I or EE bonds), your options narrow—some banks will not cash them, and the Treasury process is the same but may take longer if the bond is very old.
What documents and information you need
Bring the physical bond certificate itself. You cannot cash a bond using a photocopy or a photo on your phone. The certificate has a serial number, issue date, and face value printed on it, and the bank or Treasury needs to see the original.
You will also need a government-issued photo ID—a driver's license, passport, or state ID card. The name on your ID must match the name on the bond. If you have changed your name since the bond was issued, bring both the bond and a document showing the name change (marriage certificate, court order, or updated ID).
If the bond is registered in two names and both owners are present, both people must show ID. If only one owner is present, that person may need a signed letter from the other owner authorizing the cash-out, though policies vary by bank. Call your bank first to ask what they require for co-owned bonds.
How the money reaches your checking account
Once the bond is cashed, the bank will give you the proceeds as either cash or a check. If you receive cash, you can deposit it into your checking account immediately at the same bank—most tellers will do this right after cashing the bond. If you receive a check, you can deposit it the same day using mobile check deposit, at an ATM, or by visiting a teller.
Mobile check deposit is the fastest way to get the money into your account if you are not at the bank. Take a photo of the front and back of the check using your bank's app, and the funds usually appear in your account within one business day. If you deposit by ATM or in person, the check clears the same day or the next business day depending on the time of day and your bank's policies.
Timing and what to expect
If you cash the bond at your own bank, the entire process takes 15 to 30 minutes. The teller verifies the bond, confirms your identity, and either hands you cash or writes a check. You walk out with the money or deposit it immediately.
If you mail the bond to the Treasury, expect two to three weeks from the date you mail it until the check arrives at your address. You then deposit that check into your checking account, which adds another one to two business days for it to clear. Total time: three to four weeks.
If your bank refuses to cash the bond, you have no faster option than the Treasury route. Do not delay—old bonds can become harder to cash the longer they sit, and some very old bonds may have stopped earning interest.
What happens if the bond is in someone else's name
If the bond is registered only in another person's name and you are not listed as an owner, you cannot cash it. That person must cash it themselves or sign a power of attorney document giving you permission to do so on their behalf. A power of attorney requires notarization and is more complicated than simply having both owners present.
If the bond is registered in a deceased person's name, the process is different. You will need to provide a death certificate and proof that you are the executor of the estate or the legal heir. Contact your bank or the Treasury for the specific forms required—this is not a standard cash-out.
Frequently Asked Questions
Do I have to pay taxes when I cash a savings bond?
Yes. Savings bonds earn interest, and that interest is subject to federal income tax. When you cash the bond, the bank or Treasury does not withhold taxes automatically—you report the interest on your tax return. The amount of interest depends on the bond type and how long you held it.
Can I deposit a savings bond directly if I have it set up as a payroll deduction?
No. Payroll savings bonds are still physical certificates that must be cashed before the money can go into your checking account. The payroll deduction only means your employer bought the bond for you—it does not change how you cash it.
What if my bank says they cannot cash my savings bond?
Ask them to refer you to a bank that can, or contact the Treasury directly. Some smaller banks do not have the systems to verify bonds. The Treasury will always cash a legitimate Series EE or Series I bond, though it takes longer by mail.
Can I deposit a savings bond into someone else's checking account?
Only if you are listed as an owner on the bond. If you are the sole owner and you cash it, you can deposit the proceeds into any account you have access to. If the bond is in two names, both owners must be present to cash it, and either owner can then deposit the money into their own account.
How do I know if my savings bond is still worth cashing?
Check the bond's value using the Treasury's Savings Bond Calculator on TreasuryDirect.gov. Enter the bond series, denomination, and issue date, and it will show you the current value and whether the bond is still earning interest. Some bonds stop earning interest after 30 years.