You can cash savings bonds at a bank, credit union, or the U.S. Treasury — and you don't need an account at any of them

Banks will cash savings bonds for non-customers, though some charge a fee or limit how many they'll redeem. Credit unions often do the same, sometimes at lower cost. If neither option works, you can mail your bonds directly to the U.S. Treasury's Bureau of the Fiscal Service and they'll send you a check — this takes longer but costs nothing and requires no account.

The method you choose depends on how quickly you need the money, whether you want to avoid fees, and what documents you have on hand. A walk-in redemption at a bank or credit union is fastest. Mailing to the Treasury is slowest but most straightforward if you have no local banking relationship.

Key Takeaways

  • Most banks and credit unions will cash savings bonds for non-customers, though some charge $5 to $25 per bond and may require you to have an account to redeem more than one or two.
  • You must present a valid government-issued photo ID and the physical bond certificate when you redeem in person — the bank cannot process bonds held electronically.
  • The U.S. Treasury will redeem bonds by mail if you send them the bond certificate, a completed FS Form 1522, and a copy of your ID; expect four to six weeks for the check to arrive.
  • If your bond has matured and stopped earning interest, cashing it immediately prevents you from holding a non-earning asset, but you can hold bonds past maturity if you choose.
  • Savings bonds held in paper form cannot be transferred to a bank account or digital wallet — you must receive payment as a check or money order.

Cashing bonds at a bank or credit union as a non-customer

Walk into any bank branch with your bond certificate and a valid photo ID — driver's license, passport, or state ID card — and ask to redeem it. Most banks will do this for you on the spot, though the teller may need to verify the bond's authenticity by checking the serial number against the Treasury's records. The process usually takes 10 to 20 minutes.

Credit unions are often more flexible than banks. Many will cash bonds for non-members at no charge or for a small fee ($3 to $5 per bond). Banks vary widely: some charge nothing, others charge $10 to $25 per bond, and some will only redeem one or two bonds for a non-customer before asking you to open an account. Call ahead to ask about their policy and any fees before you go in.

If you have multiple bonds, ask whether the institution has a limit on how many they'll redeem at once. Some banks will redeem up to five or ten in a single visit; others may ask you to come back on different days or to open an account. This is worth confirming by phone before you make the trip.

What to bring when you redeem in person

You need the physical bond certificate itself — not a photocopy, not a digital image, the actual paper bond. Bring one valid government-issued photo ID. The teller will examine the bond to confirm it hasn't been altered, check the serial number, and verify that you are the person named on the certificate or an authorized representative.

If someone other than the bond owner is redeeming it, bring documentation showing that person's authority to act on the owner's behalf — a power of attorney, guardianship papers, or an executor's certificate if the bond owner has died. Different banks interpret these documents differently, so call ahead and ask what they need.

You'll receive payment as a check or, at some banks, as cash if the amount is small. Ask the teller whether they can give you cash on the spot or whether you'll need to deposit the check elsewhere. If you don't have a bank account, you can cash the check at the same bank (most will do this for non-customers for a small fee) or at a check-cashing service.

Redeeming bonds by mail through the U.S. Treasury

If you can't or don't want to visit a bank, send your bonds to the Bureau of the Fiscal Service. You'll need to complete FS Form 1522 (Request for Payment of Savings Bonds), include a photocopy of your government-issued ID, and mail everything along with the bond certificate to the address listed on the form. The Treasury's current mailing address is available at treasurydirect.gov — search for "redeem savings bonds by mail" to find the current address and the form itself.

The Treasury will not accept bonds sent without the completed form and ID copy. Mail your package using a method that provides tracking, such as certified mail or a carrier that offers delivery confirmation. Keep a copy of the form and your ID for your records.

Processing takes four to six weeks from the date the Treasury receives your package. They will send you a check by mail to the address you provide on the form. If your bond is worth more than $5,000, the Treasury may contact you to verify the request before sending the check.

Understanding maturity and whether to cash now or wait

Savings bonds stop earning interest after a certain number of years — Series EE bonds earn interest for 30 years, Series I bonds for 30 years, and older series for varying periods. Once a bond matures, it no longer grows in value. You can hold a matured bond indefinitely, but it serves no purpose; cashing it immediately is usually the better choice because the money can earn interest elsewhere.

Check your bond's maturity date before you redeem. The Treasury's website has a tool called the Savings Bond Calculator where you can enter your bond's series, denomination, and issue date to find out when it matures and what it's currently worth. If your bond hasn't matured yet and you need the money, you can redeem it early — you'll receive its current value, which may be less than what it will be worth at maturity.

If you're holding bonds for a child or as a gift, remember that the bond owner is responsible for reporting the interest as income on their tax return in the year the bond is redeemed. This is true whether the bond is cashed by the owner or by someone acting on their behalf.

Fees and costs to expect

Redeeming bonds at a bank or credit union may cost $0 to $25 per bond, depending on the institution. Some banks charge a flat fee per bond; others charge a percentage of the bond's value. A few banks redeem bonds for free. Call ahead to ask what you'll pay.

Redeeming through the U.S. Treasury by mail costs nothing. There is no fee for the form, no fee for processing, and no fee for the check. You pay only for postage to mail the package.

If you receive a check and need to cash it without a bank account, check-cashing services typically charge 1 to 3 percent of the check's value. Some grocery stores and retailers offer check cashing for customers at lower rates. The bank where you redeemed the bond will often cash its own check for free or for a small flat fee ($2 to $5) even if you don't have an account.

What to do if your bond is lost, stolen, or damaged

If your bond certificate is lost or stolen, contact the Treasury immediately at 844-284-2676 (the Savings Bond Customer Service line). They can place a stop on the bond to prevent anyone else from redeeming it. You'll need to file a claim and provide proof of ownership — usually a copy of the original purchase receipt or documentation showing the bond was issued to you.

If your bond is damaged but readable, most banks will still redeem it. If it's too damaged to read the serial number or other key information, the Treasury can help you verify ownership and issue a replacement. This process takes several weeks and requires documentation of the original purchase.

Frequently Asked Questions

Can I redeem a savings bond that's in someone else's name?

Only if you have legal authority to act on their behalf — power of attorney, guardianship, or executor status. Bring the original legal document along with your ID and the bond. If the bond owner is alive and present, they can authorize you in writing, though most banks prefer the formal legal document.

What if the bank says they won't redeem my bond?

Ask why — it may be a policy limit on non-customer redemptions, a concern about the bond's authenticity, or a missing signature. If they refuse, try another bank or credit union in your area. If multiple banks refuse, contact the Treasury directly at 844-284-2676 to verify the bond is legitimate and redeemable.

Do I have to pay taxes on the interest when I cash the bond?

Yes. The bond owner must report the interest earned as income on their federal tax return in the year the bond is redeemed. The Treasury does not withhold taxes automatically, so you may owe tax when you file. Keep the check stub or receipt showing the bond's redemption value for your tax records.

Can I deposit a savings bond directly into a bank account?

No. Paper savings bonds must be redeemed for cash or check; they cannot be transferred into an account. If you want to hold bonds in digital form, you can purchase new bonds through TreasuryDirect.gov, but existing paper bonds must be cashed out first.

How long does it take to get my money if I mail the bond to the Treasury?

Four to six weeks from the date they receive your package. Mail your package using certified mail or a carrier with tracking so you know when it arrives. The Treasury will send the check by regular mail, which adds another week or two depending on distance.