Most banks will cash Series EE and Series I savings bonds, but not all branches keep the cash on hand

Your bank can cash a savings bond if you have an account there and the bond has reached its issue date. Large national banks like Bank of America, Wells Fargo, Chase, and Citibank all cash savings bonds at most branches. Credit unions often cash them too, though policies vary by institution. The catch is that many branches do not keep enough cash in the vault to pay out large amounts on the spot — if your bond is worth more than a few hundred dollars, call ahead to confirm they have the funds available.

You do not need to have held the bond for any particular length of time before cashing it at a bank. Series EE bonds can be cashed after one year from the issue date. Series I bonds have a one-year holding requirement as well, though you lose the last three months of interest if you cash them before five years have passed. If your bond is less than one year old, the bank cannot cash it — you will need to go through the US Treasury instead.

Bring the physical bond certificate, a valid government-issued ID, and your account information. The teller will verify the bond's serial number and your identity, then deposit the cash into your account or hand it to you directly. The whole process usually takes 10 to 15 minutes if the branch has the cash available.

Key Takeaways

  • National banks and most credit unions cash savings bonds if you have an account with them and the bond is at least one year old.
  • Call your branch before you go if the bond is worth more than a few hundred dollars, because many branches do not keep that much cash on hand.
  • Bring the physical bond certificate, a valid ID, and your account number — the teller will verify the bond and deposit or hand you the money.
  • If your bond is less than one year old or you do not have a bank account, you can cash it through the US Treasury's TreasuryDirect website or by mail.

Which banks accept savings bonds for cashing

Any bank where you hold a checking or savings account will cash your bond. This includes the major national chains — Bank of America, Wells Fargo, Chase, Citibank, US Bank, PNC, and others. Regional and community banks cash them as well. Credit unions typically cash bonds for members, though some have restrictions on the amount or require you to have held the account for a minimum time.

Banks that do not have a relationship with you will not cash the bond. If you walk into a branch where you have no account, they will turn you away. This is why having at least one bank account is useful if you hold savings bonds — it gives you a straightforward place to cash them without going through the federal system.

Some banks have stopped cashing bonds altogether due to staffing or policy changes, so if you have not cashed a bond in several years, contact your branch directly to confirm they still do. Ask to speak with someone in operations or customer service rather than a teller, because not all tellers know the current policy.

How much cash your branch will have available

This is the most common reason people run into trouble cashing bonds at banks. A typical branch keeps $10,000 to $20,000 in cash in the vault at any given time, and that money is already allocated for daily operations — withdrawals, payroll, and other customer needs. If you want to cash a $5,000 bond, the branch may not have that amount sitting free.

Call at least one business day before you plan to cash the bond. Tell the branch manager or customer service representative the amount and ask whether they can have that cash available. Most branches can order cash from their regional distribution center if you give them notice. If the amount is very large — over $10,000 — the bank may also need to file a Currency Transaction Report (CTR) with the federal government, which is routine and does not delay the transaction, but it is worth knowing about.

If your branch cannot get the cash in time, ask whether they can deposit the bond proceeds into your account instead of handing you physical money. This is faster and does not require them to have cash on hand.

What you need to bring to cash a bond at your bank

Bring three things: the physical bond certificate itself, a valid government-issued ID (driver's license, passport, or state ID), and your account number or debit card. The teller will ask you to sign the back of the bond in front of them — do not sign it before you arrive at the bank. They will verify the serial number, check that the bond is at least one year old, and confirm your identity.

If you have lost the bond certificate, you cannot cash it at a bank. You will need to file a claim with the US Treasury to get a replacement or to cash it through their system. This takes several weeks and requires proof that you own the bond — usually a copy of the purchase confirmation or a statement from TreasuryDirect if you bought it online.

If the bond is registered in someone else's name, you cannot cash it unless you are the registered owner or have power of attorney. If the original owner has died, the bond becomes part of their estate and must go through probate or be handled according to the will.

Cashing bonds through the US Treasury if your bank will not

If your bank refuses to cash the bond or you do not have a bank account, you can cash it directly through the US Treasury. Go to TreasuryDirect.gov, sign in to your account, and look for the "Manage Securities" section. If the bond is a paper certificate, you cannot cash it online — you will need to mail it to the Treasury or take it to a Federal Reserve Bank branch.

To mail a bond to the Treasury, send it to the Bureau of the Fiscal Service at the address listed on the Treasury website, along with a letter stating your name, Social Security number, and the amount you want to cash. Include a copy of your ID. The Treasury will deposit the proceeds into your bank account within two to four weeks. This is slower than going to your bank, but it works if your bank will not help.

Federal Reserve Banks also cash savings bonds in person. There are 12 regional Federal Reserve Banks across the country, and most have public windows where you can bring a bond and cash it. Call ahead to find the one nearest you and confirm their hours, because not all locations are open to the public every day.

What happens if your bond is less than one year old

Banks will not cash a bond that is less than one year old from its issue date, no matter what. This is a federal rule, not a bank policy. If you try to cash it anyway, the teller will see the issue date and refuse. You have to wait until the one-year anniversary of the issue date passes.

If you need the money before then, your only option is to contact the US Treasury and ask about an exception. They rarely grant them, and only in cases of genuine hardship. Most people simply wait the remaining time.

Series I bonds have an additional penalty: if you cash them before five years have passed, you lose the last three months of interest. So if you cash a Series I bond at 18 months, you only receive interest for 15 months. Series EE bonds do not have this penalty — you get all the interest earned up to the cash date, regardless of how long you have held them.

When banks delay or refuse to cash bonds

The most common delay is when the branch does not have enough cash. This is not a refusal — it just means you need to come back after they have ordered the money, usually within one to three business days.

A real refusal usually happens when the bond is damaged, the serial number is illegible, or the signature on the back does not match your ID. If the bond is torn, faded, or water-damaged, the bank may send it to the Treasury for verification before cashing it. This can take two to four weeks. If the signature is the problem, you may be able to sign it again in front of the teller, or the bank may require a notarized statement confirming your identity.

If a bank refuses to cash your bond and you believe they are wrong, ask to speak with the branch manager. If they still refuse, take the bond to a different bank or to a Federal Reserve Bank. You have the right to cash a valid bond — a single branch's refusal does not mean you are stuck.

Frequently Asked Questions

Can I cash a savings bond at a bank branch I do not have an account with?

No. Banks only cash savings bonds for customers who hold an account with them. If you do not have an account, go to the US Treasury website, mail the bond to the Bureau of the Fiscal Service, or visit a Federal Reserve Bank branch in your area.

What if I lost the physical bond certificate?

You cannot cash it at a bank without the certificate. Contact the US Treasury to file a claim for a replacement or to cash it through their system. You will need proof of ownership, such as a purchase confirmation or TreasuryDirect account statement. This process takes several weeks.

Do I have to pay taxes when I cash a savings bond at the bank?

The bank does not withhold taxes when you cash it. You owe federal income tax on the interest earned, and possibly state income tax depending on where you live. Report the interest on your tax return for the year you cash the bond. The bank will not send you a tax form for this transaction.

Can I cash a savings bond if it is registered in my spouse's name?

Only if you are listed as a co-owner on the bond. If your spouse is the sole registered owner, only they can cash it. If your spouse has died, the bond is part of their estate and must be handled through probate or according to their will.

How long does it take to cash a bond at the bank?

If the branch has the cash available, the transaction takes 10 to 15 minutes. If they need to order cash, it usually takes one to three business days. If the bond is damaged or there is a signature issue, the bank may send it to the Treasury, which takes two to four weeks.