You can cash savings bonds at a Federal Reserve Bank, through the U.S. Treasury, or at certain retail locations — none of them require a bank account
Savings bonds are issued by the U.S. Treasury and backed by the federal government, which means you can redeem them directly without going through a bank. The Treasury maintains a system specifically for people who want to cash bonds outside the banking system. You have three main routes: mail your bonds to a Federal Reserve Bank, use the Treasury's TreasuryDirect online portal if you hold electronic bonds, or take paper bonds to a retail location that offers check-cashing services.
The method you choose depends on whether your bonds are paper or electronic, how much time you have, and which option is most convenient for your situation. Paper bonds take longer through the mail but are straightforward. Electronic bonds through TreasuryDirect are fastest but require internet access and a verified account. Retail cashing is immediate but limited to certain locations and bond types.
Key Takeaways
- Federal Reserve Banks will cash savings bonds by mail at no charge, and you do not need a bank account to use this service.
- If your bonds are held in TreasuryDirect (the Treasury's online system), you can redeem them directly into a bank account, prepaid card, or have a check mailed to you.
- Some Walmart locations and other retailers offer savings bond cashing, though availability varies by store and they typically cash only Series I and EE bonds.
- Paper bonds sent by mail to a Federal Reserve Bank take two to four weeks to process and return as a check.
- You will need to provide proof of identity and ownership, such as a photo ID and the bond certificate itself.
Cashing paper bonds through a Federal Reserve Bank
This is the most straightforward route for paper savings bonds if you have time to wait. You mail your bonds directly to the Federal Reserve Bank serving your region, along with a completed form and a copy of your photo ID. The Federal Reserve does not charge a fee and does not require you to have a bank account. You will receive a check in the mail payable to you.
To find the correct Federal Reserve Bank for your state, visit the Federal Reserve's website and look for the regional bank list. You will need to fill out Form PD 1522 (Statement Regarding Deceased Payee) if the bond owner has died, or simply include a letter with your bonds if you are the original owner requesting redemption. Include a photocopy of your driver's license or passport. Mail everything to the address listed for your region's Federal Reserve Bank.
Processing takes two to four weeks from the time the Federal Reserve receives your package. The check is mailed to the address you provide on the form. If you do not have a permanent mailing address, you can use a post office box, a trusted friend's address, or a community center address — the check does not need to go to a bank.
Redeeming electronic bonds through TreasuryDirect
If your savings bonds are held in a TreasuryDirect account (the Treasury's online system for electronic bonds), you can redeem them without ever visiting a bank or post office. You log into your account, select the bonds you want to cash, and choose how you want the money delivered. The redemption happens immediately, though the money may take a few business days to arrive depending on your delivery method.
TreasuryDirect offers three ways to receive your money: direct deposit to any bank account (even if it is not yours — you can use a friend's or family member's account), a check mailed to your address, or a prepaid debit card if you set one up in advance. If you choose the mailed check option, it arrives within five to seven business days. This method works well if you do not have a bank account but can receive mail reliably.
To access TreasuryDirect, you need an account with a username and password. If you do not have one, you can create an account at treasurydirect.gov using your Social Security number and a valid email address. The site will ask you to verify your identity through a third-party service. Once your account is set up, you can manage and redeem your bonds anytime.
Cashing bonds at retail locations
Some Walmart stores and a limited number of other retailers will cash certain savings bonds on the spot, which is the fastest option if available near you. Not all stores participate, and not all bond types are accepted — typically only Series EE and Series I bonds issued after 1974 can be cashed this way. Call ahead to confirm your store offers this service and ask which bond series they accept.
Bring your paper bond certificate and a photo ID. The store will verify the bond's authenticity and current value using their system, then issue you cash or a store check on the spot. There may be a small fee, though many retailers do not charge for savings bond cashing. The transaction takes 10 to 15 minutes. This method is useful if you need cash immediately and have a participating store nearby.
The downside is that retail cashing is not available everywhere. Rural areas and smaller towns may not have participating locations. Before counting on this option, contact your nearest Walmart customer service desk or check the Treasury's list of authorized financial institutions to see if any retailers near you offer this service.
What you need to bring or provide
For paper bonds sent by mail, you need the bond certificate itself, a photocopy of your photo ID (driver's license, passport, or state ID), and a letter or completed form stating you want to redeem the bonds. If the bond owner has passed away, you will need to include a death certificate and complete Form PD 1522. If you are cashing a bond owned by someone else (such as a parent or grandparent), you will need their written authorization and proof of their identity.
For TreasuryDirect redemptions, you need access to your account and a verified identity. The system will ask you to confirm your Social Security number and answer security questions. For retail cashing, bring the physical bond and a photo ID — that is all.
Do not send original documents by mail unless absolutely necessary. Photocopy your ID and keep the original. If you are mailing bonds, use certified mail or a tracked service so you have proof of delivery. The Federal Reserve will return your bonds if anything is missing, which delays the process by another week or two.
How long each method takes
| Method | Time to receive money | Requires bank account |
|---|---|---|
| Federal Reserve Bank by mail | 2 to 4 weeks | No |
| TreasuryDirect direct deposit | 3 to 5 business days | Yes (can be someone else's) |
| TreasuryDirect mailed check | 5 to 7 business days | No |
| Retail store cashing | Same day | No |
What to do if your bonds are lost or damaged
If your paper bond is lost, stolen, or too damaged to read, you can still redeem it. Contact the Treasury's Savings Bond Division at 1-800-553-2663 or visit savingsbonds.gov. You will need to provide the bond's series, denomination, and issue date if you can remember them. The Treasury can look up the bond in its records using your Social Security number and the information you provide.
For lost or stolen bonds, the Treasury will issue a replacement after verifying that you are the registered owner. This process takes several weeks. If the bond is damaged but readable, you can still mail it to the Federal Reserve Bank — they will accept it as long as the serial number and denomination are visible.
Frequently Asked Questions
Can I cash someone else's savings bond?
Only if you are listed as a co-owner or beneficiary on the bond. If the original owner is alive, they must authorize the redemption in writing. If the owner has passed away, you will need a death certificate and may need to complete additional paperwork depending on whether you are the beneficiary or an heir.
Do I have to cash all my bonds at once?
No. You can redeem individual bonds or groups of bonds while keeping others. If you use TreasuryDirect, you select which bonds to redeem each time you log in. If you mail bonds to the Federal Reserve, send only the ones you want to cash.
What if the check gets lost in the mail?
Contact the Federal Reserve Bank or TreasuryDirect immediately and report it. They can issue a replacement check, though it may take an additional two to three weeks. This is another reason to use certified mail when sending bonds by post.
Can I cash a savings bond before it reaches full maturity?
Yes. Savings bonds can be redeemed anytime after one year of ownership, though you will lose the last three months of interest if you cash it before five years have passed. The current value is printed on the bond or shown in your TreasuryDirect account.
Is there a limit to how many bonds I can cash at once?
No. You can redeem as many bonds as you own. The Federal Reserve and TreasuryDirect will process any quantity. Retail stores may have internal limits, so ask when you call ahead.