How to cash in savings bonds?

If you hold money in US savings bonds it’s important to know how to cash in government savings bonds most conveniently.

This guide covers how to cash in paper savings bonds and how it works for electronic bonds, across major bond series. Plus, we’ll also introduce Wise - as a smart way to manage your money across currencies.

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What are savings bonds?

Before we get started on how to cash in US savings bonds, let’s look at what they are.

The US government has been issuing savings bonds in various forms since 1935. When you buy a US government savings bond, you’re effectively lending money to the government, which then promises to pay it back with interest at a later date¹. Bonds are issued in different series, and each series may have its own features, such as a longer time to mature, or a different interest rate.

💡 Learn more about how savings bonds work in this full guide.

Types of US savings bonds – and how to cash them in

We mentioned earlier that the US government has been issuing bonds since way back in 1935. Bonds have been issued across a range of different series over time, but bonds issued today fall into 2 different series options:

• EE Bonds²
• I Bonds³

EE Bonds and I Bonds issued today can be cashed in at any point, as long as you’ve owned them for at least 1 year. If you cash in before 5 years is up, you’ll lose 3 months of interest when you do so. After 30 years, the bonds are considered matured, and no longer earn interest.

Both EE Bonds and I Bonds can be issued electronically. I Bonds can also be issued in paper form. You can cash in electronic bonds by logging into your Treasury Direct account. Paper bonds can be cashed in at some banks, or by returning the bonds along with a completed form to the treasury⁴. We’ll dive into more detail about how to cash in savings bonds, step by step, in just a moment.

It’s also worth noting that there are some situations we’ll not cover in this guide, but which have extensive resources on the Treasury Direct website which can help, including how to cash in savings bonds in your child's name⁵, cashing in bonds owned by someone who has died⁶, and cashing in bonds from overseas⁷.

💡 All of the details in this guide are correct at time of writing, 31st May 2023 - older bonds, or future issued bonds in any series, may have different features, cash in options, terms and conditions. Double check before you start to cash in any bond you hold.

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When should you cash in a savings bond?

Ultimately, it’s up to you when you cash in a savings bond, subject to the specific conditions of that bond.

Different US treasury savings bonds have their own conditions, but with the bonds being issued today in the I and EE series, you can hold your bond and continue to earn interest for up to 30 years. You can cash in a savings bond bought today in as little as 1 year, but you’ll lose 3 months interest if you cash in a bond you’ve held for less than 5 years.

The longer you hold a bond, the more opportunity you have to earn interest, up to the bond’s specific maturity date. If you hold a bond issued today for over 30 years, it’ll stop earning interest after the 30-year period is up.

How much are my savings bonds worth?

If you hold electronic bonds, you can log into Treasury Direct to get an up-to-date bond value. Otherwise, there’s a handy tool on the Treasury Direct website that lets you calculate the value of your paper bonds easily⁹.

How much can I cash at one time?

How much you can cash in depends on the specific bond you hold. For the I and EE series bonds currently being issued:

• Electronic bonds can be cashed in full or in part in any amount from 25 USD to the full value of the bond
• Paper bonds can only be cashed to their full value, but there’s no limit to the number of bonds you can cash directly by submitting them to the treasury
• If you’re cashing in bonds at a bank, rules may be different - ask your preferred bank how their service works

If you hold different bond types, the options for cashing in may be different - take a look on Treasury Direct to find the specific information for your bond type, including how to cash in series HH savings bonds¹⁰ and older paper bonds¹¹.

How do I redeem my savings bonds?

Let’s look at the step by step detail of how to cash in savings bonds, in 3 different ways.

Here’s how to cash in savings bonds that have matured, or after you’ve held them for at least 1 year, online:

1. Log into your Treasury Direct account
2. Go to Manage Direct
3. Click the link for cashing securities
4. Follow the prompts to cash in your bonds

You can also cash in paper bonds by sending them to the treasury:

1. Download and complete FS Form 1522¹²
2. If you’re cashing in 1,000 USD or more, get your signature certified
3. Send the form and the bonds to the treasury at the address on the form

Some banks can also help you to cash in savings bonds. For example, if you’ve had a US Bank checking, savings or money market account for at least 5 years, you’ll be able to cash in bonds where you’re the owner or co-owner at a local US Bank branch¹³.

What are the tax implications of redeeming US savings bonds?

It’s important to understand the tax implications of the specific savings bonds you own. For example, if you have I or EE series bonds, interest is subject to Federal income tax, but not state or local income taxes¹⁴. However, there are different ways you declare the interest - either as you accrue it, or when you cash in your bond and actually get your interest. Get professional advice if you’re at all unsure about how to report your earned interest for tax purposes.

When you cash in your bonds you’ll need to get Form 10-99 INT either from the treasury or the bank that cashes your bond, for your regular tax return.

Bottom line

This guide should cover all you need about how to cash in savings bonds, with particular focus on how to cash in EE savings bonds and I savings bonds, as the series that are currently being issued. Treasury Direct has a wealth of resources about other bond types, or other scenarios which you might need to know about - and you can always get professional guidance and support if you’re unsure about any of the processes or tax requirements involved.

Frequently asked questions

Can you cash in a savings bond at any bank?

Not all banks will be able to cash in savings bonds, and some which do - like US Bank - may have eligibility criteria covering which customers are able to cash in bonds. Check the details with your own bank.

What documents do I need to cash a savings bond?

To cash in a paper bond you’ll need Form FSF 1522, and may need a certified copy of your signature. You can cash in electronic bonds online, by logging into your Treasuries Direct account.

How much is a $50 US savings bond worth today?

The value of bonds depends on the type of bond and how long you’ve held it. You can check the value of electronic bonds on Treasuries Direct, and there’s a tool also to calculate the value of paper bonds, on the Treasuries Direct website.

How long does it take for a $50 savings bond to mature?

Different bond types mature at different times. The bonds being issued today, in the I and EE series, mature in 30 years.

What happens to EE bonds after 30 years?

EE bonds issued today mature in 30 years. That means they no longer earn interest after that point.

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1. Treasury Direct - about savings bonds
2. Treasury Direct - EE Bonds
3. Treasury Direct - I Bonds
4. Treasury Direct - cashing a bond
5. Treasury Direct - cashing a bond for a young child
6. Treasury Direct - cashing in a bond from someone who has deceased
7. Treasury Direct - cashing paper bonds outside the US
8. Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up to date pricing and fee information
9. Treasury Direct - savings bond calculator
10. Treasury Direct - cash in HH bonds
11. Treasury Direct - cash in older paper bonds
12. Form FS 1522
13. US Bank - savings bonds cash in eligibility
14. Treasury Direct - Tax implications