To cash in savings bonds, the process depends on whether you have electronic or paper bonds:
Electronic Savings Bonds
- Log into your TreasuryDirect account online.
- Go to the "ManageDirect" section and select "Redeem securities."
- Follow the prompts to cash in your bonds.
- The redeemed amount will be deposited directly into your checking or savings account within about two business days
Paper Savings Bonds
- You can cash paper bonds at a bank or credit union that offers this service, but not all banks do, and some require you to be an account holder. It's best to call ahead to confirm
- Bring the physical bond and valid identification (government-issued ID). If your name has changed since the bond was issued, bring proof of the name change (e.g., marriage certificate)
- If the bond value exceeds $1,000, your signature may need to be certified by the bank or a notary
- If your bank cannot cash the bond, you can mail it to the Treasury Retail Securities Services along with a completed FS Form 1522. Include your Social Security number and direct deposit information for payment
- You must redeem the entire value of a paper bond; partial redemption is not allowed
Important Notes
- Savings bonds must be held for at least one year before they can be cashed.
- Cashing in before five years results in forfeiting the last three months of interest.
- Bonds mature at 20 years to guarantee doubling in value but can earn interest up to 30 years
- After cashing, you will receive a 1099-INT tax form for the interest earned, either from the bank or Treasury
In summary, electronic bonds are easiest to cash via TreasuryDirect online, while paper bonds can be cashed at banks or by mailing to the Treasury with the appropriate form and identification
