12 Banks That Cash Savings Bonds (+ How Else to Redeem Them)

Most major banks cash savings bonds, so you should be able to redeem a savings bond at your local bank, according to TreasuryDirect, a government website.^[1]

You cannot, however, cash Series HH savings bonds at a bank. Series HH savings bonds must be redeemed through the Department of the Treasury.

The List

We contacted the following national and regional banks to confirm that they cash savings bonds:

National Banks

Note: Keep in mind that most banks listed will only cash savings bonds for account holders.

Chase Bank and TD Bank also require members to have had their account for at least one year.

• Bank of America
• Chase Bank
• Citi Bank
• Fifth Third Bank
• PNC Bank
• Truist Bank
• TD Bank
• Wells Fargo

Regional Banks

Note: All institutions listed below require you to be an account holder to cash a savings bond.

Call your local bank to find out if it cashes savings bonds if it’s not listed here.

• Centennial Bank (locations in Arkansas, Alabama, Florida, and New York)
• East West Bank (locations in California, Georgia, Massachusetts, Nevada, New York, Texas, and Washington)
• First Merchants Bank (locations in Indiana, Illinois, Michigan, and Ohio)
• Flagstar Bank (locations across the Midwest)

Of all the banks we contacted, only Chase will cash savings bonds for non-account holders; limits vary by location for non-account holders.^[2][3]

Bank representatives also told us you may be required to show two forms of ID to cash a savings bond.^[2]

Banks That Don’t Cash Savings Bonds

The following banks said they do not cash savings bonds:

• Capital One
• Bank OZK (locations in Alabama, Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, South Carolina, and Texas)
• U.S. Bank^[4]

How to Redeem a Savings Bond

If you have a savings bond to redeem, it’s likely a Series EE savings bond, Series I savings bond, or Series HH savings bond.

Series I and Series HH savings bonds were initially issued as paper bonds. Series I savings bonds are now available on paper (if purchased with your tax refund) or electronically;^[5] Series HH savings bonds are no longer issued.^[6]

Series EE savings bonds were issued on paper between 1980 and 2012, but are now solely issued electronically.^[7]

You can cash a savings bond any time after 12 months from the purchase date. However, if you cash out a bond before five years have passed, you will lose three months of interest as an early withdrawal penalty.

Series EE savings bonds and Series I savings bonds will continue earning interest for up to 30 years, while Series HH savings bonds earn interest for 20 years.^[6]

Electronic Redemption

To redeem a savings bond electronically, log in to your TreasuryDirect account. Your account should already be linked to a bank account.

TreasuryDirect will generally credit your account with the funds within two business days.^[8]

Redemption by Mail

To redeem a paper savings bond, you’ll need to complete FS Form 1522 and mail the completed form along with the savings bond to the Department of the Treasury at:

Treasury Retail Securities Services
P.O. Box 9150
Minneapolis, MN 55480-9150

On the form, you’ll include information for direct deposit.

For bonds equaling $1,000 or less, you must enclose a copy of your driver’s license, passport, military ID, or state ID for identity verification.^[9]

For bonds greater than $1,000, signature certification is required. This can be done by signing the forms in the presence of a notary or authorized certifying officer.

They should also affix a seal or stamp to the form certifying your request for payment.^[9]

See our related research to find out more about whether or not Chase and Bank of America offer medallion signatures.