Most major banks cash savings bonds, so you should be able to redeem a savings bond at your local bank. In fact, more than 95% of savings bonds are cashed at local banks and credit unions, according to TreasuryDirect, a government website.
You cannot, however, cash Series HH savings bonds at a bank. Series HH savings bonds must be redeemed through the Department of the Treasury (for more details, see the next section).
We contacted the following national and regional banks to confirm that they cash savings bonds:
- Bank of America
- Chase Bank
- Citi Bank
- Fifth Third Bank
- PNC Bank
- SunTrust Bank
- TD Bank
- U.S. Bank
- Wells Fargo
- 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)
- People’s United Bank (locations in Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont)
Keep in mind, almost all of the banks listed above only cash savings bonds for account holders. Of the banks we contacted, only Chase and TD Bank will cash a savings bond for non-account holders; non-account holders can cash savings bonds up to $1,000.
Bank representatives also told us you may be required to show two forms of ID to cash a savings bond.
Wondering if you can cash a savings bond at Walmart? See our article for details.
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)
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 issued as paper bonds. (Series I savings bonds are now only available electronically; Series HH savings bonds are no longer issued.) Series EE savings bonds are issued and redeemed electronically.
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.
In general, paper savings bonds are no longer issued. There are, however, two exceptions:
- If your paper bond was lost, stolen, or destroyed, you can request that the Treasury Department replace it with a paper bond.
- Series I savings bonds purchased with a tax refund are issued as paper bonds. You can purchase these in increments of $50 for an amount up to $5,000.
How to Redeem a Savings Bond Electronically
To redeem a savings bond electronically, log in to your TreasuryDirect account. Your account should already be linked to a bank account. TreasuryDirect will credit your account with the funds within two business days.
How to Redeem a Savings Bond by Mail
To redeem a Series HH savings bond (or a Series 1 savings bond not accepted by your local bank), 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 214
Minneapolis, MN 55480-0214
On the form, you’ll include information for direct deposit.
Note: FS Form 1522 requires a seal or stamp from a U.S. Treasury-recognized Signature Guarantee Program. The Treasury will not accept your signature if the form is notarized instead. (To find out about signature guarantee costs and services and whether or not Chase and Bank of America have them, see our related articles.)