Can you cash in a savings bond at any bank?

You can cash a paper savings bond at many banks, but not all banks, and often only if you are an existing customer with an account for a certain period (like six months or a year). Major banks have different policies, with some refusing to cash them or limiting amounts, so it's crucial to call your bank first to check their rules, ID requirements, and if they handle all bond types. If your bank can't help, you can redeem them through TreasuryDirect.gov, the U.S. Treasury's website, by mail, or at financial institutions that accept non-customers.

Do any banks cash savings bonds?

Yes, many banks and credit unions can cash paper savings bonds, especially for established customers, but it's not guaranteed as policies vary, with some institutions refusing new customers or limiting amounts due to fraud concerns; you can also cash them by mail through the TreasuryDirect website if a bank won't, but HH bonds must be cashed by direct deposit via the Treasury. 

How much is a $100 savings bond worth after 30 years?

A $100 savings bond's value after 30 years depends on the issue date, but for a Series EE bond from October 1994, it's worth about $164.12, having earned $114.12 in interest, as these bonds stop earning interest after 30 years. You can find the exact value using the TreasuryDirect Savings Bond Calculator by entering the bond's series, denomination, and issue date. 

Can a bank refuse to cash a U.S. savings bond?

Indeed, the federal government requires that banks cash savings bonds for an established account holder, generally with an account at least a year old, who has proper identification and “who seems worthy of your trust,” according to a 2022 Treasury guide for financial institutions.

Where can I cash a savings bond if I don't have a bank?

You can cash paper bonds at a bank or through the U.S. Department of the Treasury's TreasuryDirect website.

Can you cash in a savings bond at any bank?

What do you need to bring to cash a savings bond?

To cash a U.S. savings bond, you generally need the physical bond, a valid government-issued photo ID, and often your Social Security Number, but the process varies: cash it at your bank (if they offer it and you're an account holder), or mail it to the Treasury using FS Form 1522 with signature certification for redemptions over $1,000. For electronic bonds, redeem directly through your TreasuryDirect account. 

How to avoid paying taxes when cashing in savings bonds?

You can cash U.S. Series EE or I savings bonds without paying federal income tax on the interest if you use the funds for qualified higher education expenses for yourself, your spouse, or a dependent, provided you meet income and age requirements (owner must be 24+) and file as 'Married Filing Jointly' or Single, not 'Married Filing Separately'. Alternatively, you can roll the proceeds into a 529 plan, or defer taxes until maturity, but using for education offers the best tax avoidance. 

Where is the best place to cash in savings bonds?

TreasuryDirect.gov is the one and only place to electronically buy and redeem U.S. Savings Bonds. We also offer electronic sales and auctions of other U.S.-backed investments to the general public, financial professionals, and state and local governments.

How much is a $50.00 savings bond worth?

A $50 savings bond's worth depends on its Series (EE or I) and Issue Date, but it grows over time, often doubling in value (Series EE) or earning inflation-adjusted interest (Series I), so a 20-year-old bond is worth significantly more than its $50 face value; use the TreasuryDirect Savings Bond Calculator to get its exact current value by entering the Series and Issue Date. 

Do savings bonds expire?

Yes, U.S. savings bonds (Series EE and I) eventually expire, meaning they stop earning interest after their final maturity, which is 30 years from the issue date, though they are guaranteed to reach a specific value (like doubling for EE bonds) much sooner, often within 20 years. Once a bond hits its final maturity, it no longer grows and should be redeemed to avoid losing value to inflation. 

Why is my $100 savings bond only worth $50?

There are two primary reasons a bond might be worth less than its listed face value. A savings bond, for example, is sold at a discount to its face value and steadily appreciates in price as the bond approaches its maturity date. Upon maturity, the bond is redeemed for the full face value.

What's the best time to cash savings bonds?

Most savings bonds stop earning interest (or reach maturity) between 20 to 30 years. It's possible to redeem a savings bond as soon as one year after it's purchased, but it's usually wise to wait at least five years so you don't lose the last three months of interest when you cash it in.

What happens to savings bonds if the owner dies?

When a savings bond owner dies, the bond either goes directly to a named surviving co-owner or beneficiary, bypassing probate, or it becomes part of the deceased's estate if no one else is listed, passing through a will or state law. If it's an estate asset, it's handled by an executor (or court-appointed representative) and distributed according to the will or intestacy laws, potentially requiring forms like FS Form 5394 for smaller estates or court involvement for larger ones. 

Does it matter whose social security number is on a savings bond?

The individual owns the U.S. Savings Bond if only their name appears on it. The Social Security Number shown on a bond is not proof of ownership. EXAMPLE: A U.S. Savings Bond title reads, “John Smith.” Only John Smith can cash that bond.

How much is a 30 year old $100 savings bond worth today?

A $100 savings bond's value after 30 years depends on the issue date, but for a Series EE bond from October 1994, it's worth about $164.12, having earned $114.12 in interest, as these bonds stop earning interest after 30 years. You can find the exact value using the TreasuryDirect Savings Bond Calculator by entering the bond's series, denomination, and issue date. 

What is the best thing to do with EE savings bonds?

You can cash in (redeem) your EE bond after 12 months. However, if you cash in the bond in less than 5 years, you lose the last 3 months of interest. For example, if you cash in the bond after 18 months, you get the first 15 months of interest.

Are savings bonds still worth money?

Yes, savings bonds are worth money as they earn interest over time, offering a very safe, low-risk way to grow savings, especially for long-term goals like college or retirement, with Series EE bonds guaranteeing to double in 20 years and Series I bonds protecting against inflation. While they are secure and can have tax advantages, they are less liquid than traditional savings accounts and earn value slowly, so check their current value and maturity dates on the TreasuryDirect website.
 

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

All Series EE Bonds reach final maturity 30 years from issue. All Series EE bonds reach final maturity 30 years from issue. Series EE savings bonds purchased from May 1995 through April 1997 increase in value every six months. The interest rate is compounded semiannually.

What do I do with a 30 year old savings bond?

If your savings bond from a Series other than EE, I, or HH has finished its interest-earning life, you could cash it and use the money for something else – a project, a financial need, or a new investment like an interest-earning savings bond or other Treasury security.

Can banks refuse to cash savings bonds?

Financial institutions now have the option to not cash savings bonds for both non-customers or new customers. Our Secret Service partners recommend that a customer be established for 12 months before cashing bonds at a financial institution.

Do you pay taxes on savings bonds when cashed?

In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.

Do banks still cash out savings bonds?

Yes, banks still cash paper U.S. savings bonds (Series EE and I), but policies vary, with many requiring you to be an established customer with an account open for some time (often a year or more) and needing proper ID, while some large banks (like Wells Fargo, Chase, Capital One) have stopped cashing them or imposed strict limits. It's essential to call your bank first to confirm they handle savings bonds and understand their specific rules, or you can redeem them electronically via TreasuryDirect or by mail. 

Will I get a 1099 for cashing in savings bonds?

If you cash a paper savings bond at a local bank, that bank is responsible for giving you a 1099. If you cash a paper savings bond by mailing it to Treasury Retail Securities Services, we mail you a 1099 by January 31 of the following year. (You can call us for a duplicate statement, if needed, beginning February 15.)

Are savings bonds better than CDs?

Interest Rates and Returns: Bonds often have higher interest rates than CDs. Liquidity and Access to Funds: CDs typically incur penalties for early withdrawals, while bonds can be sold before maturity without penalty; however, you may incur a loss if the price of the bond is below the purchase price.

Do you pay tax when cashing in bonds?

Cashing in a bond in any part or making withdrawals may create a chargeable event, which is a measure of the growth that may be taxable. To calculate the chargeable gain: Add the surrender value and the value of any tax-deferred withdrawals. Subtract the amount you originally invested.