How to Cash Old U.S. Savings Bonds (Step by Step)

By Plain Money Guide · Researched from official sources · Checked 2026-07-13 · Editorial standards

📚 This article is part of our Recovering Forgotten & Small-Balance Money series. See the full overview: Recovering Forgotten & Small-Balance Money: Full Guide.

Maybe you found a stack of paper savings bonds in a drawer, inherited some from a grandparent, or got a few as birthday gifts decades ago. The good news: most old U.S. savings bonds are still worth money, and cashing them is a straightforward process. This guide walks you through exactly how to check what your bonds are worth, where to redeem them, and what to bring so you don't get turned away.

Table of Contents

• Step 1: Figure out what kind of bond you have
• Step 2: Check whether the bond is still earning interest
• Step 3: Know the minimum holding period
• Step 4: Choose where to cash the bond
• Step 5: Bring the right identification
• Special situations
• Step 6: Set aside money for taxes
• FAQ
• Which route fits the bonds you actually have

Step 1: Figure out what kind of bond you have

Look at the front of the bond. The two types most people find are:

• Series EE — the classic paper bond, often bought at half of face value (a "$50 bond" cost $25). These earn interest for up to 30 years.
• Series I — inflation-adjusted bonds, bought at face value.
• Series E — older bonds issued before 1980. If you have these, many have already stopped earning interest.
• Series HH — these paid interest by direct deposit every six months and can only be redeemed through the Treasury, not a bank.

Note the series letter and the issue date printed on the bond. You'll need both to look up the value.

Step 2: Check whether the bond is still earning interest

U.S. savings bonds don't earn interest forever. Series EE and Series I bonds stop earning after 30 years. Older Series E bonds have already matured. If a bond has stopped earning interest, there's no benefit to holding it any longer — you're leaving money on the table, and you may owe taxes you've been deferring.

To see the exact current value and whether a bond has stopped earning, use the official Savings Bond Calculator at TreasuryDirect.gov. You enter the series, denomination, and issue date, and it tells you what the bond is worth today. It's free and run by the U.S. Department of the Treasury.

Step 3: Know the minimum holding period

A paper bond must be held for at least one year before it can be cashed. And if you redeem a Series EE or Series I bond before you've held it for five years, you forfeit the last three months of interest. After five years, there's no penalty. If your bonds are decades old, none of this applies to you — but it's worth knowing if some are recent gifts.

Step 4: Choose where to cash the bond

How you redeem depends on whether your bond is paper or electronic.

Paper bonds

You have two main options:

1. Your bank or credit union. Many banks will cash paper savings bonds, especially if you've had an account there for a while. This is usually the fastest route. Call ahead — not every branch does it, and some cap the dollar amount they'll pay out in one visit.
2. By mail to the Treasury. If your bank won't cash them, or the amount is large, you can mail them to Treasury Retail Securities Services. You'll need to fill out FS Form 1522 and, for larger amounts, get your signature certified. Check the official instructions on the form for current thresholds and mailing details, since requirements can change.

Electronic bonds

If your bonds are held in a TreasuryDirect account, you cash them online. Log in, go to your holdings, select the bond, and redeem it directly to your linked bank account. The money typically arrives within a couple of business days.

Situation	Where to cash	What you'll likely need
Paper bond, small amount	Your bank or credit union	Photo ID, the bond, sometimes an existing account
Paper bond, large amount or bank declines	Mail to Treasury	FS Form 1522, possibly certified signature
Electronic bond	TreasuryDirect.gov	Account login, linked bank
Series HH bond	Mail to Treasury only	FS Form 1522

Step 5: Bring the right identification

Whether at a bank or by mail, you'll need to prove you're the owner. Bring a valid government photo ID, and make sure the name on the bond matches your ID. Don't sign the back of the bond until you're in front of the bank teller or a certifying officer — signing early can invalidate it.

Special situations

The bond owner has died

If you inherited bonds, the process depends on how the bond was registered and whether there's a surviving co-owner or named beneficiary. You'll generally need a certified copy of the death certificate and the appropriate Treasury form. Start with the Treasury's guidance on death of a savings bond owner to find the exact form for your situation.

The bond is lost, stolen, or destroyed

You don't lose the money just because the paper is gone. File FS Form 1048 to request a replacement or payment. If you know the approximate issue dates and your Social Security number was on the bonds, the Treasury can usually locate them.

The name on the bond is different now

If you've married, divorced, or changed your name, you may need to include documentation showing the connection between the name on the bond and your current legal name.

Step 6: Set aside money for taxes

The interest your savings bonds earned is subject to federal income tax, though it is exempt from state and local income tax. Most people report all the accrued interest in the year they cash the bond. You'll receive a 1099-INT from the bank or the Treasury for the interest.

Interest may be tax-free if used for qualified higher-education expenses and you meet income limits, but the rules are specific. See the IRS page on interest income (Topic 403) and consult the education exclusion rules before assuming it applies. Because tax treatment varies by situation, confirm details with the IRS or a tax professional.

FAQ

Do old savings bonds ever expire?

The bond itself doesn't expire, but it stops earning interest. Series EE and I bonds stop at 30 years; older Series E bonds have already matured. You can still cash a matured bond for its full value at any time — it just won't grow anymore.

Can I cash just part of a bond?

You must redeem a paper bond for its full value. With electronic bonds in a TreasuryDirect account, you can sometimes redeem a portion, as long as at least a minimum amount remains. Check the redemption rules in your account.

What if my bank refuses to cash it?

Banks aren't required to cash savings bonds, and some won't for non-customers or above a certain amount. If that happens, use FS Form 1522 and mail the bonds to the Treasury Retail Securities Services following the instructions at TreasuryDirect.gov.

Which route fits the bonds you actually have

If your bonds are decades old — Series E, or EE and I past the 30-year mark — the call is to cash them, and soon. A bond that has stopped earning interest gains nothing by sitting in the drawer, and the deferred tax bill does not shrink while you wait. Take them to your bank or credit union first: it is the fastest route, and the one-year and five-year rules are long behind you.

If the bonds are recent gifts, the call flips. Under one year, you cannot cash them at all. Between one and five years, redeeming costs you the last three months of interest — so unless you need the cash now, hold to the five-year mark, where that penalty disappears.

If you hold Series HH, the choice is made for you: mail only, with FS Form 1522. The same goes if your bank caps the payout or refuses you as a non-customer. Mailing is the worse option when speed matters — it adds a certified signature step for larger amounts and postal turnaround — but it is the only one that always works.

One caution before cashing a large stack at once: most people report all accrued interest in the year they redeem, so the whole pile lands on a single year's 1099-INT. Splitting redemptions across tax years spreads that out. Interest is federal-taxable only, so no state or local bill follows it.

This article is general information, not financial, legal, or medical advice. Rules and amounts change — verify with official sources or a licensed professional before acting.