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FAQs
You can cash paper bonds at a bank or through the U.S. Department of the Treasury's TreasuryDirect website. Not all banks offer the service, and many only provide it if you are an account holder, according to a NerdWallet analysis of the 20 largest U.S. banks.
What documents do I need to cash a savings bond? ›
In addition to the bonds, you'll need to provide proof of identity, like a United States driver's license, and partner with a notary to notarize and certify your signature on an unsigned FS Form 1522 to your local bank or credit union.
How much is a $100 savings bond worth after 20 years? ›
How to get the most value from your savings bonds
| Face Value | Purchase Amount | 20-Year Value (Purchased May 2000) |
|---|
| $50 Bond | $100 | $109.52 |
| $100 Bond | $200 | $219.04 |
| $500 Bond | $400 | $547.60 |
| $1,000 Bond | $800 | $1,095.20 |
| Total Price | Total Value | Total Interest |
|---|
| $50.00 | $69.94 | $19.94 |
U.S. Savings Bonds mature after 20 or 30 years, depending on the type of bond: Series EE bonds mature after 20 years. They are sold at half their face value and are worth their full value at maturity. Series I bonds are sold at face value and mature after 30 years.
What is the penalty for not cashing matured savings bonds? ›
While the Treasury will not penalize you for holding a U.S. Savings Bond past its date of maturity, the Internal Revenue Service will. Interest accumulated over the life of a U.S. Savings Bond must be reported on your 1040 form for the tax year in which you redeem the bond or it reaches final maturity.
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.
Does it matter whose Social Security Number is on a savings bond? ›
A Social Security Number must be provided. If this is a gift bond purchase, use the owner's name and SSN, if available. If the owner's SSN is not available, use the purchaser's SSN. Use of the purchaser's SSN does not confer rights to the bond or require interest reporting.
Do savings bonds expire? ›
Series EE savings bonds are a low-risk way to save money. They earn interest regularly for 30 years (or until you cash them if you do that before 30 years).
Why is my savings bond worth so little? ›
The market price of a bond is influenced by investor demand, the timing of interest payments, the quality of the bond issuer, and any differences between the bond's current yield and other returns in the market.
You can get your cash for an EE or I savings bond any time after you have owned it for 1 year. However, the longer you hold the bond, the more it earns for you (for up to 30 years for an EE or I bond). Also, if you cash in the bond in less than 5 years, you lose the last 3 months of interest.
What happens to EE bonds after 30 years? ›
If you moved your EE bond into a TreasuryDirect account, we pay you for the bond as soon as it reaches 30 years and stops earning interest. If you still have a paper EE bond, check the issue date. If that date is more than 30 years ago, it is no longer increasing in value and you may want to cash it.
Do banks redeem savings bonds? ›
Banks and credit unions can redeem savings bonds over the counter. Find out more about becoming an agent and redeeming savings bonds.
Do savings bonds double after 10 years? ›
A Series EE Savings bond could be a good investment if you're looking for something that's long term and low risk, since it's backed by the Treasury and is guaranteed to double its value in 20 years. However, 20 years to see only two times your initial investment might not be enough to help you meet certain goals.
How to cash out savings bonds? ›
You can redeem a savings bond online at the Treasury Department's TreasuryDirect website, by mail or at your local bank or credit union, if they offer the service. Your savings bond must be at least a year old, and you'll need government-issued identification to prove that the bond is yours.
Can I cash bonds at a bank that isn't mine? ›
Take your bond to your bank -- but not just any bank. It has to be one where you've had an account for at least six months.
Where can I cash a savings bond besides a bank? ›
Cash EE or I savings bonds — TreasuryDirect.
Can bonds be redeemed at any bank? ›
Most banks will redeem savings bonds if you have a relationship with that bank. You should contact your bank directly for more information.
Will Bank of America cash savings bonds? ›
Can I redeem a Federal Savings Bond at a Bank of America financial center? To redeem a bond you must be the owner or co-owner of the bond and you must have an active checking or savings account with Bank of America.
