Can you cash in a savings bond at any bank?
The longer you hold the bond, the more interest it accrues, but not beyond the 30-year limit. Paper bonds can be redeemed at most bank or credit union branches, while electronic bonds can be cashed on the TreasuryDirect website, by signing into your account and following the instructions for redeeming the bond.
You can generally cash in paper bonds at most local banks or credit unions. You'll need to provide identification, and the bank will verify the bonds and your identity before giving you the cash or depositing the money into your account.
The only option for cashing electronic savings bonds is by logging in to your TreasuryDirect account online. If you have paper savings bonds, you can fill out the appropriate form and mail it and the bonds you want to cash to the Treasury Retail Securities Services — the address is listed on FS Form 1522.
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.
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.
You may be able to cash in paper EE bonds at a bank where you have an account or through TreasuryDirect. Ask your bank about its process for cashing savings bonds. Ask your bank how much it will cash at one time. Determine the identification or other documents you will need.
| Face Value | Purchase Amount | 30-Year Value (Purchased May 1990) |
|---|---|---|
| $50 Bond | $100 | $207.36 |
| $100 Bond | $200 | $414.72 |
| $500 Bond | $400 | $1,036.80 |
| $1,000 Bond | $800 | $2,073.60 |
| Total Price | Total Value | Total Interest |
|---|---|---|
| $50.00 | $69.94 | $19.94 |
You can cash in your bond after one year from buying it and get back the money you paid for it. You will not get all the interest that has built up if you cash in a savings bond before it is five years old. The Series I bond has two interest rates. One is a fixed rate that is set when you buy your bond.
"We offer up to $500 redemption value — purchase price plus interest — at all of our branches," according to a spokesperson for Chase. Otherwise, Chase customers and noncustomers would need to cash their savings bonds by mail through TreasuryDirect.gov.
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.
But you do not have to pay taxes at the state and local levels. You can report the interest each year you earn it or when you cash the bond. You will report it on Schedule B of your 1040. You can avoid these taxes by using the money for qualified higher education expenses.
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.
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.
| Total Price | Total Value | YTD Interest |
|---|---|---|
| $50.00 | $68.90 | $3.94 |
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.
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.
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.
You can cash in most paper bonds (with some exceptions) at your bank or credit union. You can cash in electronic bonds online with TreasuryDirect, which will send the cash from the bond to your savings or checking account within two business days.
Wells Fargo and Truist are two banks that will do this, provided that the bonds total less than $1,000 and you bring proper documentation. I cashed several bonds at Wells Fargo recently, where I am not an account holder, and I needed two forms of ID.
How much is a $50 Patriot bond worth after 20 years?
Every Patriot Bond earns interest, which accrues in six-month periods. After 20 years, the Patriot Bond is guaranteed to be worth at least face value. So a $50 Patriot Bond, which was bought for $25, will be worth at least $50 after 20 years. It can continue to accrue interest for as many as 10 more years after that.
EE bonds you buy now have a fixed interest rate that you know when you buy the bond. That rate remains the same for at least the first 20 years. It may change after that for the last 10 of its 30 years. We guarantee that the value of your new EE bond at 20 years will be double what you paid for it.
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.
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.
| Total Price | Total Value | YTD Interest |
|---|---|---|
| $500.00 | $2,101.40 | $24.00 |
