How to Cash a Savings Bond at a Local Bank

by Jay P. Whickson ; Updated July 27, 2017
Call ahead to make sure your bank still offers the service.

Items you will need

  • Identification
  • Bond
  • Pertinent papers for legal appointments

For those that have supported the United States by purchasing United States Savings Bonds, there comes a time when they have to cash them. Depending on the issue date, the bond may no longer pay interest and your money may just sit, gaining only dust. The easiest method is to cash the Savings Bonds at your local bank

Step 1

Schedule an appointment when you cash a savings bond at a local bank. This gives the bank the appropriate time to spend with you and confirms that the institution cashes bonds. Not all financial institutions continue to provide the service.

Step 2

Ask about the appropriate identification when you call. The bank requires that you have identification so its representative knows that the bond is being cashed to the right person. If you're a customer of the bank, use that as one form of identification. It also makes the transaction easier.

Step 3

Check your Savings Bond first. Banks can cash Series E, EE, I and savings notes. The bank won't be able to cash I or EE bonds held less than a year, so check the date on the bond. If you cash an HH bond, the bank can't do it for you but often forwards the bond onto a Federal Reserve Bank. The bank normally has the direct deposit forms so the Reserve Bank deposits the money into your account.

Step 4

Take a certified death certificate. If you're the named beneficiary of the bond then you need to provide proof that the owner died. The Treasury requires a certified death certificate with a seal. Make sure that the name matches the name on the bond. A few exceptions such as Bob instead of Robert, allow them to cash it.

Step 5

Redeem your child's Savings Bond if you're the custodial parent. When a parent cashes a bond for a child at a local bank, its only because the child is too young to understand or sign the bond. You need to be the custodial parent and certify that the child lives with you and is too young to sign. You also need the child's social security number.

Step 6

Bring all the necessary papers. Legal representatives such as POA's (power of attorney) and estate executors need to provide the papers that identify them as such. The papers must be current, for executors that's less than one year. As an executor, you also need a certified death certificate in order to cash the Savings Bond at a local bank. The social security number and name for the estate must match the name on the bond.

Step 7

Find out the value of the bond before you go to the bank. TreasuryDirect.com provides an online bond calculator to find out the value of the bonds you own. Find the link in the resource area.

Photo Credits

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