Savings bonds are an investment that can be made for yourself or someone else. They usually mature after five years after purchase and continue to earn interest every six months after that. Whether you purchased a savings bond or received it as a gift, the only way to receive the funds that it represents is to cash it in. You surrender the savings bond, and are given it's cash value in return. The cash value of the savings bond is determined by the purchase amount, maturity date and accumulated interest.
At a Bank
Call the bank that handles your checking or savings account, if you have one. Call a nearby bank if your don't have any bank accounts.
Ask the bank employee about whether they cash savings bonds at their branch. If they don't cash them, ask the employee about banks that will.
Go to the bank, and let the teller know hat you will be cashing in a savings bond. Provide the teller with your identification, and sign the back of the bonds upon request.
Cashing Bonds by Mail to the U.S. Federal Reserve
Have your signature verified by a financial institution, by endorsing your bonds in front of a bank employee. You may need to explain that you only need a verification of your signature, and that you will be sending the bond yourself.
Place your savings bonds, with verification, in a manila envelope with the address for your closest office of The U.S. Federal Reserve. The mailing information is provided in Tips.
Mail your envelope to the Federal Reserve, and cash the check that is mailed back to you. You can cash a check from the Federal Reserve at any bank.
Tips
If you live in the western region of the U.S., send your bonds to:
Federal Reserve Bank of Minneapolis P.O. Box 214 Minneapolis, MN 55480
If you live in the eastern region of the U.S., send your bonds to:
Federal Reserve Bank, Pittsburgh Branch P.O. Box 867 Pittsburgh, PA 15230
References
- Savings Bond Advisor
- Treasury Direct
- TreasuryDirect. "Fiscal Service Announces New Savings Bonds Rates, Series I to Earn 2.22%, Series EE to Earn 0.10%." Accessed April 6, 2020.
- TreasuryDirect. "Series EE/E Savings Bonds Tax Considerations." Accessed April 6, 2020.
- Vanguard. "529 Portfolio Performance." Accessed April 6, 2020.
- TreasuryDirect. "Redeeming Paper Savings Bonds Under Special Circumstances." Accessed April 6, 2020.
- TreasuryDirect. "Cashing Paper Savings Bonds." Accessed April 6, 2020.
- TreasuryDirect. "Cashing (Redeeming) EE and E Savings Bonds." Accessed April 6, 2020.
- U.S. Securities and Exchange Commission. "Certificates of Deposit (CDs)." Accessed April 6, 2020.
- U.S. Securities and Exchange Commission. "Mutual Funds." Accessed April 6, 2020.
- TreasuryDirect. "Convert Your Paper Savings Bonds Using SmartExchange." Accessed April 6, 2020.
- TreasuryDirect. "Death of a Savings Bond Owner." Accessed April 6, 2020.
- TreasuryDirect. "Treasury Securities That Have Stopped Earning Interest." Accessed April 6, 2020.
Tips
- If you live in the western region of the U.S., send your bonds to: Federal Reserve Bank of Minneapolis P.O. Box 214 Minneapolis, MN 55480 If you live in the eastern region of the U.S., send your bonds to: Federal Reserve Bank, Pittsburgh Branch P.O. Box 867 Pittsburgh, PA 15230
Writer Bio
Ashley Kurz, a full-time professional writer since 2009, publishes on various informational websites. An expert in the craft field specializing in craft-related topics, Kurz has taught arts and crafts for group therapy sessions.