A savings bond isn't transferable, so signing it doesn't allow someone else to cash it. As protection against fraud, financial institutions require more than a signature to cash savings bonds. If you're unable to cash a bond yourself, a registered co-owner can do it, or you can give someone power of attorney.
Safeguards for Cashing Bonds
In its guide to cashing savings bonds, the Treasury Department reminds financial institutions that the bond's owner or co-owner must sign the savings bond and present proper identification. The signature must match the name on the bond exactly. Some acceptable documents for identification include an employee picture ID, a government-issued trade license, a driver's license, a state ID card, a U.S passport or a green card. At its discretion, a bank can cash up to $1,000 worth of bonds based on identification only.
To cash amounts larger than $1,000, the bank must know the bondholder as a customer for at least six months. Alternately, another regular bank customer can identify the person cashing the bond. This customer must have more than a casual relationship with bondholder -- for example, as a long-term friend. Many financial institutions cash savings bonds, but not all do. Alternately, the owner can mail the bond to a Treasury Retail Securities Site for cashing after having a bank official verify the signature.
Cashing Bonds as a Beneficiary
The registered beneficiary on a savings bond can cash it after the owner's death. Banks can cash the Series I, E and EE bonds, while H and HH bonds must be redeemed by mail after certification by a bank official. The beneficiary must present Form PDF 1522 and an official copy of the owner's death certificate to cash the bonds.
Cashing Bonds Through Power of Attorney
You can authorize someone to cash your savings bonds by giving her power of attorney. This attorney-in-fact must then present the bond or bonds to an authorized officer of a trust company, credit union or bank to certify her signature. Alternately, she can fill out Form PDF 1522 and send the bonds to the address on the form for redemption.
Lost or Stolen Bonds
If your savings bonds are lost or stolen, you can request a replacement by filling out Form PDF 1048 and mailing it the address on the form. You'll need to supply the serial numbers if you have them. Otherwise, the Treasury Department can look up your bonds if you provide your Social Security number, the month and year you bought them, the complete name or names on the bond, and your mailing address. New bonds are only available in electronic form, so you'll need to open a Treasury Direct account if you don't have one.
Reselling Bonds
Unlike some other investments, there's no secondary market for savings bonds. If someone finds your bond and sells it, the buyer can't cash it. A resold savings bond is just a collectible or souvenir. If your name is on the bond, the Treasury owes you the money, not another purchaser.
FAQs
See more about tax information for EE and I savings bonds. Can I authorize someone else to cash my bonds? You can authorize an attorney-in-fact to cash your bonds.
Can the purchaser of a savings bond cash it? ›
The types of savings bonds offered have changed over time. Today, Series EE and Series I bonds are available for purchase—but well-known Series E and Series HH bonds have been discontinued. If you own either a Series E or Series HH bond, it can still be cashed in.
Can my parent cash my savings bond? ›
You may cash a savings bond for a child (a minor under the age of 18) if all of these statements are true: The child is too young to understand a request for payment. You are the child's parent. The child lives (resides) with you OR you have been granted legal custody of the child.
Do you need ID 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.
Can I transfer my bonds to someone else? ›
Assets are generally sold or encashed during the administration period, although some can be transferred to beneficiaries who wish to keep the holding. With Premium Bonds however, there is no option to transfer them.
Can you sell a bond to someone else? ›
Unlike typical bonds that pay interest regularly, a savings bond is a zero-coupon bond, meaning it pays interest only when it is redeemed by the owner. The bond is also nontransferable, so it can't be sold to someone else, which distinguishes it from more typical bonds.
Can you cash a savings bond at a Bank you don t have an account with? ›
OPTION: Payment to a person who doesn't hold an account at your bank or who only recently opened an account at your bank is at the option of your financial institution. If you choose for any reason not to cash a bond, you may refer the customer to TreasuryDirect.gov and its instructions for cashing by mail.
What is the penalty for not cashing matured savings bonds? ›
There is no penalty if you simply hold onto the bond after five years. There is value in holding onto most bonds. The longer they mature, the more interest bonds earn.
Can a Bank teller cash savings bonds? ›
Banks and credit unions can redeem savings bonds over the counter.
Can an executor cash savings bonds? ›
If the value of the bonds exceed $100,000 or the estate is being administered by a court, the personal representative (meaning the executor or administrator) of the estate can redeem the bonds by mailing evidence showing his or her appointment as personal representative, a certified copy of the owner's death ...
"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.
How old does a savings bond have to be to redeem it? ›
You can cash in (redeem) your I 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. See Cash in (redeem) an EE or I savings bond.
How can I cash a check that is not in my name? ›
Alternatively, you can cash the check at the issuing bank, use a check cashing company, opt for mobile check deposit if available, or consider credit unions. Depositing a signed-over check at an ATM is not recommended, as it may cause complications.
What is a co owner on a savings bond? ›
If you have either two owners, or a beneficiary name on the bond, then if one dies the other owns the bond. The difference is that a co-owner has the equal right to cash in the bond at any time.
How much is a $50 savings bond worth now? ›
| Total Price | Total Value | YTD Interest |
|---|
| $50.00 | $69.94 | $3.08 |
If you have a paper savings bond but your bank can't cash it, you'll need to redeem it online at TreasuryDirect or at a financial institution that will cash savings bonds for non-account holders.
What happens if you don't cash in an I Bond? ›
After the one-year mark, you can go ahead and cash in your bond, but you will get hit with a penalty of three months' interest earned on the bond. There is no penalty if you simply hold onto the bond after five years. There is value in holding onto most bonds.
Can I cash my deceased husband's savings bond? ›
Get a certified copy of the death certificate for everyone who has died who is named on any of the bonds. Have each person who is entitled to a distributed bond also fill out and sign the appropriate forms: If they want cash for their bond: FS Form 1522.
