The best place to start redeeming your savings bond is the same place where you have a checking account. Customers who have had a checking or savings account with Bank of America for at least six months can quickly cash in their savings bonds. According to the Treasury Department, over 95% of these bonds are redeemed at banks and credit unions.
If you have trouble cashing it in at your bank, you can redeem it directly through the Treasury Department by downloading form 1522, having your signature certified, and submitting your unsigned bonds to:
Is it possible for me to cash my savings bond at Bank of America?
To redeem a bond, you must be the owner or co-owner of the bond and have an active Bank of America checking or savings account. (If your checking or savings account has been open for less than 6 months, you will be limited to a daily redemption limit of $1,000.)
Will Bank of America accept EE bonds as payment?
Customers who have held a Citibank account for at least six months can redeem an unlimited quantity of Series E and EE savings bonds at Citibank branches. Bonds can be redeemed for up to $1,000 by non-customers and those who have been clients for less than six months.
Customers who have had a Bank of America account for at least six months can redeem an unlimited number of savings bonds, while non-customers and those who have had an account for less than six months can redeem up to $1,000 every day. Paper bonds will be redeemed by BB&T for customers who have been with the company for at least six months, as well as non-customers in specific instances. Find out what information you’ll need to bring to the bank branch, such as a driver’s license or other photo ID.
You can submit your savings bonds to Treasury Retail Securities Site, P.O. Box 214, Minneapolis, MN 55480-0214 if you can’t find a bank that will redeem them. You’ll need a certifying officer from a bank where you have an account to certify your signature on the reverse of each bond in the “request for payment” area. Your Social Security number will also be required. For additional information on redeeming savings bonds and particular rules if the bonds are not in your name, see the Treasury’s factsheet.
If you have electronic savings bonds, simply go to TreasuryDirect.gov and follow the instructions. Within two business days after the redemption date, the cash amount will be credited to your bank or savings account. See TreasuryDirect’s SmartExchange information page for details on converting paper savings bonds to electronic form.
Also, read Savings Bonds for College Tuition to see if you qualify for a tax advantage if you use savings bonds to pay for college tuition.
Can a cashier at a bank cash savings bonds?
The majority of Series EE/E and I bonds can be cashed at your local bank. Before you cash them, be sure you’ve had them for more than a year. You will lose three months’ worth of interest if you cash them before five years from the issue date.
At a financial institution, you can only redeem up to $1,000 in bonds at a time. If you require additional redemptions, visit your local bank to complete the necessary documentation to be sent to the Treasury Retail Securities Site nearest you.
- Bring government-issued forms of identification, such as a driver’s license or passport, if you do not have or have not had an account with a banking institution for a long time.
What is the procedure for redeeming Series EE bonds?
- Whether you have a local bank account and it accepts savings bonds, inquire if it will accept yours. The answer may be contingent on the length of time you’ve had an account there. If the bank will cash your check, find out if there is a monetary restriction on redemptions and what kind of identification and other documentation you’ll need.
- Send these, along with FS Form 1522, to Treasury Retail Securities Services (download or order). The bonds are not required to be signed. You’ll need to verify your identity. The instructions are on FS Form 1522, in the “Certification” section. Our address is also included in the form.
When is the best time to cash in my EE savings bonds?
In about 30 years, most savings bonds stop earning interest (or achieve maturity). A savings bond can be redeemed as soon as one year after purchase, but it’s normally best to wait at least five years so you don’t miss out on the last three months of interest. If you redeem a bond after 24 months, for example, you will only receive 21 months of interest. It’s usually better to wait until your bond reaches full maturity, depending on the interest rate and your individual financial demands.
After 30 years, how much is a $50 EE savings bond worth?
Savings bonds are regarded as one of the most secure investments available. The underlying principle is that the value of a savings bond grows over time, but it’s easy to lose track of how much it’s worth over time.
The TreasuryDirect savings bond calculator, fortunately, makes determining the value of a purchased savings bond a breeze. You’ll need the bond series, face value, serial number, and issuance date to figure out how much your savings bond is worth.
If you bought a $50 Series EE bond in May 2000, for example, you would have paid $25. At maturity, the government committed to repay the face amount plus interest, bringing the total value to $53.08 by May 2020. A $50 bond purchased for $25 30 years ago is now worth $103.68.
Without a bank account, where can I redeem my savings bond?
The Treasury Department will redeem savings bonds by mail, sending you a government check for the bond’s face value. To cash a bond using this approach, you must first go to a bank any bank and have your identify validated by a bank official on the bond. You can take a large-value savings bond to a bank where you aren’t a customer, have your signature confirmed, and receive payment by mail using the postal option. Treasury Retail Securities Site, PO Box 214, Minneapolis, MN 55480-0214 is the mailing address you’ll need to cash in your bonds.
When cashing in savings bonds, how do I avoid paying taxes?
Cashing your EE or I bonds before maturity and using the money to pay for education is one strategy to avoid paying taxes on the bond interest. The interest will not be taxable if you follow these guidelines:
- The bonds must be redeemed to pay for tuition and fees for you, your spouse, or a dependent, such as a kid listed on your tax return, at an undergraduate, graduate, or vocational school. The bonds can also be used to purchase a computer for yourself, a spouse, or a dependent. Room and board costs aren’t eligible, and grandparents can’t use this tax advantage to aid someone who isn’t classified as a dependent, such as a granddaughter.
- The bond profits must be used to pay for educational expenses in the year when the bonds are redeemed.
- High-earners are not eligible. For joint filers with modified adjusted gross incomes of more than $124,800 (more than $83,200 for other taxpayers), the interest exclusion begins to phase out and ceases when modified AGI reaches $154,800 ($98,200 for other filers).
The amount of interest you can omit is lowered proportionally if the profits from all EE and I bonds cashed in during the year exceed the qualified education expenditures paid that year.