- 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.
How can I cash a US Savings Bond in a foreign country?
Please note that the Department of State bears no responsibility or liability for the professional ability or reputation of the entities or individuals whose names appear on the accompanying lists, nor for the quality of services offered by them. The Department’s or the US government’s inclusion on this list is in no way an endorsement. The order in which the names appear has no bearing on the order in which they occur. The Department is unable to vouch for the accuracy of the information on the list because it is provided directly by local service providers.
The Treasury Direct website contains information on US Savings Bonds as well as a Savings Bonds calculator.
Bondholders must complete Form PD-1522 (PDF 202 KB): Request for Payment of US Savings and Retirement Securities to redeem US Department of Treasury Series EE or E Savings Bonds. The notarized paperwork must then be sent to the US Treasury, together with the bonds, for payment.
When completing Form PD-1522, you must have official photographic identification with your signature (PDF 202 KB). Citizens of the United States must provide a valid passport as proof of identity. Individuals who want to redeem bonds might use one of the methods listed below.
- Follow the notarization procedures at the U.S. Consulate General serving your area to sign the document in the presence of a U.S. Consular Officer.
- Sign the document in the presence of an executive of a foreign bank or trust firm incorporated in the United States, whose signature is attested by a corporate seal imprint or is certified to the Department of Treasury.
- Sign the document in front of an Australian Public Notary, then send it to the Australian Department of Foreign Affairs and Trade (DFAT) for an Apostille, allowing it to be used in the United States.
- If none of the aforementioned choices are available, the savings bonds can be signed in the presence of a local foreign bank officer, who will complete the certification section and impress the bank’s corporate seal. Photo ID and other required documents must be certified by the issuing authority and mailed to the United States for redemption.
If your passport name differs from your bond name, you must show proof of a name change, such as a marriage certificate. Non-owners and co-owners must prove their right to cash the bonds (eg: an original death certificate if cashing bonds on behalf of a deceased relative). Parents signing on behalf of minor children must provide both the child’s original birth certificate and their own photo identification.
- Citizens of the United States should prepare a signed declaration to be sent to the US along with the bonds. Your passport number, date and place of birth, country of residency, and the name and address of the taxing body should all be included on this declaration.
- Citizens of countries with a tax treaty with the United States (such as Australia) should fill out and submit IRS Form W-8 BEN (PDF 68 KB): Certificate of Foreign Status to claim interest tax exemption in the United States.
Paper bonds
Your bank or credit union should be able to cash in your paper savings bonds. If you’re going to a financial institution where you’re not a member or customer, check to see if they’ll cash your bond before you go.
Confirm what documents you’ll need to bring with you by contacting the bank. Here’s what you should bring with you in general.
It’s important to remember that bonds can’t be cashed by just anyone. Savings bonds can only be cashed by the bond owner or co-owner, which includes “survivors,” or those identified on the bond who received ownership after the original owner died. You are not the registered owner (a savings bond is nontransferable) and cannot cash in the bond if you purchased it through an auction site like eBay.
If the child is too young to sign the payment request and the child lives with the parent or the parent has legal custody of the child the parent may cash in the child’s savings bond.
Anyone else who wants to cash in a bond must show proof of legal authority to do so.
You’ll sign each bond and receive the cash value at the bank. The bank will either hand you a 1099 tax form or mail it to you before the end of the tax year after you’ve cashed in your bond.
Paper bonds can also be redeemed through the mail. To cash in by mail, obtain an FS Form 1522 from the US Department of Treasury, have your signature certified, then mail the form to the address shown on the form.
Electronic bonds
By connecting into your TreasuryDirect account and setting up a direct payment to your bank or savings account, you can cash in your electronic bonds. Within two business days, the cash amount may be credited to your bank account.
Is it possible to cash US savings bonds online?
Bonds between electronic devices Log in to TreasuryDirect and follow the on-screen instructions. Within two business days after the redemption date, the cash amount will be credited to your bank or savings account.
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.
To cash a savings bond, what documentation do I need?
If you want to redeem a paper E/EE or I bond, you’ll need a few items. You’ll also need confirmation of identity, such as a driver’s license from the United States. You’ll also need an FS Form 1522 that hasn’t been signed. They’ll see you sign the document and then certify your signature if you go to your local bank or credit union.
The unsigned bonds, along with the signed FS Form 1522 and, if you’re the bond’s beneficiary, accompanying legal evidence or other papers to indicate you’re entitled to cash the bond, should be sent to the US Department of Treasury at:
The same steps apply for series H or HH paper bonds, only you’ll ship the unsigned bonds to the US Treasury at:
Is it possible to deposit a savings bond at an ATM?
Can I use an ATM or a night drop to deposit my savings bonds? Any savings bond transaction, whether depositing or cashing, must be completed in person. The teller processing the transaction must witness the endorsement of the bond, and acceptable identification must be presented.
When you cash in your savings bonds, do you have to pay taxes?
State and local taxes are not levied on savings bonds. You don’t get your interest until you redeem your bonds, so you can defer paying taxes until then, however you can choose to pay taxes on the interest you’ve earned every year. Bond interest is taxed at your marginal tax rate by the government. You must pay a 3.8 percent Medicare tax based on your investment income or the amount of adjusted gross income that exceeds the mentioned levels if you earn more than $200,000 as an individual or $250,000 as a couple. For the purposes of calculating your Medicare tax, savings bond interest is included in your investment income. You cannot redeem savings bonds during the first year of ownership, and if you do so within the first five years, you will be charged three months’ interest.