Q&A for How to Cash in Series EE Savings Bonds

You don’t get penalized, but you may have to pay taxes on any interest accrued. You also have the option to pay taxes on interest every year so you don’t have to pay it out in one lump sum when you cash in the bond. In some cases, you can avoid paying taxes on your interest—for example, if you use the bond to pay for higher education expenses like tuition and fees.

Most banks in the U.S. will cash your EE savings bond. If you’re not a customer at the bank, you won’t be able to cash a bond worth more than $1000. Be prepared to show your ID so the bank can verify that you’re the owner of the bond.

Yes, you will need to pay federal income taxes on your bond. However, you have a choice to pay taxes on your interest every year or defer until you actually cash in the bond.

Your bank should have a chart for the values. Note that they continue to accrue value after the "mature" date.

Yes. Go here: TreasuryDirect . TreasuryDirect manages all U.S. electronic savings bonds.

Some financial institutions do redeem EE bonds. If you can't find one locally, you can redeem a paper bond by mailing it to Treasury Retail Securities Site, PO Box 214, Minneapolis MN 55480-0214. If you have an electronic bond, you can redeem it by opening an account at TreasuryDirect.gov. They will deposit the money directly into your bank account.

Put this in your will and make the language specific. Discuss this with your spouse and let him/her know of your intentions so there will no debate about it. Explain this as clearly as you can.

You will need to cash the bond by mail along with FS Form 1522, found on the TreasuryDirect website.

You are allowed to designate a new beneficiary for your EE bonds without any notification or permission from the initial beneficiary. Use your TreasuryDirect account to make this change.

Talk to the attorney in charge of the estate for help.

The bank should pay it on demand, just like cashing a check. Do not sign it until you are at the teller window.

If you give up ownership of the bond and reissue it in another person's name, then you pay taxes on the interest accumulated until you transferred the ownership.

Yes. You can redeem them at a bank branch that is incorporated in the US. If that's not possible, fill out TreasuryDirect’s Form 1048. Have your form certified at a US embassy or consulate, by an American bank branch, or by a notary public who is certified by a US diplomatic or consular office. Mail the form to: Treasury Retail Securities Site PO Box 214 Minneapolis, MN 55480

Look up the local Federal Reserve bank in your area and contact them for instructions on how to redeem them.

Anyone under 18 years old has to cash the bond with their parent or guardian.

Yes. You have the option of deferring taxes until you cash the bond in, or paying taxes when the bond matures — whichever comes first. If you do not wish to defer taxes, you may pay them at the end of the year. You may be eligible for an exemption if you use the money for higher education expenses.

Try the TreasuryDirect “Treasury Hunt” database. It contains information on E and EE bonds issued during or after 1974 that have reached maturity (or have stopped accruing interest).

You can change the beneficiary of the bond at any time (and without the permission or knowledge of the beneficiary) in your TreasuryDirect account.

If you are listed as a survivor on the bond, you can cash it by bringing proof of your identity to your local bank. If there is no survivor listed on the bond, the bond automatically goes into your late husband's estate. If the court is involved in dividing his estate, they will determine who is entitled to the bond. If the bonds in the deceased owner’s estate equal less than $100,000 and no court is involved, request ownership of the bond(s) by filling out FS Form 5336 from the TreasuryDirect website, sign it in the presence of a certifying officer, send the bond and the form to: Treasury Retail Securities Site P.O. Box 214 Minneapolis, MN 55480

Yes.

You can still redeem it even if the SSN is wrong. If you want to correct it, send a letter to the Treasury Retails Securities site with the following information: Incorrect number Correct number Serial number Issue date Denomination – for example, that it is a $50 bond or a $100 bond Registration – owner, co-owner (if there is one), beneficiary (if there is one) Mail it to: Treasury Retail Securities Site PO Box 214 Minneapolis, MN 55480

You need to wait 1 year, unless you've been affected by a disaster, in which case the mandatory 1-year waiting period can be waived. If you cash in before 5 years, you lose the last 3 months of interest.

You will need proof of your identity to cash them. Contact your local bank to find out exactly what documents they require for this proof.

To see the current rate, go to "TreasuryDirect.gov". The rate is near the middle of the home page.

If you are the named beneficiary on the bond, just present it (with personal ID) at any bank. If not, you will need to show the bank that you are the administrator of the deceased's estate.

Yes. They are reputable.

The bond will be part of your estate and treated in accordance with your will.

For reasons of safety, it's best to do it at the bank.

Present them (with your personal ID) at any bank.