Generally, if you're listed as the registered owner of the savings bond, you should need to bring just the paper bond and one or two current forms of identification to a bank or credit union. While a paper savings bond looks like a check, do not sign it until you are told to do so during the redemption process.
Provide a certified copy of the decedent's death certificate, if the bonds are registered "A POD B" and "A" is deceased. Death certificates must be certified or sworn to by the state or local registrar, with a legible seal or stamp, as a true and correct copy taken from the official records.
The process for cashing in a Patriot bond is the same as for any other Series EE bond: Cashing in Patriot Bonds at a bank: Like paper Series EE bonds, you can cash in Patriot Bonds at a bank or credit union. They will verify your ID and process the redemption.
I cashed some Series E, Series EE, and Series I savings bonds. How do I report the interest? In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.
If you still have a paper EE bond, check the issue date. If that date is more than 30 years ago, it is no longer increasing in value and you may want to cash it.
Note: Do not buy savings bonds from someone else or in an online auction site. You cannot cash them. You can only cash bonds that you own or co-own unless you have legal evidence or other documentation that we accept to show you are entitled to cash the bond.
If only one person is named on the bond and that person has died, the bond belongs to that person's estate. If two people are named on the bond and both have died, the bond belongs to the estate of the one who died last.
There are two primary reasons a bond might be worth less than its listed face value. A savings bond, for example, is sold at a discount to its face value and steadily appreciates in price as the bond approaches its maturity date. Upon maturity, the bond is redeemed for the full face value.
There is no penalty for holding onto a Series EE savings bond past the 30-year maturity period. Once a Series EE bond reaches its final maturity, it stops earning interest, but there are no penalties associated with holding onto it beyond that point.
A $100 savings bond purchased in 1990 would be worth approximately $417.18 after 30 years. This is based on the current savings bond calculator rate which is 4.17%. The calculation is done by multiplying the $100 value by the current rate of 4.17%, providing an annual return of 4.17%.
Banks and credit unions can redeem savings bonds over the counter.
A Social Security Number must be provided. If this is a gift bond purchase, use the owner's name and SSN, if available. If the owner's SSN is not available, use the purchaser's SSN. Use of the purchaser's SSN does not confer rights to the bond or require interest reporting.
Savings bonds earn interest until they reach "maturity," which is generally 20-30 years, depending on the type purchased. If a bond is held past its maturity, the federal government remains responsible for the debt.
Reaching final maturity
Series EE bonds issued in January 1994 reached final maturity after 30 years, in January 2024. That means that not only have they stopped earning interest, but all the accrued and as yet untaxed interest is taxable in 2024.
Do Savings Bonds Double Every 7 Years? There is no set rule about savings bonds doubling after seven years. Series EE bonds are guaranteed to double in value after 20 years. Series I bonds don't offer guarantees and may not double in value at any guaranteed point.
About TreasuryDirect
TreasuryDirect.gov is the one and only place to electronically buy and redeem U.S. Savings Bonds. We also offer electronic sales and auctions of other U.S.-backed investments to the general public, financial professionals, and state and local governments.
If you cash a paper savings bond at a local bank, that bank is responsible for giving you a 1099. If you cash a paper savings bond by mailing it to Treasury Retail Securities Services, we mail you a 1099 by January 31 of the following year. (You can call us for a duplicate statement, if needed, beginning February 15.)
Some banks and credit unions may be able to cash savings bonds, but that service isn't currently available at Capital One.
Withdrawals are tax-free when the money is used for qualified education expenses. But you have to withdraw all the funds by age 30 to avoid a tax penalty.
5 years: While you technically can cash it in at that 12-month marker, it's better to avoid doing so – and to keep that bond intact for at least 4 more years. Why? Because you'll have to forfeit 3 months of interest if you cash it in within the first 5 years.
EE bonds you buy now have a fixed interest rate that you know when you buy the bond. That rate remains the same for at least the first 20 years. It may change after that for the last 10 of its 30 years. We guarantee that the value of your new EE bond at 20 years will be double what you paid for it.
At a bank: If a bank cashes your savings bond, they are responsible for getting you a 1099-INT. They may give or mail you the 1099-INT as soon as you cash the bond or they may wait until the following January.