Cashing (Redeeming) Series I Savings Bonds


NEWS: The initial interest rate on new Series I savings bonds is 9.62 percent. You can buy I bonds at that rate through October 2022. Learn more.

KEY FACTS: I Bonds can be purchased through October 2022 at the current rate.  That rate is applied to the 6 months after the purchase is made.  For example, if you buy an I bond on July 1, 2022, the 9.62% would be applied through December 31, 2022.  Interest is compounded semi-annually.

REMEMBER!  You can only purchase up to $10,000 in electronic I bonds each calendar year.  If you buy I Bonds exceeding that limit, we will process a refund, which may take up to 16 weeks.

When can I cash my I bonds?

After they are 12 months old.

  • If you cash an I bond before it is five years old, you will lose the last three months of interest.
  • I bonds earn interest for 30 years if you don't cash the bonds before they mature.
  • If you've been affected by a disaster, special provisions may apply.

What are my I bonds worth?

If you hold an electronic bond in TreasuryDirect, you can find the bond's current value there. Use the "Current Holdings" tab inside your account.

For a paper bond, use the Savings Bond Calculator.

How do I cash my I bonds?

Electronic bonds Log in to TreasuryDirect and use the link for cashing securities in ManageDirect.

Paper bonds

 Two Options:
  • If you hold an account at a local bank and it cashes savings bonds, ask the bank if it will cash yours. The answer may depend on how long you've held an account there. If the bank will cash for you, find out what dollar limit, if any, it has on redemptions and what identification and other documents you need.
  • Send them to Treasury Retail Securities Services along with FS Form 1522 (download or order). You don't need to sign the bonds. You will have to validate your identity. FS Form 1522 tells how; see the "Certification" section of the form. The form also gives our address.

Information for special circumstances:

NOTE: Tax questions? We have answers!

How do I authorize an attorney-in-fact to cash my bonds?

For instructions, please see FS Publication 0105 (download or order).

How much can I cash at one time?

Electronic bonds in TreasuryDirect

You can cash a minimum of $25 or any amount above that in 1-cent increments. If you cash only a portion of the bond's value, you must leave at least $25 in the TreasuryDirect account.  Redemptions are comprised of principal and interest. (In a partial redemption, we pay interest only on the partial amount you cash.)

Paper bonds

Local banks have varying policies on how much they will cash in one transaction and some banks don't cash savings bonds at all. If you send your bonds to Treasury Retail Securities Services, we cash them regardless of value if you meet requirements for cashing.

Note: Individual paper bonds may not be split and must be cashed in full.

What will I need to cash a paper bond?

Regardless of where you cash your bonds, if you are not listed as the owner or co-owner on the bond, you have to submit legal evidence or other documentation to show you are entitled to cash the bond. (We don't return legal evidence.)

Note: Savings bonds cannot be transferred. If you find a bond that belongs to someone else or buy a bond on an online auction site, you cannot cash it. (If you inherit a bond through the death of the bond owner, see Death of a Savings Bond Owner.)

Will I get a form for my taxes?

Yes. IRS Form 1099-INT is provided for cashed bonds.

Electronic bonds

1099-INTs are posted in TreasuryDirect in the following January. Use the link on the ManageDirect page.

Paper bonds

If you cash at a bank, it provides the form. The bank may give you the form immediately or may mail it later, possibly not until after the end of the year in which you cash the bond.
If you cash with Treasury Retail Securities Services, we mail the form to you in the following January.

Tax Considerations for I Bonds

What if I'm not sure whether an I bond has already been cashed or replaced?

Start with your local financial institution. It may be able to tell you if the bond is eligible for redemption. If the bank can't help, you may contact us. If you are the owner or co-owner, send a signed request to the address below. Be sure to include the serial number of the bond.

If the owner or both co-owners have died, you must provide proof such as a copy of the death certificate for each deceased person. Send this with your request.

Send your request to:

Treasury Retail Securities Services
PO Box 9150
Minneapolis, MN 55480-9150