What Documents Do I Need to Cash a Savings Bond?

While paper savings bonds were largely phased out for purchase in 2012, existing paper bonds can still be cashed. To redeem these financial instruments, understanding the required documentation is essential.

Required Documents for Identification and Ownership

Cashing a savings bond requires specific documents to verify your identity and ownership. A current, government-issued photo identification, such as a driver’s license, state identification card, or passport, is required. This identification must match the name on the savings bond.

Your Social Security Number (SSN) is also required for federal tax reporting. When the bond is cashed, interest earned is subject to federal income tax, and the financial institution will issue a Form 1099-INT. The physical paper savings bond must be presented and properly endorsed by the owner, typically by signing the back in the presence of a teller.

Cashing Your Savings Bond

Most commercial banks and credit unions cash paper savings bonds. It is advisable to contact your financial institution beforehand, as some may require you to be an existing customer or have specific policies regarding the amount they will cash. Electronic savings bonds, held in a TreasuryDirect account, are redeemed directly through that online platform.

When cashing a paper bond, the teller will verify your identification and the bond’s authenticity. After verification, funds are typically disbursed via direct deposit, check, or cash, depending on the institution’s policies and the amount. For amounts exceeding $1,000, some financial institutions or the TreasuryDirect mail-in process may require your signature on Form FS 1522 to be certified by a notary public or an authorized official.

Special Circumstances for Cashing Savings Bonds

When cashing a bond for a minor, the parent or legal guardian must endorse the bond. The U.S. Treasury requires specific language on the back of the bond, certifying the relationship and the minor’s inability to sign, along with the minor’s Social Security Number. The parent must also present their own identification. Some financial institutions may cash these bonds, while others may require submission directly to the Treasury.

For bonds belonging to deceased owners, the process depends on whether a co-owner or beneficiary is named. If a survivor is named, the bond passes directly to them outside of the estate; they can redeem it with their identification and proof of death. If only the deceased owner is listed, the bond becomes part of the estate. In such cases, the executor, administrator, or a voluntary representative for smaller estates (under $100,000) must present legal documentation like a death certificate, court-certified letters of administration, or a small estate affidavit, along with specific Treasury forms (e.g., FS Form 5336).

If a paper savings bond is lost, stolen, or destroyed, a replacement is necessary. The owner must complete and submit FS Form 1048, “Claim for Lost, Stolen, or Destroyed United States Savings Bonds,” to the Treasury Department. This form requires detailed information and may necessitate a certified signature. The replacement for Series EE and I bonds will be issued electronically into a TreasuryDirect account. Bonds with multiple owners, such as “John Doe OR Jane Smith,” allow either individual to cash the bond independently, while bonds listed as “John Doe AND Jane Smith” require both signatures for redemption.