How do you redeem savings bonds?


Quick Answer

To redeem savings bonds, go to your local bank or credit union and show that you are legally entitled to cash the bonds. You will need identification to show that you are the owner of the bonds. Prior to redeeming the bonds, calculate what your bonds are worth and talk to a tax professional about how cashing the bonds in will affect your yearly tax filing.

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Full Answer

  1. Calculate what your bonds are worth

    Use the Savings Bond Calculator on the website of the U.S. Department of Treasury's Bureau of Public Debt to find out what your bonds are worth. Use the drop-down menu under Series to choose what kind of bond you have. Enter the denomination, the serial number and the issue date. This information is found on the bond.

  2. Talk to a tax professional

    Speak to a tax professional to determine how cashing in your bonds affects your tax filing at the end of the year. Doing so helps you figure out the best time to redeem your bonds.

  3. Go to your bank or local financial institution

    Go to your bank with identification in the form of a valid driver's license or any current picture identification to prove you are entitled to cash the bonds. The bank teller completes the process on her end and gives you the proceeds. The teller may give you a piece of paper acknowledging that you are responsible for paying taxes on the bonds when you file your taxes.

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