How To Cash Savings Bonds Without a Bank Account?

It’s extremely simple to cash in a savings bond (Series EE or Series I). However, you won’t be able to cash one in until you’ve had it for at least a year. There’s also a penalty if you cash it in before it’s been 5 years. As long as you’re the owner or co-owner of a paper or electronic savings bond, you may cash it in at most financial institutions, either online or by mail. Others who aren’t listed on the bond might have to take further precautions.

Savings Bonds – How to Cash Them Without a Bank Account?

If you want to cash a bond at a bank where you don’t have an account, you’ll need to present photo identification like a driver’s license or a state-issued ID card. The form of identification, as well as the number and issuance date, will be noted on the bond by the bank official. A bank’s maximum amount of savings bonds it may cash for a non-customer is $1,000. The bank will not redeem a savings bond with a redemption value of more than $1,000. If the total amount of lesser bonds is less than $1,000, you can cash them altogether.

There are various varieties of savings bonds in the United States, some of which are no longer issued but still yield interest or accrue value. Some savings bonds are so old that they may not be paying interest or increasing in value, and they should be redeemed for cash. Other savings bonds can be redeemed for cash at any time, however, if the bondholder redeems their savings bonds before a specified date, they may not receive the entire cash value of the bond.

If you possess US savings bonds, be sure you know how much the bond is worth, how your form of savings bond works for earning interest and reaching a maturity date, and any other considerations that determine when or if you should redeem the bonds.

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