If you or a loved one happen to own any of these older series of savings bonds, make sure you understand your options for cashing in the bonds. My brother and I were just informed 10 years after our father's death that he purchased U.S. savings bonds. unlocking this expert answer. Gift savings bonds are issued only in electronic form. How do I redeem savings bonds that I have lost? For example, you could buy a bond for $100 and it would be worth $200 when redeemed after a certain period of time. What should I do? ", "Written very clearly and easily understood. Yes, you will receive a 1099-INT tax statement from the financial institution where you redeemed the bond(s) that can be referenced when filing your income taxes. I have 102 bonds. The physical certificate is required to redeem the bond. Most savings bonds stop earning interest (or reach maturity) in about 30 years. You may select up to 50 bonds at a time. This article has been viewed 305,882 times. Your signature will have to match the signature on file. Series E savings bonds were initially sold by the U.S. government in 1941 as war savings bonds … Even if your bank or credit union cannot cash an older bond for you, or if you have special circumstances like needing to redeem a bond that was inherited as part of a deceased person’s estate, the bank will typically be able to help you understand the process for redeeming the bond and can certify your signature on the Treasury form. This is a great service for individuals who may have lost track of savings bonds over time. A graduate of Rice University, he has written for several Fortune 500 financial services companies. Some savings bonds are so old that they may no longer be earning interest or gaining value and should be redeemed for cash. Before redeeming a savings bond, make sure you understand the details of your particular savings bond and are ready to deal with possible interest penalties or tax implications. This will relieve you of the burden of storing your certificates. Savings bonds are government-issued bonds that earn interest over a specific length of time – typically 20 to 30 years. Good job, "All of the information in this article was incredibly helpful in my unclaimed assets search. Thank you. Send them to the Treasury Dept and they will change the name. Once you have logged into your account, you can select the securities you want to redeem. Most banks will redeem savings bonds if you have a relationship with that bank. If you are a beneficiary for someone deceased, you must bring a death certificate to provide proof you can cash the bond. % of people told us that this article helped them. Ara has a BS in Accounting and Finance from San Francisco State University, is a Commissioned Bank Examiner through the Federal Reserve Board of Governors, holds the Chartered Financial Analyst designation, is a Certified Financial Planner™ practitioner, has a Certified Public Accountant license, is an Enrolled Agent, and holds the Series 65 license. If you own U.S. savings bonds, make sure you understand the details of how much the bond is worth, how your type of savings bond works for accruing interest and reaching a maturity date, and any other factors that affect when or if you should redeem the savings bonds. Some people may remember going to the bank as a child and receiving a $50 savings bond as a birthday present; savings bonds can be purchased for yourself or given as a gift. You can also have an identifier take you to his bank where he has had an account for 6 months. However, many people still own savings bonds that were issued on paper. There are 16 references cited in this article, which can be found at the bottom of the page. This article was co-authored by Ara Oghoorian, CPA. If you cannot locate your certificated CSBs or CPBs, follow the lost bond process . Redeeming savings bonds is simple. The Treasury’s Savings Bond Wizard at TreasuryDirect.gov will let you calculate the exact value of these bonds. How Will Your Payment Arrive? No, each bond will need to be properly endorsed. Savings Bonds complement your other savings and investments as a safe way to save for the long term. From the Redemption screen, select the Plan from which you want to redeem. Approved. The value of a savings bond depends on a few factors: what type of savings bond it is, when it was issued and whether it was sold at face value or as a percentage of face value. Series HH Savings Bonds were issued from 1980 to 2004, and had a maturity date of 20 years, so some of these bonds are still earning interest until 2024. There are a few questions you should think about before you decide to redeem your savings bonds: In all cases, make sure your decision to cash out the savings bonds is part of a larger plan, is in line with your risk tolerance and investment time horizon, and is contributing to your overall financial goals. They have a face value between $25 and $10,000, which makes them accessible to anyone looking for an additional savings option. Benefits. I have a Series I savings bond. This exemption is limited to income thresholds which are adjusted each year. There are two types of savings bonds that are currently sold by the U.S. Treasury: Series EE and Series I savings bonds. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/8\/82\/Redeem-Savings-Bonds-Step-1-Version-2.jpg\/v4-460px-Redeem-Savings-Bonds-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/8\/82\/Redeem-Savings-Bonds-Step-1-Version-2.jpg\/aid1357749-v4-728px-Redeem-Savings-Bonds-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"