When Can You Cash Savings Bonds? The 12-Month Lock, Early Penalty, Disaster Exception and Best Timing

You can cash a Series EE or I savings bond 12 months after its issue date, or 6 months after if it was issued on or before January 1, 2003. Cashing before 5 years costs the last 3 months of interest on every I bond and on EE bonds issued May 1997 or later.

A declared disaster waives the 12-month lock. After that, 5 dates change what a bond pays: final maturity, the 20-year date, the 6-month steps, the first of the month and the tax year.

ClaimMyBonds is a private, independent guide, not Treasury. The steps for how to cash savings bonds at a bank, by mail or online are on that page. This page covers the timing only.

When Can You Cash a Savings Bond? The Rules by Series

The earliest cashing date depends on the series and issue date: 12 months for EE and I bonds issued February 1, 2003 or later, 6 months for earlier EE and I bonds, and no wait for any series that has stopped earning.

Those stopped series are A to D, E, F, G, H, J, K, HH and Savings Notes (31 CFR 351.6, 359.6, 315.35(c), 353.35(c); TreasuryDirect, as of November 11, 2026). The issue date is the month printed on the bond. The table below sets out each series.

Sources: 31 CFR 351.6, 359.6, 351.31, 351.35(e), 359.7, 315.35(c), 353.35(c); TreasuryDirect, as of November 11, 2026.

The 12-Month Lock: How Long You Must Hold a Savings Bond Before Cashing

The minimum holding period is 12 months for EE and I bonds issued on or after February 1, 2003, and 6 months for those issued on or before January 1, 2003 (31 CFR 351.6, 359.6).

The holding period is the time after the issue date when Treasury will not pay the bond. Treasury extended it from 6 to 12 months in "Extension of Holding Period" (68 FR 2666, January 17, 2003, effective February 1, 2003; corrected by 68 FR 7427, February 14, 2003).

A bank may not pay an EE or I bond issued February 2003 or later before 12 months have passed (31 CFR 321.9(a)(2)).

A bank here means a paying agent, a financial institution that Treasury authorizes to cash paper bonds. Original maturity, the date a bond reaches its guaranteed value, is not required before you cash.

Why No Paper Savings Bond Is Still Inside the Lock

Every paper EE and paper I bond is past its holding period in November 2026, so the lock no longer matters for paper. Paper EE issue dates end in December 2011, and new I bonds have been electronic only since January 1, 2025 (TreasuryDirect; IRS Form 8888, Rev.

December 2025). The lock still applies to electronic EE and I bonds bought in the last 12 months. The last issue date of tax-refund paper I bonds is not established.

Cashing Savings Bonds Early: The 3-Month Interest Penalty Before 5 Years

An EE or I bond cashed less than 5 years after its issue date loses its last 3 months of interest, and the payout never drops below the issue price (31 CFR 351.31, 351.35(e), 359.7). The issue price is what the buyer paid.

TreasuryDirect gives this example: "if you cash in the bond after 18 months, you get the first 15 months of interest". The rule closes with this sentence: "This penalty does not apply to bonds redeemed 5 years or more after the issue date."

Which Savings Bonds Still Carry the Early Penalty

Two groups carry the penalty: all I bonds, and EE bonds issued May 1, 1997 or later. EE bonds issued before May 1997 never had it.

In November 2026 no paper EE bond is under 5 years old (Fiscal Data value files). The penalty therefore reaches only electronic EE and I bonds, plus tax-refund paper I bonds issued less than 5 years before cashing.

How the Early Penalty Shows in the Value You Are Paid

Treasury's published values already subtract the penalty, so the value shown is the amount paid (31 CFR 351.51(b), 359.40(b)). TreasuryDirect's calculator marks a bond that carries it "P5" ("Includes 3 month interest penalty").

It marks a bond inside the lock "NE" ("Not eligible for payment") and a bond past final maturity "MA" ("Matured and not earning interest"). It also shows the next date the value changes. Our savings bond calculator, built on Treasury's published Fiscal Data value files, prices paper bonds for the current month.

The Disaster Exception: Cashing Savings Bonds Before 12 Months

Treasury waives the holding period for owners in an area with an official disaster declaration, so the instructions apply to paper bonds "even ones that are less than a year old" (TreasuryDirect, "Affected by a disaster", as of November 11, 2026). Check the declaration on fema.gov. The disaster rules cover 5 points, listed below.

• Bonds less than a year old, with the one-year hold waived
• Lost, illegible or contaminated bonds, claimed with FS Form 1048
• The word DISASTER, written on the envelope and at the top of the form's first page
• Priority handling by Treasury
• Electronic bonds under one year old, cashed by calling 844-284-2676 or sending a certified FS Form 5512 marked DISASTER

Many banks cash EE and I bonds, but banks cannot cash HH bonds (TreasuryDirect disaster page). The one-year waiver applies to requests sent to Treasury. A substitute for a destroyed EE or I bond is electronic, so you need a TreasuryDirect account (the online account where electronic bonds are held).

A bond within one month of final maturity can only be cashed, not replaced. TreasuryDirect states no deadline. If a disaster destroyed your bonds, claim them with FS Form 1048, write DISASTER at the top and send the form without the bonds. No "hardship" exception is established.

Best Time to Cash Savings Bonds: 5 Dates That Change What You Receive

After the lock and the penalty, 5 dates change what a bond pays: final maturity, the 20-year date of paper EE below face, the 6-month steps of EE issued May 1995 to April 1997, the first of each month and the tax year.

Face value is the amount printed on the bond. The table shows 8 $100 EE bonds from November 2026 to May 2027. Values rise or hold.

Other face values: the $100 value times the face value, divided by 100. The December 2011 bond holds at $54.84 in January and February 2027. Source: Bureau of the Fiscal Service, Savings Bonds Value Files (updated November 2, 2026), redemption months November 2026 to May 2027.

Final Maturity: Waiting Adds Nothing Once a Bond Stops Earning

A bond stops earning at final maturity, 30 years after issue for EE and I bonds (31 CFR 351.5, 359.5) and 40 or 30 years for Series E (31 CFR 316.8(b)). Waiting after that date adds nothing. EE bonds issued January 1980 to November 1996 have stopped.

The December 1996 issue stops December 1, 2026, and the January to April 1997 issues stop January 1 to April 1, 2027. Of 384 paper EE issue months, 181 still earn and 203 have stopped as of November 2026.

No I bond stops before September 2028. The final maturity for every series is set out in when savings bonds stop earning interest.

The 20-Year Date for Paper EE Bonds Issued May 2007 to December 2011

A paper EE bond issued May 2007 to December 2011 is below face value in November 2026. It steps up to face on its 20-year date, May 1, 2027 to December 1, 2031 (31 CFR 351.35(f)(1)). All 56 issue months in that window are below face now.

A May 2007 $100 bond is worth $97.80 in April 2027 and $100.00 from May 1, 2027, and a $10,000 bond moves from $9,780.00 to $10,000.00.

Cashing the month before gives up that step. The guarantee is double the purchase price, which is half of face for paper, reached at 20 years for bonds issued June 2003 or later.

EE Bonds Issued May 1995 to April 1997: Interest Added Every 6 Months

EE bonds issued May 1995 to April 1997 add interest only every 6 months. TreasuryDirect says: "If you cash a bond part way through a 6-month period, you don't get the interest the bond has been earning in that period."

A December 1996 $100 bond is worth $126.60 in November 2026 and $128.64 from December 1, 2026, its final maturity.

EE bonds issued May 1997 or later add interest monthly. The rates for 6-month periods from November 1, 2026 are 3.80% for May 1995 to April 1997 issues and 4.02% for May 1997 to April 2005 issues (TreasuryDirect, as of November 1, 2026).

The First of the Month: When Savings Bond Values Change

Savings bond values change only on the first day of a month (31 CFR 351.3). A bond cashed on the 2nd and one cashed on the 30th of the same month carry the same value. Which month's value applies to a bond sent by mail is not established.

The Tax Year You Cash a Savings Bond

The year you cash a bond is the year its deferred interest becomes federally taxable. Final maturity can come first, and you can instead report the interest each year (26 CFR 1.454-1(a)(1); IRS Publication 550 (2025); the yearly choice is under 26 U.S.C. 454(a)).

For a bond that reached final maturity in an earlier year, that earlier year is the year the rule names.

Cashing in December or January moves the income between tax years. Savings bond interest carries no state or local income tax (31 U.S.C. 3124(a)).

A bank issues the 1099-INT, the IRS form that reports the interest, at cashing or the next January, and Treasury issues it the next January. A tax professional decides what applies to a return. The ways to reduce taxes on savings bond interest include timing and the yearly choice.

Should You Cash Your Savings Bonds Now? What the Rules Decide and What Is Your Choice

The rules decide 3 things: whether a bond can be cashed yet, whether a penalty applies and whether it still earns. Whether to cash a bond that still earns is your decision. A bond past final maturity earns nothing more, so waiting adds no interest.

A bond that still earns keeps its own rate. EE bonds issued May 1997 to April 2005 earn 4.02% and those issued May 1995 to April 1997 earn 3.80% for periods starting from November 1, 2026.

Treasury may change the rate for the last 10 years of the 30-year life of EE bonds issued May 2005 or later, but must announce it before year 20. None is found as of November 11, 2026.

Education use has its own timing. EE bonds issued after 1989 and I bonds qualify for the education exclusion only if you cash them in the same tax year as the qualified expenses.

For 2026 the income phase-out is $101,800 to $116,800 for single filers and $152,650 to $182,650 for joint filers (Rev. Proc. 2025-32). The conditions are under excluding interest with Form 8815.

Is There a Penalty for Not Cashing Matured Savings Bonds?

No: there is no penalty and no deadline for cashing a matured bond. Executive Order 13968 states: "By law, savings bonds never expire, and there is no deadline for owners to redeem them" (85 FR 83745, December 23, 2020). Waiting earns no further interest, and the interest is reportable for the final-maturity year.

A bond that is more than 3 years past final maturity and not redeemed is an "applicable savings bond" (31 U.S.C. 3105(f)(6); 31 CFR 323.11(a)). A state with an information-sharing agreement receives only the owner's name and address, only to locate the owner, and no escheat follows (89 FR 102735, December 18, 2024). No state is publicly known to have one as of November 11, 2026. SECURE 2.0 is the 2022 law behind these rules.

If a Bank Will Not Cash a Bond the Rules Allow You to Cash

Mail the bond to Treasury if a bank declines. A bank may cash paper EE, I and Series E bonds that are past the lock but is not required to.

FS Publication 0022 (Rev. October 2022) makes cashing for non-customers optional and says a declining bank may refer you to TreasuryDirect's instructions for cashing by mail. Which banks cash savings bonds varies by bank.

Treasury cashes every paper series by mail with FS Form 1522, with no limit on value or number of bonds. Bonds in your name take three months or longer (TreasuryDirect, as of November 11, 2026).

The mail office is Treasury Retail Securities Services, the Treasury unit that processes paper bonds. HH bonds can be cashed through Treasury only.

Timing Rules in Other Savings Bond Cashing Situations

The lock, the penalty and the value dates are the same on every cashing route, and 4 situations add one timing detail each. They are the situations listed below.

• Electronic bonds, cashed online
• A child's bond, signed by a parent
• Paper bonds converted to electronic first
• Inherited bonds

Electronic Savings Bonds: The Same Lock, Cashed Online

Electronic EE and I bonds follow the same 12-month lock and 3-month penalty. You cash them online in TreasuryDirect, $25 or more at a time with at least $25 left (31 CFR 363.54), or by mail with FS Form 5512 (Rev.

April 2026), which must be certified by a certifying officer; a notary is not accepted. Your account holds your electronic savings bonds.

A Child's Savings Bond: The Same Dates, a Parent Signs

A child's bond follows the same dates, and a parent signs for a child too young to sign "on behalf of [child's name], a minor" (TreasuryDirect). No fixed age is set, and a minor is anyone under 18. The signing steps are under cashing a savings bond in a child's name.

Converting Paper Bonds First Adds Time, Not Value

Conversion through SmartExchange (the TreasuryDirect service that turns paper bonds into electronic ones) is not needed to cash. It takes nine months or longer, against three months or longer by mail (TreasuryDirect, as of November 11, 2026). Conversion is one-way. The wait matters before you convert paper savings bonds to electronic.

Inherited Savings Bonds: No Deadline, but Final Maturity Still Counts

Heirs face no deadline either, but a bond within one full calendar month of final maturity cannot be reissued, only cashed (31 CFR 353.45(b)). HH bonds can only be cashed.

A surviving co-owner or POD beneficiary, the person named to receive the bond at the owner's death, becomes the owner (31 CFR 353.70). Heirs find the full steps under savings bonds after death.

When to Cash Savings Bonds FAQ

Is There a Bad Time to Cash In Savings Bonds?

Three moments cost money: inside 5 years for bonds with the penalty, the month before a 6-month step for EE issued May 1995 to April 1997, and the month before the 20-year date of a paper EE bond still below face. Within a month, the day does not matter.

Should I Cash My EE Savings Bonds After 20 Years?

An EE bond keeps earning after 20 years until its 30-year final maturity, and no penalty applies after 5 years. Paper EE bonds issued May 2007 to December 2011 reach face only at 20 years. See when do savings bonds mature for the date by series.

Can You Cash a Savings Bond Before It Matures?

Yes: original maturity is not required. Any EE or I bond can be cashed after its 6- or 12-month holding period at its current value, minus 3 months of interest before 5 years where the penalty applies.

How Much Is a $100 Savings Bond Worth After 10 Years?

No paper EE bond is that young, because the last were issued in December 2011, and a $100 December 2011 bond is worth $54.76 in November 2026. See how much is a $100 savings bond worth by issue year.

How Much Is a $50 Savings Bond Worth After 20 Years?

A $50 paper EE bond issued June 2003 or later is worth at least $50 at 20 years. A December 2006 $50 bond reaches 20 years on December 1, 2026 and is worth $50.90 in November 2026. See how much is a $50 savings bond worth by issue year.