A POD savings bond belongs to its owner for life and passes in full to the named beneficiary when the owner dies, outside the estate and despite any will (31 CFR 353.70(c)(1); 353.20(a)). POD means payable on death, and the beneficiary is the one person the owner names on the bond to receive it.
The beneficiary has no rights while the owner lives, and the owner of an EE or I bond can change or remove the beneficiary without asking. This page covers both sides: what a beneficiary does after a death, and how an owner adds or changes the name.
Series E, Series HH, Savings Notes and paper EE bonds issued through December 1996 can only be cashed in November 2026. The wider rules for every kind of heir sit in our guide to savings bonds after death.
What POD Means on a Savings Bond: Payable on Death to One Person
"POD" stands for "payable on death": the bond is registered to one owner, payable on death to one beneficiary. The regulation allows the abbreviation "P.O.D." (31 CFR 353.7(a)(3)).
Paper Series I and Series E bonds use the same form under Parts 360 and 315. The paper form names one individual as the owner and one individual as the beneficiary.
Where the Beneficiary's Name Appears on a Paper Bond
The beneficiary's name follows the owner's name on the face of the bond, after "P.O.D." In the regulation's shorthand the registration reads "A P.O.D. B", where A is the owner and B is the beneficiary.
The word "AND" is not an authorized registration, and a "Mail to" name confers no ownership (31 CFR 353.5, 353.7).
The Social Security number printed on the bond is the owner's, and Series E bonds issued from January 1, 1974 carry one (31 CFR 316.2(c)(1)). Our guide shows how to read a paper savings bond, including where the issue date, owner and co-owner appear.
POD Beneficiary, Co-Owner and Secondary Owner Compared
A POD beneficiary differs from a co-owner in one way that matters: a co-owner can cash the bond today, a beneficiary cannot. A co-owner is a second person named with "OR", and either owner may cash the bond. The table below compares the three registrations.
| Registration | Rights while both are alive | At the first death | Owner changes it without consent? |
|---|---|---|---|
| POD beneficiary, paper ("A P.O.D. B") | None; paid only to the owner (353.38) | Beneficiary is sole and absolute owner (353.70(c)(1)) | EE and I: yes (353.51, 360.51). Series E: no longer possible (all past final maturity; 315.51 required consent) |
| Co-owner, paper ("A OR B"): savings bond co-owner rules | Either may cash; the other loses any interest (353.37) | Survivor is sole and absolute owner (353.70(b)(1)) | No: both must sign, except to remove one's own name (353.51) |
| Beneficiary on an electronic bond (POD) | No ownership rights (363.20(b)(2)(iv)) | Beneficiary takes despite any will or local law | Yes: owner may remove or change (363.20(b)(2)) |
Electronic bonds use "WITH" for a secondary owner; the survivor of primary and secondary owner takes the bond (31 CFR 363.20(b)(3)(viii)). Sources: 31 CFR Parts 315, 353, 360 and 363.
What a Savings Bond Beneficiary Has While the Owner Is Alive
A savings bond beneficiary has no ownership rights while the owner is alive. The TreasuryDirect glossary says so for paper bonds, and 31 CFR 363.20(b)(2)(iv) says so for electronic bonds. TreasuryDirect is the Treasury website where electronic bonds are held and Treasury forms are posted.
Can a POD Beneficiary Cash the Bond Before the Owner Dies?
No: during the owner's lifetime a POD bond is paid only to the owner (31 CFR 353.38).
A beneficiary who helps a living owner acts only with the owner's authority. That authority is a power of attorney (a document that names an agent, called the attorney-in-fact): either FS Form 5188 (Rev. April 2026) or a power of attorney that meets 31 CFR 353.40(d). If the owner is incapacitated and has no legal guardian, a relative may cash the bonds as a voluntary guardian on FS Form 2513, but only when all the owner's bonds total $20,000 or less (31 CFR 353.64(a)). Power of attorney and voluntary guardians are the core of cashing savings bonds for someone else.
When the Owner Cashes the Bond, the Beneficiary's Interest Ends
When the owner cashes a POD bond, the beneficiary ceases to have any interest in it (31 CFR 353.38). The owner needs no signature from the beneficiary and gives no notice.
A bond surrendered for payment before the owner's death is treated as a lifetime transaction, not a transfer at death (31 CFR Part 353, Subpart L). The beneficiary then has no claim to the bond.
What the Beneficiary Gets When the Owner Dies
When the owner dies first, the surviving beneficiary becomes the bond's "sole and absolute owner" on proof of the owner's death (31 CFR 353.70(c)(1); 360.70; 315.70). The bond is not part of the owner's estate.
The bond is worth its redemption value, the cash value Treasury publishes for each issue month, in the month it is cashed. FS Form 5336 is for estates settled without administration when no person named on the bond is living, so a surviving beneficiary does not use it.
A Will or a Court Order Cannot Take the Bond From the Beneficiary
A will or a state court order cannot take a POD bond from the surviving beneficiary. Treasury does not recognize a judicial determination that impairs survivorship (31 CFR 353.20(a); 360.20(a)) and accepts no notice of adverse claims (353.20(c)).
Free v. Bland (1962), a co-owner case, confirmed that Treasury's survivorship rules override conflicting state community property law.
Electronic bonds pass "despite any attempted testamentary disposition or any applicable local law to the contrary" (31 CFR 363.20(b)(2)(iv); 363.45(h)).
The Spouse Exception: Yiatchos v. Yiatchos (1964)
The only exception the Supreme Court has recognized is fraud on a spouse's property rights.
In Yiatchos v. Yiatchos, 376 U.S. 306 (1964), decided March 9, 1964 in an opinion by Justice White, a husband bought bonds with Washington community funds (money the law treats as owned jointly by spouses) and registered them to himself, payable on death to his brother.
The Court held that the brother must be recognized as owner unless the purchase was a fraud on the wife's property rights or a breach of trust. Fraud is a federal question, guided by state property law.
If the wife consented to or ratified the purchase, there was no fraud and the brother takes all the bonds. Even if there was fraud, the beneficiary still takes at least the husband's half.
Such a claim goes to court, not to Treasury, because Treasury accepts no notice of adverse claims (31 CFR 353.20(c)). A spouse who believes the exception applies asks an attorney. The case arose in Washington, and the beneficiary vs spouse rule in Washington concerns the same question.
If the Beneficiary Dies First or at the Same Time
If the beneficiary dies before the owner or at the same time, the bond is treated as registered to the owner alone (31 CFR 353.70(c)(2)). It then goes to the owner's estate when the owner dies.
An owner of a paper EE, HH or I bond needs no proof of the beneficiary's death to act during life (FS Publication 0063, Rev. January 2025). For electronic bonds, if the owner and beneficiary die at the same time, the bond goes to the owner's estate (31 CFR 363.20(b)(2)(vi)).
How a POD Beneficiary Claims the Bond: Cash It or Keep It
A surviving POD beneficiary has 2 choices: cash the bond, or keep it if it is a paper EE or I bond that still earns interest.
A bond at or within one full calendar month of final maturity, the date interest stops, can only be cashed (31 CFR 353.45(b); FS Publication 0063). The table below sets out each kind of paper bond.
For example, a $100 EE bond (face value, the amount printed on it) issued December 1988 stopped earning in December 2018 and is worth $207.36 in November 2026, so it can only be cashed.
A $100 EE bond issued December 2001 is worth $121.00 in November 2026 and earns until December 1, 2031, so it can be kept.
| Bonds (issue period) | Earning status, November 2026 | Beneficiary's options | Can a bank pay? |
|---|---|---|---|
| Series E, May 1941 to June 1980 | All stopped earning by June 2010 | Cash only | Yes, at its option |
| Series EE, January 1980 to November 1996 | Final maturity reached | Cash only | Yes, at its option |
| Series EE, December 1996 | Final maturity December 1, 2026 (note 1) | Cash only | Yes, at its option |
| Series EE, January 1997 to December 2011, including Patriot Bonds (notes 2 and 3) | Earning until 30 years after issue | Cash, or keep as an electronic bond (FS Form 4000 or SmartExchange) | Yes, at its option |
| Series I, paper, from September 1998 | Still earning; first final maturity September 2028 | Cash, or keep as an electronic bond | Yes, at its option |
| Series HH | Final maturity reached August 1, 2024 | Cash only, by mail, direct deposit, no partial cashing | No |
| Savings Notes, May 1967 to October 1970 | Final maturity reached by October 2000 | Cash only | Yes, at its option |
What a surviving POD beneficiary can do with each kind of paper bond, as of November 2026. Sources: 31 CFR 353.45(b), 321.7(d); FS Publication 0063; TreasuryDirect; Fiscal Data Savings Bonds Value Files, updated November 2, 2026. Note 1: a $100 bond is worth $126.60 in November 2026 and $128.64 in December 2026; it is within one full calendar month of final maturity, so it can only be cashed. Note 2: Patriot Bonds are paper EE bonds issued December 2001 to December 2011. The keep option ends one full calendar month before final maturity (353.45(b)). Note 3: Treasury must receive the request at least one full calendar month before final maturity, and conversion currently takes 9 months or longer, so a January to April 1997 bond is in practice cash only.
What the Beneficiary Needs: Death Certificate and Unsigned Bond
A beneficiary cashing a paper bond needs 4 things, listed below (FS Publication 0063; 31 CFR 321.7(d)).
- A certified death certificate, with the registrar's seal legible (a photocopy is accepted if the seal is legible; Treasury does not return it)
- The bonds, unsigned
- Identification at a bank, or FS Form 1522 when mailing the bonds
- A Social Security number and a bank account for direct deposit
Cashing a POD Bond at a Bank or by Mail
A bank may cash a POD bond for a surviving beneficiary who brings a death certificate under the registrar's seal, but the bank is not required to.
A paying agent (an institution that redeems bonds for Treasury) follows 31 CFR 321.7(d). 31 CFR 321.10(a) says an agent is "encouraged, but is not required" to pay a surviving beneficiary, and FS Publication 0022 (Rev. October 2022) leaves payment at the bank's option.
Banks may pay Series E, EE and I bonds and Savings Notes, never Series H or HH. Our guide lists dated policies on what banks cash savings bonds.
To cash by mail, send FS Form 1522 (Rev. April 2026) to Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150. For $1,000 or less, no certification is needed: enclose a copy of a driver's license, passport, state ID or military ID.
For more than $1,000, a notary or certifying officer (an official authorized to certify signatures) must certify the signature. Treasury pays by direct deposit. As of November 11, 2026, TreasuryDirect quotes 3 months or longer for bonds in your name and 5 months or longer for others. Paper bonds are never cashed online.
Keeping an EE or I Bond That Still Earns Interest
A beneficiary keeps an EE or I bond by having it reissued in the beneficiary's name as an electronic bond in a TreasuryDirect account. Paper reissue ended February 14, 2014 (31 CFR 353.48(a), 360.48(a); 79 FR 8859).
Use FS Form 4000 (Rev. April 2026) as the living registrant, with a certified death certificate and a notary or certifying officer. Or use SmartExchange, TreasuryDirect's online tool that converts paper bonds to electronic ones, with the survivor's name alone and the death certificate (9 months or longer as of November 11, 2026).
A minor's bond is reissued in the minor's name alone (FS Publication 0063). The account needs a Social Security number, an owner aged 18 or older, a US address and a US bank account. Heirs who are not beneficiaries face a similar choice when reissuing inherited savings bonds.
Electronic Bonds With a Beneficiary in TreasuryDirect
For an electronic bond, the beneficiary contacts Treasury, which places a hold on the deceased owner's TreasuryDirect account and says what to send.
With proof of death, the bonds move to the beneficiary's own account or are redeemed to a bank account (31 CFR 363.20(b)). TreasuryDirect login has used ID.me only since October 28, 2026.
How the Owner Adds, Changes or Removes a Savings Bond Beneficiary
An owner changes a POD beneficiary with FS Form 4000 or SmartExchange for paper EE and I bonds, and in the TreasuryDirect account for electronic bonds. A paper bond can no longer stay paper after the change (31 CFR 353.48(a)).
Paper EE and I Bonds: FS Form 4000 or SmartExchange
The 4 steps below change the beneficiary on a paper EE or I bond.
- Open a TreasuryDirect account.
- Complete FS Form 4000 (Rev. April 2026, OMB 1530-0025, 9 pages), or convert the bonds through SmartExchange instead, which also allows a beneficiary change (50 bonds per cart; not taxable while the bond earns interest).
- Sign before a notary or certifying officer.
- Mail the form and the bonds to Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150.
Treasury reissues the bond in the owner's name alone, and the owner adds the beneficiary in TreasuryDirect afterwards. The form is a PDF on TreasuryDirect. Reissue to yourself is not a tax event (IRS Publication 550, 2025), but the tax notice on FS Form 4000 applies when a living owner or principal co-owner is removed.
Beneficiary Consent: Not Needed for EE and I, Needed for Series E
An owner of a paper EE or I bond may change or remove the beneficiary without the beneficiary's consent (31 CFR 353.51; 360.51). TreasuryDirect's changing-information page says the same: "The beneficiary does not have to agree to the change."
Under 31 CFR 315.51, a Series E reissue needed the beneficiary's certified consent or proof of death, but every Series E bond is now past final maturity and can no longer be reissued (353.45(b)), so its beneficiary cannot be changed.
A bond registered to a beneficiary may be reissued to name the beneficiary as co-owner, to substitute a new beneficiary or to remove the beneficiary (353.47(c)).
Bonds Near or Past Final Maturity Cannot Be Changed
A bond within one full calendar month of final maturity, or past it, cannot be reissued, so its beneficiary can no longer be changed.
It can only be cashed (31 CFR 353.45(b); FS Publication 0063). Final maturity is the date a bond stops earning interest, and the rules on when savings bonds stop earning interest differ by series.
In November 2026 that covers paper EE bonds issued January 1980 to December 1996, because December 1996 issues reach final maturity on December 1, 2026. It also covers every Series E bond and every Series HH bond. FS Form 4000 lists only EE, I and retirement bonds.
Naming a Beneficiary on Electronic Bonds in TreasuryDirect
Electronic bonds in an individual TreasuryDirect account can be registered to the owner with a beneficiary (POD), and the owner may remove or change that beneficiary without consent (31 CFR 363.20(b)(2)).
Entity accounts, meaning accounts for a trust, an estate or a business, cannot carry a beneficiary or secondary owner (TreasuryDirect user guide; 31 CFR 363.20(b)(2)(i), (c)). Our guide to electronic savings bonds and TreasuryDirect accounts explains account registrations.
Taxes and the Estate When a Beneficiary Inherits a Savings Bond
A beneficiary owes federal income tax on the interest, and who reports the pre-death part depends on a choice for the owner's final return. IRS Publications 550 and 559 (2025) say the personal representative (the executor) or a surviving spouse may report all interest earned before death on the final return.
Otherwise it is income in respect of a decedent, taxed to the person who acquires the bond, with a deduction for estate tax on it (26 U.S.C. 691(c)).
The 1099-INT, the year-end interest form, is not reduced. State and local income tax do not apply, but estate and inheritance taxes can (31 U.S.C. 3124(a)).
Ask the estate's attorney or a tax professional about the election for a specific estate. The final return choice is the core of the rules on taxes on inherited savings bonds.
A bond with no surviving co-owner or beneficiary goes to the estate. The $100,000 test in 31 CFR 353.71(d) counts the securities that belong to the estate at redemption value on the date of death. Executors and administrators handle savings bonds in probate when no named person survives.
POD Savings Bond Questions
What happens to bonds if someone dies?
The bond goes to the surviving co-owner or POD beneficiary; if no one named on it survives, it belongs to the owner's estate (31 CFR 353.70). The overview of what happens to savings bonds after death covers every heir: what happens to savings bonds after death.
How much is a POD savings bond worth?
A POD bond is worth what the same bond is worth without a beneficiary: its redemption value for that month. A $100 EE bond issued December 2001 is worth $121.00 in November 2026. Use our savings bond calculator, built on Treasury's published value files, for any other bond.
Can a trust be the beneficiary of a savings bond?
No: a paper POD registration names an individual (31 CFR 353.7(a)(3)); to put a bond in a trust, the owner has it reissued with FS Form 1851 (Rev. April 2026; 31 CFR 353.47(a)). The rules for savings bonds and trusts differ from POD rules.
Can a savings bond have more than one beneficiary?
One: the paper beneficiary form is "one individual payable on death to another" (31 CFR 353.7(a)(3)). Each bond passes whole and cannot be split between people.
Is there a deadline for a beneficiary to cash a savings bond?
No: savings bonds never expire and there is no deadline to cash them (Executive Order 13968, 85 FR 83745), but a bond stops earning at final maturity. A claim for a lost bond filed 6 years or more after final maturity is not entertained unless the claimant supplies the serial number (31 CFR 353.29(c)).
Does a POD savings bond go through probate?
No: a POD bond with a surviving beneficiary is not part of the deceased owner's estate (31 CFR 353.70(c)(1)).
More Guides for Heirs and Owners
5 related situations come up with POD bonds, listed below.
- A deceased owner's TreasuryDirect account
- Finding savings bonds of a deceased relative
- Replacing a lost POD bond with FS Form 1048
- A minor beneficiary cashing a savings bond in a child's name
- Removing a spouse as beneficiary: savings bonds in divorce
Rules checked November 12, 2026, against the Treasury sources named above. How we check every rule.