Savings Bond Co-Owner Rules: Who Owns the Bond When One Owner Dies

A savings bond co-owner, named on the bond with "OR", can cash it alone and owns it outright once the other owner dies (31 CFR 353.37, 353.70(b)(1)).

This page covers what each co-owner may do while both are alive and what the survivor does after a death. Electronic bonds use "WITH" instead of "OR".

ClaimMyBonds is a private, independent guide, not Treasury or TreasuryDirect (the Treasury website where electronic bonds are held and forms are posted). Every heir's route is in our overview of what happens to savings bonds after death.

What a Savings Bond Co-Owner Is: Two Names Joined by "OR"

A co-owned savings bond is registered to two people in the alternative, shown on paper by "OR" between the names, and both people are owners.

The regulation does not authorize "AND" (31 CFR 353.7), so a bond that reads "A AND B" is not a valid paper registration. A "Mail to" name confers no ownership, and the registration "is conclusive of ownership" (31 CFR 353.5(a), (c)).

The rules live in 31 CFR 353.7 for Series EE and HH, 315.7 for Series E and older bonds, and 360.6 for paper Series I.

Reading a Savings Bond With Two Names

The co-owner line sits under the first owner's name and address and starts with "OR"; Treasury's sample reads "OR BEN SMITH". The Social Security number is required for the owner or first-named co-owner and "not required but desirable" for the second name (31 CFR 353.5(b)).

If a bond was wrongly registered "AND", Treasury changes it to the closest authorized form when it is converted to electronic, so "AND" becomes "OR" (31 CFR 363.167). Our guide shows how to read a paper savings bond, including where the co-owner line sits.

Can a Co-Owner Cash a Savings Bond Alone?

Yes, either co-owner can cash a co-owned savings bond alone, without the other's signature, and the other co-owner then loses any interest in that bond (31 CFR 353.37).

31 CFR 321.10(a) still reads that a paying agent (a bank that redeems bonds for Treasury) redeems for an "owner or co-owner" whether or not a customer. FS Publication 0022 (Rev. October 2022) lets banks decline non-customers, so banks may cash a co-owned bond but are not required to.

As checked on November 11, 2026, U.S. Bank asks for an owner or co-owner who signs on an account open at least five years, and Bank of America for an owner or co-owner with an active checking or savings account.

No bank can pay Series F, G, H, HH, J or K. See what banks cash savings bonds for dated policies.

By mail, either co-owner signs FS Form 1522 (Rev. April 2026) alone, with a notary or certifying officer (an official authorized to certify signatures) when the total current redemption value is above $1,000.

An IRS levy (a tax seizure) against either co-owner is paid from the bond (31 CFR 353.21(a)). The table below shows what each co-owner can do while both are alive.

Sources: 31 CFR Parts 321 and 353; FS Forms 1522 and 4000; IRS Publication 550 (2025).

Who Pays the Tax When One Co-Owner Cashes the Bond

The co-owner who paid for the bond reports the interest, even when the other co-owner cashes it and keeps the proceeds (IRS Publication 550, 2025).

The one who cashes without having paid is a nominee (a person who receives income that belongs to someone else) and must give the purchaser a 1099-INT, the year-end interest form.

Joint buyers report interest in proportion to what each paid. Our guide to Form 1099-INT for savings bonds shows how the form is used.

Federal income tax falls due when the bond is redeemed or reaches final maturity, the date it stops earning interest, whichever comes first, unless the owner reports the interest each year (26 U.S.C. 454).

For a bond that reached final maturity in an earlier year, ask a tax professional which year applies. State and local income tax do not apply (31 U.S.C. 3124).

Who Owns a Co-Owned Savings Bond When One Owner Dies

When one co-owner dies, the surviving co-owner becomes the sole and absolute owner of the savings bond, and it is not part of the dead co-owner's estate (31 CFR 353.70(b)(1)). TreasuryDirect puts it this way: the survivor is treated "as if the survivor had been the only owner from the date we issued the bond."

The same rule applies to Series E and older bonds (315.70) and paper Series I (360.70). The table below gives the owner in each case, for one death and for two.

Sources: 31 CFR Parts 315, 353, 360 and 363; TreasuryDirect.

A Will Cannot Override a Co-Owner: Free v. Bland (1962)

Treasury does not recognize a court decision that impairs a co-owner's right of survivorship, so a will cannot move a co-owned bond (31 CFR 353.20(a); 80 FR 80264, December 24, 2015).

The leading case is Free v. Bland, 369 U.S. 663 (No. 205, October Term 1961; argued March 21, 1962; decided May 21, 1962; opinion by Chief Justice Warren).

A husband and wife in Texas bought Series E and F bonds from 1941 to 1945 with community property funds and registered them "Mr. or Mrs. Free". The wife died in 1958. The Supreme Court held that Treasury's survivorship rule overrides inconsistent Texas community property law, reversed the Texas Supreme Court and remanded the case.

The opinion allows one exception, "fraud or a breach of trust tantamount thereto", and Treasury accepts no notice of adverse claims (31 CFR 353.20(c)).

When Both Co-Owners Have Died

When both co-owners have died, the bond belongs to the estate of the co-owner who died last, shown by both death certificates (31 CFR 353.70(b)(2)).

If the order of death is unknown, the two estates own it equally (353.70(b)(3)). An estate holding more than $100,000 of bonds at the date of death needs court administration (353.71(d)); executors handle savings bonds in probate from there.

What the Surviving Co-Owner Can Do: Cash, Keep or Wait

A surviving co-owner has 3 options: cash the bond, keep it by reissue into one's own name (paper EE and I bonds that still earn interest), or wait. Savings bonds have no deadline to cash (Executive Order 13968, 85 FR 83745). The table below shows the choices in November 2026.

Redemption month November 2026. Sources: Fiscal Data Savings Bonds Value Files; 31 CFR 353.45(b), 321.7(a).

Cashing the Bond as the Surviving Co-Owner

The surviving co-owner cashes the bond as its owner, at a bank that agrees or by mail with FS Form 1522 and a certified death certificate.

At a bank the survivor presents the bond as a co-owner named on it (31 CFR 321.10(a)); non-customers are served at the bank's option, and Series H and HH go by mail only.

Five items are needed, listed below.

• FS Form 1522 (Rev. April 2026)
• The bonds, unsigned
• A certified death certificate of the co-owner who died, with the registrar's seal legible (a photocopy is accepted if legible, and it is not returned)
• A copy of your ID for $1,000 or less, or a notary or certifying officer's certification for more
• Direct deposit details (Item 2 on the form)

The mailing address is Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150. TreasuryDirect quotes three months or longer for bonds in your name, as of November 11, 2026. Our guide to FS Form 1522 goes through the form item by item.

Keeping the Bond: Reissue Into Your Name Alone

To keep a paper EE or I bond that still earns interest, the survivor has it reissued into one's own name alone with FS Form 4000 (Rev. April 2026) or converts it through SmartExchange. The living registrant signs before a notary or certifying officer and encloses a certified death certificate copy.

A paper EE or I bond comes back only as an electronic bond in a TreasuryDirect account, because paper reissue ended after February 14, 2014 (31 CFR 353.48(a); 79 FR 8859).

SmartExchange, TreasuryDirect's online tool that converts paper bonds, can remove a deceased registrant. It takes up to 50 bonds per cart ($25 or more each), works one way, and takes nine months or longer as of November 11, 2026. The choice between cashing and keeping is explained under reissuing inherited savings bonds.

Co-Owned Bonds That Can Only Be Cashed Now

In November 2026 a surviving co-owner can only cash, not keep, paper EE bonds issued January 1980 to December 1996, every Series E bond, every Savings Note and every Series HH bond. EE bonds from January 1980 to November 1996 (203 issue months) have reached final maturity.

December 1996 EE bonds reach it on December 1, 2026, and Treasury does not reissue a bond less than one full calendar month before final maturity (31 CFR 353.45(b)). Series E stopped earning by June 2010, Savings Notes by October 2000, Series HH by August 1, 2024.

Every paper I bond still earns interest, and the first reaches final maturity in September 2028. The page on when savings bonds stop earning interest lists final maturity by series.

Changing a Co-Owner While Both Owners Are Alive

Three changes come up while both owners live: one is allowed, one is not possible on a reissued bond and one needs consent, as listed below.

Paper EE and I bonds use FS Form 4000, and a bond that has reached final maturity, or is less than one full calendar month from it, cannot be reissued (31 CFR 353.45(b)).

• Removing a co-owner (allowed)
• Adding a new co-owner (not on a reissued bond)
• Changing a converted bond (both consent)

Removing a Co-Owner: Who Signs and the Tax Notice

A change to a co-owned bond needs both co-owners' signatures, except that a request solely to remove one co-owner's own name may be signed by that co-owner alone (31 CFR 353.51).

The FS Form 4000 notice warns that a living principal co-owner who is removed reports the unreported interest for the reissue year: "THE OBLIGATION TO REPORT THE INTEREST CANNOT BE TRANSFERRED TO SOMEONE ELSE THROUGH A REISSUE TRANSACTION."

Adding a Co-Owner: Not on a Reissued Bond

No, a reissued paper EE or I bond cannot gain a new co-owner, because these bonds return electronic in one name. The reissue form, FS Form 4000, says "You cannot add a new coowner, but you can add a secondary owner".

After the reissue, the owner adds a secondary owner (shown as "WITH") or a beneficiary in TreasuryDirect.

Converted Co-Owned Bonds: The Restricted Security Rule

A converted co-owned bond is a "Restricted Security": a converted EE or I bond on which a co-owner, joined by "OR", is named (TreasuryDirect). The registration cannot change without the non-converting co-owner's consent (31 CFR 363.169(d)), though cashing is unaffected.

The change request is FS Form 5446 (Rev. April 2026), certified by a certifying officer only, because "Notary certification is not acceptable."The conversion is described under SmartExchange.

Co-Owner, POD Beneficiary or Secondary Owner: How the Three Registrations Differ

A co-owner, a POD beneficiary and an electronic secondary owner differ most in one point: a co-owner can cash the bond today, a beneficiary cannot. The table below compares the three.

Sources: 31 CFR Parts 315, 353, 360 and 363 (eCFR as of November 9, 2026).

Co-Owned Bonds in a Divorce

Treasury reissues or pays a co-owned bond under a divorce decree that settles the parties' interests (31 CFR 353.22(a)). The rules on savings bonds in divorce cover decrees and reissue.

Co-Ownership on Electronic Bonds in TreasuryDirect

Electronic bonds show co-ownership with "WITH", and when either owner dies the survivor takes the bond despite any will (31 CFR 363.20(b)(3)(viii)).

If it cannot be established who died first, the primary owner's estate takes it (31 CFR 363.20(b)(3)(ix)). For a deceased account owner, Treasury places a hold on the account; see a deceased owner's TreasuryDirect account.

Savings Bond Co-Owner FAQ

How Can You Cash Savings Bonds After the Owner Dies?

The surviving co-owner or POD beneficiary cashes at a bank that agrees, or by mail with FS Form 1522 and a certified death certificate. With no named survivor, the estate acts instead (31 CFR 353.70).

Can a Minor Co-Owner Cash or Reissue a Savings Bond?

A minor of sufficient competency may cash a bond in the minor's own name (31 CFR 353.62); otherwise a parent requests payment (353.63). A minor may not sign a reissue request (FS Form 4000). See cashing a savings bond in a child's name.

What If a Co-Owner's Name Has Changed?

Sign both the old and the new name, with the manner of change (31 CFR 353.40(c)). The page on cashing savings bonds after a name change covers marriage and divorce.

Do Community Property States Change the Co-Owner Rule?

No: Free v. Bland held that Treasury's survivorship rule overrides inconsistent community property law, subject to the fraud exception. The case came from Texas; see Texas unclaimed savings bonds and community property rules.

Can Someone Else Cash a Co-Owned Bond for an Owner?

An attorney-in-fact, a person holding a power of attorney, cashes for a living owner only by mail, with FS Form 1522, the unsigned bonds and a certified copy of the power of attorney or FS Form 5188 (Rev. April 2026). Banks may not pay an attorney-in-fact (31 CFR 321.9(c)), and an agent cannot request a reissue. Our guide to cashing savings bonds for someone else covers the details.

How Much Is a Co-Owned Savings Bond Worth?

Co-ownership does not change value: series, issue month and face value set it, and values change on the 1st of each month (Fiscal Data Savings Bonds Value Files). Use our savings bond calculator, built on Treasury's published value files.