How to Redeem US Savings Bonds
U.S. savings bonds can be a great way to save money, since they come in a number of different denominations and their value increases over time. When it comes time for the savings bonds to be redeemed, however, many people may not be quite sure how to go about this task. Luckily, the U.S. Treasury has made redeeming savings bonds as easy as possible. Read on to learn how to redeem U.S. savings bonds.
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Instructions
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The first thing that you should do is check the interest increments for your savings bonds. Bonds which were issued previous to April 1997 increase in value every six months, so if you redeem them too soon then you'll lose six months worth of interest. Bonds issued after April 1997 increase in value monthly so you don't face the same problem. By checking the interest increment you can figure out whether it is a good time to redeem your savings bonds or whether you should wait a bit longer in order to get the next interest payment added to their value.
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Next look at how long you have had the savings bond. You must hold on to the bond for at least one year before it can be redeemed. If you haven't had the savings bond for a year yet, you'll have to wait until the anniversary of when the bond was purchased before you can cash it in.
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Contact your local bank in order to see whether or not they are able to redeem savings bonds. The majority of FDIC-insured banks do redeem savings bonds, but it's always a good idea to check and make sure before heading out to the bank.
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If your bank redeems savings bonds, you can take it to the bank similar to how you would a check and let them redeem it for you. Should your bank not redeem savings bonds, you will be able to redeem them by sending them directly to a Federal Reserve bank.
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