How To Cash A Savings Bond
Need to know how to cash a savings bond? Cashing in a savings bond is very easy to do. People purchase and collect savings bonds for various reasons. Savings bonds are purchased for a discounted price of face value and can be cashed in at any time. An owner of a bond will receive purchase price back plus interest. To cash in a savings bond follow these steps.
- Gather up your savings bonds. You can cash in one or more savings bond at a particular time, however the amount received must be less than $1,000.
- Go to a financial institution. Bring the savings bonds with you and go to a bank or other financial institution. Almost every bank offers this service. Bring the savings bonds to a clerk and state that you would like to cash them in.
- The bank will check their value. The bank checks the value of the bonds and pays the customer based on the value. If you're interested in knowing their value before you bring them in, they can typically be looked up online. You will be asked the type of bond, the face value, the bond number, and the issue date. Bonds increase in value day by day, so the longer they are held the greater the value they will have.
- Collect your payment. The bank clerk will pay you for the bonds and the transaction is over. Cashing in savings bonds is as simple as that.
- Here's another option. Bonds can also be cashed by sending them to the Treasury Department directly. A check will be mailed back to you.