To cash a Patriot Bond, take the signed paper certificate and a government-issued photo ID to a bank that handles savings bonds, mail the certificate to the Treasury with FS Form 1522, or log in to TreasuryDirect and redeem it there if the bond is electronic. Patriot Bonds are Series EE savings bonds issued between December 2001 and December 2011, and every rule that applies to a regular Series EE bond applies to them.1TreasuryDirect. EE Bonds The interest the bond earned is subject to federal income tax when you cash it, though it’s exempt from state and local tax.
Is Your Bond Eligible to Cash Now
Yes. Series EE bonds have a minimum holding period (six months for bonds issued on or before January 1, 2003, twelve months for those issued after) and a three-month interest penalty for redemptions within the first five years.2eCFR. 31 CFR Part 351 Subpart B – Maturities, Redemption Values, and Investment Yields of Series EE Savings Bonds3eCFR. 31 CFR 351.35 – What Do I Need to Know About Interest Rates and How Is the Redemption Value of My Bond Determined Since the last Patriot Bonds were sold in 2011, every one of them cleared both thresholds long ago. You will not lose interest by cashing today.
What to Have Ready Before You Cash
You need a valid government-issued photo ID such as a driver’s license or passport. On the back of the paper certificate, sign in the space provided and write your Social Security number. Do this only when you’re cashing the bond. If you’re converting it to electronic form instead, leave the back blank.4TreasuryDirect. Convert Paper to Electronic
If your name isn’t the one on the bond, you’ll need more paperwork. A beneficiary needs a certified copy of the owner’s death certificate. A legal representative or guardian needs court-issued letters establishing authority.5eCFR. 31 CFR Part 353 Subpart L – Deceased Owner, Coowner or Beneficiary Photocopies won’t do; the certificates must be certified originals.
Cashing at a Bank
Most banks and credit unions can cash a paper savings bond at the teller window. You hand over the signed certificate and your ID, the teller confirms the current value, and you leave with cash or a deposit. It usually takes a few minutes.
Banks aren’t required to do this, though. A branch can refuse non-customers, cap the amount it will pay in one visit, or decline the transaction entirely and send you to TreasuryDirect.6TreasuryDirect. The Guide to Cashing Savings Bonds Call ahead. If your own bank won’t handle it, try another local bank or credit union before making the trip; if none will, the mail-in route always works.
Cashing by Mail
To redeem by mail, fill out FS Form 1522. The form asks for the serial number and issue date of each bond.7Bureau of the Fiscal Service (Department of the Treasury). FS Form 1522 – Special Form of Request for Payment of United States Savings and Retirement Securities Where Use of a Detached Request Is Authorized Your signature must be certified by a notary public or an authorized officer at a bank. Notary fees vary by state but usually run between $5 and $15 per signature.
Send the signed bonds and completed form to:
Treasury Retail Securities Services
P.O. Box 9150
Minneapolis, MN 55480-91508TreasuryDirect. Contact Us
Use certified or registered mail so the package is trackable. Payment usually arrives within a few weeks of the Treasury receiving everything. Slower than a bank, but guaranteed.
Redeeming an Electronic Bond in TreasuryDirect
If your Patriot Bond is held in a TreasuryDirect account, log in, open ManageDirect, pick the bond, and click redeem. The money moves to your linked bank account, typically within two business days.9TreasuryDirect. Redeem Savings Bonds
Partial redemptions are allowed. The minimum you can cash is $25, and you have to leave at least $25 worth in the account.10TreasuryDirect. Cash EE or I Savings Bonds That’s useful if you want some cash now but want the rest to keep earning.
Should You Cash Now or Wait
A Series EE bond earns interest for 30 years, then stops.11eCFR. 31 CFR 351.5 – What Is the Maturity Period of a Series EE Savings Bond For Patriot Bonds, final maturity falls between 2031 and 2041. Holding one past its 30-year mark makes no sense: the bond just sits at its final value, and the IRS treats the interest as received in the maturity year whether you cash it or not, meaning a tax bill on money you haven’t touched.
Bonds issued since May 2005 also carry a 20-year guarantee. At the 20-year point, the Treasury adjusts the value so it equals at least double the purchase price, even if the fixed rate alone wouldn’t get it there.1TreasuryDirect. EE Bonds Patriot Bonds from 2005 and 2006 are hitting that milestone now, which is a good moment to check current value before deciding whether to cash out or let the bond ride to 30.
Cashing a Bond After the Owner Has Died
If the bond names a beneficiary and the owner has died, the beneficiary becomes the sole owner once they provide a certified death certificate.5eCFR. 31 CFR Part 353 Subpart L – Deceased Owner, Coowner or Beneficiary From there they can cash it like any other owner, with the death certificate plus their own ID. A surviving co-owner works the same way.
Without a surviving co-owner or beneficiary, the bond falls into the deceased owner’s estate. The executor or administrator needs court-issued letters (testamentary or of administration) along with the death certificate. Mail-in through FS Form 1522 is usually the cleanest path for estate redemptions.
Lost or Damaged Certificates
If your paper bond has been lost, stolen, or destroyed, the Treasury can reissue it. File FS Form 1048 with whatever details you can supply: serial numbers, issue dates, face amounts, and the names and Social Security numbers on the certificates.12TreasuryDirect. FS Form 1048 – Claim for Lost, Stolen, or Destroyed United States Savings Bonds The form also asks when and how the bonds went missing and whether you filed a police report. Your signature must be notarized or certified. Mail it to the same Minneapolis address. Keep copies of everything you send, because the Treasury won’t return supporting documents.
Tax on the Interest
The amount you originally paid for the bond isn’t taxed. The interest it earned is subject to federal income tax, but exempt from state and local income tax.13TreasuryDirect. Tax Information for EE and I Bonds
When you cash the bond, the bank or TreasuryDirect issues a 1099-INT reporting all the interest earned over the bond’s life.14Internal Revenue Service. About Form 1099-INT, Interest Income From a bank, the form arrives shortly after redemption or by the end of January the next year. In TreasuryDirect, it shows up in the account by January 31.
Most people defer the tax and report all the accumulated interest in the year they cash the bond. The alternative is to report interest annually as it accrues, but that election covers every savings bond you own and can’t be reversed without IRS permission.15Office of the Law Revision Counsel. 26 USC 454 – Obligations Issued at Discount Deferral keeps the paperwork to a single year.
Using the Money for Education Tax-Free
You can avoid federal tax on the interest entirely if you use the proceeds for qualified higher education expenses in the same year you cash the bond. Qualifying uses include tuition and fees at eligible institutions and contributions to a 529 plan or Coverdell Education Savings Account. Room, board, and recreational courses don’t count.16Internal Revenue Service. Form 8815 – Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989
Several conditions apply:
- The bond owner must have been at least 24 years old when the bond was issued. Bonds bought in a child’s name don’t qualify.17TreasuryDirect. Using Bonds for Higher Education
- The bond must have been issued after 1989. Every Patriot Bond meets that.
- Income limits apply. For the 2025 tax year, the exclusion begins phasing out at $99,500 of modified adjusted gross income for single filers and disappears entirely at $114,500. Joint filers phase out between $149,250 and $179,250. Thresholds adjust for inflation, so check the current year when you file.18Internal Revenue Service. Publication 970 – Tax Benefits for Education
Claim the exclusion on IRS Form 8815 with the return for the year you cash the bond. The same expenses can’t also be used for an education credit on Form 8863 or a tax-free 529 distribution. No double-dipping.