How To Check the Value of My Savings Bonds
Written by
Jacob Wade
Edited by
Elizabeth Constantineau
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Savings bonds are a classic investment handed down by grandmothers everywhere. But while the $50 paper saving bond may hold a sentimental place in your heart, you might want to cash it out someday.
Figuring out how much a savings bond is worth isn’t too hard. The U.S. Treasury website offers some tools that can help. But the value depends on a few factors, including when it was issued and the denomination.
Here are a few ways to check your savings bond value, whether they are paper bonds or digital.
How To Check the Value of Your Savings Bonds
You can follow these simple steps to find out how much your savings bonds are worth.
Paper Savings Bonds
While paper savings bonds are less common than they once were, there are still some out there. And if you inherited an old paper savings bond or elected to receive your tax return as a paper savings bond — the only way to get paper bonds these days — the face value of the bond is not the true value.
Each paper Series EE savings bond has three pieces of information you need to calculate the current value:
- Issue date
- Serial number
- Denomination
Using the TreasuryDirect savings bond calculator tool, you can use this information to look up the exact current value of your paper savings bond.
Keep in mind that the value presented is what you’d get if you cash the bond in today. You can also use the tool to project the value of the bond if you cash it in on a future date. You can plug in multiple paper bonds at a time to view the total value of all paper bonds you hold.
Electronic Savings Bonds
Most savings bonds are purchased digitally these days using a TreasuryDirect online account. You can log into the account you created to purchase bonds online and check the current savings bond value at any time.
How To Cash Your Savings Bonds
You can cash in your savings bonds through TreasuryDirect or through most banking institutions. Here’s how to cash in each type of bond.
Cashing in Paper Savings Bonds
If you have a paper savings bond, you can take it to your local financial institution and exchange it for cash — if they offer this service. You will be able to redeem your bond for the current value. You can also mail your bonds to TreasuryDirect along with FS Form 1522 to redeem.
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Cashing in Electronic Savings Bonds
You can cash in your electronic savings bonds directly through the TreasuryDirect website. You’ll need to log into your account and choose which bonds you want to redeem. It’s important to note that you must cash in at least $25 worth of value or more for electronic bonds.
Savings Bonds: Key Points To Know
U.S. savings bonds are loans to the U.S. government in exchange for interest. There are two main types of savings bonds — Series I and Series EE savings bonds.
- Series I bonds are inflation-adjusted bonds that are designed to keep up with inflation. The interest rate on Series I bonds changes every six months.
- Series EE bonds are fixed-rate bonds with a 20-year maturity. These bonds are guaranteed to double in value over a 20-year period, but can earn interest for up to 30 years.
Considerations Before Cashing In a Savings Bond
Cashing in bonds is a fairly straightforward process, but there are a few considerations to review before cashing them in:
- Tax implications: Interest earned from savings bonds is taxable at the federal level but is exempt from state and local taxes. Make sure to anticipate the additional income from cash in your bonds.
- Penalties for cashing in early: You can cash in your savings bonds after one year if you’d like but there are penalties for doing so. For both Series I and Series EE savings bonds, you’ll lose three months of earned interest if you cash in your bonds before five years.
Bottom Line
You can easily check your savings bond value on the TreasuryDirect website. Paper bonds have all the information you need printed directly on them and the TreasuryDirect website has a nifty lookup tool that makes it easy. Electronic bonds are even simpler with the value displayed within your TreasuryDirect account automatically. But before you cash in your bonds, make sure you understand the current value, tax implications and potential penalties for cashing in too early.
