US Savings Bonds

Question: Can you redeem a US Savings Bond (Series I) by depositing into an atm?

Answer: Hi Enesha, I’m the Savings Bond Guru from SavingsBonds.com – I hope I can help you with your question.

First, be careful, alot of the other answers from the other users, especially ‘chance’s are completely wrong.

Second, lets directly answer your question, No, you cannot redeem a US Savings Bond thru an ATM transaction. It is true that you must go to a teller and have them do paperwork for the taxes due on the interest earned by that bond. They’ll issue you a 1099-INT. MAKE SURE the bank does not charge you a fee to cash the bond, some banks do this and they shouldnt, it should be a free service.

You can usually cash in your bond at any local savings bank, but before you do, be cautious.

Unfortunately, banks have been known to make large mistakes on US Savings Bonds as they’re not bank products, so, you want to be sure that you’re getting the right value from the bank for your bond.

Also, You will want to know what kind of tax concequences cashing this bond will have on your income when the 1099-INT is generated. Be sure you know what amount of interest will be taxable before you go possibly changing your tax bracket.

To find the value of your Savings Bonds you can go to SavingsBonds.com and use the Bond Guru service to check up on your bonds for free. Use the link below for more information.

Good Luck,
-The Savings Bond Guru