Cashing in U. S. Savings Bonds

[SilentBirdHunter]

I have paper I and EE bonds that will mature every year for the next decade.

What are the pros and cons of storing them in a bank safe deposit box and cashing at a local bank
versus mailing them in with a new user account at TreasuryDirect.gov?

Thanks.

 

[Big Sky Guy]

I have always just cashed them in at the bank. Pretty similar to cashing a check. There isn’t a fee or anything so I do not see why you would consider paying postage to mail them in and risk them getting lost in mail.

 

[SAJ-99]

I have paper I and EE bonds that will mature every year for the next decade.

What are the pros and cons of storing them in a bank safe deposit box and cashing at a local bank
versus mailing them in with a new user account at TreasuryDirect.gov?

Thanks.

The cost of renting the bank safe deposit box is the primary con. Everything is electronic these days and that makes far easier than in was 30 yrs ago. I would go that route.

 

[Dave N]

Small fire safes don't cost much and you can get into them whenever you want. Cash them in at the bank.

 

[SilentBirdHunter]

I sent in the bonds that will not mature for a decade as a test.
It is supposed to take at least six weeks to convert the paper bond to an electronic bond.

If there are no glitches, I will proceed converting the other paper bonds to electronic.

The bonds that mature in 2025 I will hold onto and cash them at a local bank.