Does Walmart Cash Savings Bonds In 2022? [Full Guide]

Savings bonds are a low-risk, government-backed investment product that allow you to earn interest over time. Many people wonder if major retailers like Walmart offer savings bond cashing services. Here is a comprehensive guide on cashing savings bonds in 2022, including whether or not you can cash them at Walmart.

Table of Contents

• What Are Savings Bonds?
• Does Walmart Cash Savings Bonds?
• Where You Can Cash Savings Bonds
• When You Can Cash Savings Bonds
• How to Cash Paper Savings Bonds
• How to Cash Electronic Savings Bonds
• Limits on Cashing Amounts
• Conclusion

What Are Savings Bonds?

Savings bonds are an investment product issued by the U.S. Department of the Treasury. When you purchase a savings bond, you are essentially loaning money to the U.S. Government. In exchange, they promise to pay you interest on your investment over time.

There are a few key things to know about savings bonds:

• Very low risk as they are backed by the U.S. Government
• Interest accrues over time and bonds continue earning interest for up to 30 years
• Cannot be cashed in for the first 12 months after purchase
• Early withdrawal before 5 years results in a penalty of lost interest

Savings bonds are meant to be long-term, set-it-and-forget it investments. However, you can cash them in after holding for at least one year.

Does Walmart Cash Savings Bonds?

No, Walmart does not cash any type of savings bonds in their stores as of 2022. This includes Series EE, Series I, and electronic bonds purchased through TreasuryDirect.

Walmart does offer check cashing and money order services through their Money Centers. However, savings bond redemption is not a service they currently provide.

Where You Can Cash Savings Bonds

If you have a paper savings bond, you can cash it at most local banks and credit unions. Call ahead to ask if they provide savings bond cashing services and what identification is required.

• Bring the paper bond, proof of ID, and the owner‘s death certificate if you are a beneficiary cashing in the bond.
• The bank verifies the bond, lets you cash the full value, and handles sending the bond to Treasury Retail Securities Services.

Electronic savings bonds must be cashed through the online TreasuryDirect portal. Log into your TreasuryDirect account, enter the amount to redeem, and the funds will be deposited to your linked bank account within two business days.

Series HH bonds are cashed differently. A bank must verify your HH bond ownership, then send the bond to Treasury Retail Securities for direct deposit payment.

When You Can Cash Savings Bonds

For Series EE, Series I, and electronic bonds, you must wait at least 12 months from the purchase date before cashing them in.

• If you cash in before 5 years, you will lose the most recent 3 months of interest as an early redemption penalty.
• After 5 years, there is no penalty for cashing in your savings bonds.

For HH bonds, you must wait at least 6 months before cashing them in.

There are some circumstances where you can cash bonds with no penalty before 5 years:

• After the death of the bond owner
• If the bond owner has become disabled
• If the bond owner used the money for education expenses
• If the bond owner experienced a natural disaster

Always double check the rules on TreasuryDirect.gov for the latest cashing timelines and penalties.

How to Cash Paper Savings Bonds

Cashing a paper savings bond at a bank or credit union is a straightforward process:

1. Call ahead and ask what forms of ID are accepted to cash bonds
2. Bring your paper savings bond(s), acceptable photo ID, and any other required documents to the bank
3. A teller will verify the bond and validity
4. You receive the full redemption amount in cash on the spot
5. The financial institution sends the bond to Treasury Retail Securities for you

Be sure you have the correct paperwork and valid ID on hand, as the process is quick once the bank has what they need to verify your identity and the bond.

How to Cash Electronic Savings Bonds

Cashing an electronic savings bond through TreasuryDirect is convenient and only takes a few simple steps:

1. Login to your TreasuryDirect account at TreasuryDirect.gov
2. Under the “My Accounts” section, choose to redeem all or a portion of your savings bond
3. Select the amount to redeem – must be at least $25 if redeeming a partial amount
4. Pick the bank account where you want the funds deposited
5. Review and submit the redemption request

The money will be transferred to your selected bank account within 2 business days once the redemption is processed. It‘s a fast and easy way to cash in your electronic savings bonds.

Limits on Cashing Amounts

For paper bonds cashed at a bank, there is no set limit on how much you can redeem at once. The full value will be paid out immediately in cash.

If cashing electronic bonds through TreasuryDirect, you can choose to redeem any amount over $25 (in 1-cent increments). If doing a partial redemption, at least $25 must remain in your TreasuryDirect account.

Conclusion

While Walmart does not offer savings bond redemption services, you can easily cash both paper and electronic bonds at banks, credit unions, and via the TreasuryDirect website. Make sure to hold the bond for at least 12 months before cashing and be aware of potential early withdrawal penalties. Redeeming savings bonds is quick and straightforward once you know the requirements.