List of banks that cash savings bonds near me

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Thanks to rising inflation, Series I savings bonds have enjoyed a boom in popularity. I bonds issued from May 2022 through October 2022 earned a composite rate of 9.62% for the first six months, which prompted investors to stash more than $1 billion in I bonds in October 2022 alone. 

The current I bond rate, which is valid from May 1 to Oct.

31, 2024, is 4.28% — a significant drop but still a reasonably attractive return for a no-risk investment. 

Although savings bonds can earn interest for up to 30 years, you may want to redeem them earlier, especially as the rates are dropping from their 2022 highs.

You can cash in I bonds, as well as EE bonds (which pay a fixed 2.5% rate for bonds issued from May through October 2023), after you’ve owned them for a year. But if you redeem bonds within five years, you’ll lose the last three months of interest.