Savings bonds don’t mature in quite the way most investments do. They keep earning interest for decades, can be cashed early (after a waiting period), and eventually stop earning altogether. Knowing these dates helps you avoid holding bonds that no longer pay anything, and avoid penalties from cashing too soon.
For the official value of a specific bond, use the Treasury’s Savings Bond Calculator for paper bonds or your TreasuryDirect account for electronic bonds. See also our savings bond guide.
Three milestones for current EE and I bonds
1. The first 12 months: no redemption
You cannot cash a savings bond during its first year.
2. Before five years: a three-month interest penalty
Between one and five years, you can cash a bond, but you give up the last three months of interest.
3. Thirty years: interest stops
Series EE and Series I bonds earn interest for 30 years. After that they stop earning, and there is no benefit to keeping them. This is the bond’s final maturity.
EE bonds and the 20-year doubling date
EE bonds issued since May 2005 earn a fixed rate. The Treasury guarantees that they will at least double in value after 20 years; if the fixed rate hasn’t achieved that, the Treasury makes a one-time adjustment at the 20-year mark. That makes the 20-year date important: cashing an EE bond shortly before it can mean missing the adjustment. After 20 years, the bond continues earning its fixed rate until year 30.
I bonds and changing rates
I bonds earn a combination of a fixed rate and an inflation rate that changes every six months. Because the rate changes, there is no doubling guarantee; the value grows with the rates in effect over time. I bonds also earn for 30 years.
Older bonds
Older series have their own final maturity dates. Series E bonds and savings notes, for example, are no longer sold and have reached final maturity under their rules, as have older Series H and HH bonds. If you find old paper bonds, check them with the official calculator: if they no longer earn interest, there’s no reason to wait to redeem them. Bonds are still redeemable after they stop earning interest.
Taxes when bonds stop earning
Many owners defer reporting savings bond interest until they cash the bond. If you defer, the interest generally becomes reportable in the year the bond reaches final maturity, even if you don’t cash it then. Interest is exempt from state and local income tax. Some people can exclude interest used for qualified higher-education expenses. For your specific situation, consult IRS guidance or a tax professional.
How to check your bonds
- Find each bond’s series and issue date (printed on paper bonds, or listed in TreasuryDirect).
- Use the official calculator or your TreasuryDirect account to see the current value and whether it is still earning interest.
- Note any bonds approaching 20 years (EE) or 30 years (all current series).
Summary
| Milestone | What happens |
|---|---|
| 0–12 months | Cannot be cashed |
| 1–5 years | Can be cashed; last 3 months of interest forfeited |
| 20 years (EE since May 2005) | Guaranteed to be worth at least double the purchase price |
| 30 years (EE and I) | Stops earning interest (final maturity) |
Rules can change. TreasuryDirect is the authoritative source for current terms.