FAQ: How do I cash a US Savings Bond, and do I have to pay interest on a bond?
You can cash a US Savings Bond at most banks and credit unions. However, some bonds have to be cashed at a Federal Reserve Bank. You can visit the US Treasury Department at www.treasurydirect.gov to find out more.
Also you do not have to pay either state or local taxes on the earned interest. Note: You will receive a Form 1099-INT in the tax year that the US Savings Bonds are redeemed and you are responsible for all of the accumulated interest and it is taxable on your federal tax return.
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