My wife recently discovered a savings bond in the back of our closet in an old box. Shockingly, it was fully matured, and we were able to cash it in. For a long time, U.S. savings bonds were a popular gift for birthdays, graduations, weddings, and holidays. They got tucked into drawers, boxes, filing cabinets, etc.
Today, billions of dollars in matured savings bonds remain unclaimed, and many Americans have no idea they still own them. Some bonds stopped earning interest years ago, yet their owners never redeemed them. If you’ve inherited paperwork from parents or grandparents (or simply haven’t cleaned out your filing cabinet in years), you could be sitting on a surprising financial asset. Here’s what you need to know.
Why So Many Savings Bonds Have Been Forgotten
Savings bonds were once one of America’s favorite low-risk investments. Grandparents routinely purchased them for grandchildren, employers sometimes gave them as rewards, and parents bought them as long-term gifts for future expenses.
Over time, however, people moved, records were lost, and many bond owners simply forgot about them. Unlike modern investment accounts that send regular statements, paper bonds could easily disappear into a stack of old documents. Decades later, many families discover them while cleaning out an estate or downsizing a home.
Billions of Dollars Are Still Waiting to Be Claimed
Treasury records show that more than $39 billion in matured, unredeemed savings bonds remain outstanding, meaning they have stopped earning interest but have never been cashed. Previous estimates were lower, but the amount has continued to grow as additional bonds reached final maturity. That money still belongs to bondholders and their heirs, but many people don’t know it exists.
Savings Bonds Stop Earning Interest Eventually
One of the biggest misconceptions is that savings bonds continue growing forever. Most Series EE and Series I savings bonds earn interest for up to 30 years before reaching final maturity. Once that point arrives, the bond stops growing entirely, even though it still retains its redemption value.
Unfortunately, many owners don’t realize this and continue holding matured bonds that are no longer earning a penny. Checking the status of older bonds can help determine whether it’s time to cash them in.
Fortunately, finding forgotten savings bonds has become easier than it once was. The U.S. Treasury offers a tool called Treasury Hunt that helps individuals search for matured, unredeemed savings bonds and undeliverable payments. The database allows users to search using identifying information and determine whether they may be owed money. If a match is found, the site provides instructions for claiming the funds.
What to Do If You Find an Old Bond
Finding an old savings bond doesn’t automatically mean it’s worthless. Even bonds that stopped earning interest years ago can still be redeemed for their final value. The Treasury provides valuation tools and claim forms for lost, stolen, or damaged bonds.
If ownership documentation is incomplete, additional paperwork may be required, especially when dealing with inherited bonds. The important thing is not to throw away old certificates without first determining whether they still have value.
Have you ever found an old savings bond or discovered forgotten money while sorting through family records? Share your experience in the comments below.
What to Read Next
Medicare Drug Savings Surge: 1 in 3 Seniors Now Pays Less Than $35 a Month for Insulin—Here’s How
7 Hidden Medicare Savings Programs That Pay Your Part B Premium
