Series HH savings bonds were paper U.S. government bonds that paid interest to their owners every six months while keeping the printed face value unchanged. The U.S. Treasury stopped issuing them, and every Series HH bond reached final maturity on August 1, 2024. If you still hold one, it may be redeemed for its face value, but check the bond for deferred interest and follow Treasury’s current instructions.
What Series HH savings bonds were
Series HH bonds were paper-only U.S. savings bonds sold at face value in denominations of $500, $1,000, $5,000, and $10,000. A $1,000 bond cost $1,000. Treasury paid interest directly to the owner every six months; those payments did not add to the bond’s printed value. Treasury describes the interest-earning term as 20 years. TreasuryDirect’s HH bond overview
That structure differed from savings bonds whose value grows as interest accrues: HH bondholders received periodic interest payments, while the principal shown on the bond remained unchanged.
Are HH bonds still available or earning interest?
No. Treasury no longer sells Series HH bonds, and all of them reached final maturity on August 1, 2024. Treasury lists 1.5% per year as the rate for HH bonds that were still earning interest, but that is historical context—not a yield available to current holders. Treasury’s HH overview and HH bond interest-rate page
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Can you still cash an HH bond?
Treasury says remaining HH bonds may be cashed at any time for their face value. Redemption is generally limited to the bond’s owner or co-owner. Another person needs legal evidence or other documentation Treasury accepts to establish entitlement. Treasury also warns against buying savings bonds from another person or at an online auction: a purchaser cannot cash the bond. Treasury’s cashing guidance
How to redeem one
- Review Treasury’s current instructions for cashing HH bonds, including the documentation rules for your ownership situation.
- Complete FS Form 1522 as directed.
- Send the form and the bond to Treasury Retail Securities Services, following the current mailing and any additional-document instructions in Treasury’s guidance.
Estate, reissue, and other special ownership situations can require additional documentation, so use Treasury’s instructions for your specific case rather than relying on a generic mailing checklist. The Treasury Bureau of the Fiscal Service’s redemption publication, revised January 2025, also covers these requirements: FS Form 1522 and its instructions.
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How HH bond interest is taxed
HH bond interest is subject to federal income tax and exempt from state and local income tax. Interest for a particular year is generally reported on the federal income tax return for that year. Treasury’s savings-bond tax guidance
Some HH bonds were acquired by exchanging an earlier security, with the option to defer tax on interest earned by that earlier security. If the HH bond shows a deferred-interest amount on its face, Treasury says that amount is reportable when the bond is redeemed or reaches maturity, whichever comes first. Treasury specifically says deferred interest on bonds dated in 2004 was reportable for tax year 2024 even if the bond was not redeemed. Treasury tax guidance
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When a redemption payment includes interest or deferred interest, Treasury says it mails Form 1099-INT by January 31 of the following year. If Treasury pays only face value, with no interest or deferred interest, Treasury says no tax is owed on that payment and no tax form is issued. A bond’s history and ownership can affect how a particular tax return should be handled; consult Treasury guidance or a qualified tax professional if you are unsure how to report your bond.
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What to check if you still have an HH bond
- Confirm that the bond is a genuine Series HH bond and identify its owner or co-owner.
- Look for a deferred-interest amount printed on the bond; it may affect the year in which interest is reportable.
- Use Treasury’s current redemption instructions and submit any documentation required for the ownership situation.
- Keep Treasury’s payment and tax documents with your records, including any Form 1099-INT it sends.
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