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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsYou can buy newly issued U.S. Treasury bills, notes, bonds, TIPS, and floating rate notes (FRNs) at auction through TreasuryDirect or a bank, broker, or dealer. TreasuryDirect accepts noncompetitive bids, which means you accept the auction’s result. Financial institutions may also accept competitive bids and provide access to previously issued securities in the secondary market. The best route depends on whether you want to bid only at auction, may need to sell or transfer the security, and what your provider charges.
What counts as a Treasury security you can buy?
Treasury marketable securities are book-entry investments that can generally be sold or transferred before maturity, subject to the rules of the holding system and transaction. The five main types are:
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- Treasury bills: short-term securities that mature in a year or less.
- Treasury notes: securities with maturities from two to 10 years.
- Treasury bonds: long-term securities, generally with 20- or 30-year maturities.
- Treasury Inflation-Protected Securities (TIPS): securities whose principal adjusts with inflation as measured by the Consumer Price Index.
- Floating Rate Notes (FRNs): securities with an interest rate that resets periodically.
These are different from U.S. savings bonds: savings bonds are not auctioned and cannot be sold or transferred. TreasuryDirect’s marketable securities FAQ explains the distinction and the systems used to hold marketable securities.
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| Decision | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| Auction bids | Noncompetitive bids only; you accept the auction result. | May offer noncompetitive bids, competitive bids, or both. Availability and terms vary. |
| Previously issued securities | Its buying process focuses on auction purchases; check its rules for transfers and sales. | Can provide access to secondary-market securities, at market-dependent prices. |
| Holding arrangement | Held directly through your TreasuryDirect account. | Typically held through the provider’s commercial book-entry arrangement. |
| Funding and charges | Payment is drawn from the selected linked bank account or Certificate of Indebtedness (C of I). | Ask the provider about funding, fees, custody, and transfer procedures. |
| Transfer or sale timing | New purchases generally have a 45-calendar-day holding period before transfer or sale, subject to an exception for purchases funded with proceeds from a maturing security reinvested through TreasuryDirect. | Provider rules and transaction terms vary. |
Treasury does not designate financial institutions to sell its bills, notes, or bonds. Verify a provider’s terms independently rather than treating a listing or service as government-endorsed. See TreasuryDirect’s buying guide for its account-channel rules.
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Understand auction bids before you place one
Treasury announces an offering, accepts bids, holds an auction, and issues the securities. Each issue has its own CUSIP, a unique identifier. Treasury uses a single-price auction: successful bidders receive securities at the price determined by the highest accepted competitive rate, yield, or discount margin. You may submit a competitive or noncompetitive bid, but not both in the same auction.
Noncompetitive bids
A noncompetitive bid does not specify the return you want. You agree to accept the auction-determined rate, yield, or discount margin, and Treasury says the requested security and amount are guaranteed within the auction rules. TreasuryDirect purchases use this bid type. A bank or broker may also let customers submit noncompetitive bids.
Competitive bids
A competitive bidder specifies the rate, yield, or discount margin they are willing to accept. The bid may be rejected, or the bidder may receive less than the requested amount. Competitive bids are available through participating financial institutions, not TreasuryDirect. TreasuryDirect’s auction FAQs describe bid types and the single-price process.
Buy at auction through TreasuryDirect
- Open and fund a TreasuryDirect account. You need an account to submit a direct auction purchase. Choose a linked bank account or use an eligible C of I for payment.
- Find the offering. Check TreasuryDirect’s announcements and auction schedule. Recurring schedules are planning guides, not guarantees: Treasury may change them because of its financing needs, policy decisions, congressional action, holidays, or other circumstances.
- Submit a purchase. Sign in, select BuyDirect, choose the security and amount, and provide the requested details. TreasuryDirect lists a $100 minimum, additional purchases in $100 increments, and a $10 million maximum for a noncompetitive bid.
- Keep funds available for settlement. The auction determines the return, so you do not know it when scheduling the purchase. TreasuryDirect draws payment from your selected bank account or C of I; make sure funds are available before the issue date.
- Check the result. TreasuryDirect says auction results are viewable after 5 p.m. Eastern on auction day. The issue’s result, including its price and return, is specific to that auction.
TreasuryDirect’s buying guide provides the current account steps, limits, payment details, and holding rules. A newly purchased marketable security generally cannot be transferred or sold from TreasuryDirect until it has been held for 45 calendar days. TreasuryDirect says this restriction does not apply when the purchase is funded by reinvestment proceeds from a maturing security.
Buy through a bank, broker, or dealer
Contact the institution before the auction or purchase and confirm whether it accepts noncompetitive bids, competitive bids, or both. Ask for the exact order deadline, minimum, funding method, fees, custody arrangement, and process for changing or cancelling an order; these are provider-specific.
If you buy an already-issued Treasury in the secondary market, compare the quoted price and the security’s remaining term and payment terms. The price is market-dependent and may be above or below the amount paid at issue. Ask whether the quote includes any accrued interest and what charges apply. TreasuryDirect describes financial-institution access to marketable securities in its marketable securities FAQ.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Check dates, issue details, and accrued interest
Use the current announcement for the specific security rather than relying on a recurring pattern or an old calendar. Treasury’s auction schedule is updated periodically, and Treasury cautions that offerings can change.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →For notes, bonds, TIPS, and FRNs, an offering may include accrued interest in the purchase price when the dated date precedes the issue date. Treasury says that amount is returned with the first regular interest payment. Bills are treated differently in the schedule guidance. A reopening is an additional sale of an existing CUSIP; check its terms for accrued interest or a premium before placing an order. Consult the offering announcement and schedule for the particular security.
Which route fits your situation?
- Choose TreasuryDirect if you want to place a noncompetitive bid directly with Treasury, accept the auction result, and hold the security in your TreasuryDirect account.
- Consider a financial institution if you want to make a competitive bid, need access to secondary-market issues, or prefer to manage securities through an existing brokerage or bank account. Confirm its terms and charges first.
- Pause and compare if you may need to sell or transfer soon after purchase. TreasuryDirect’s holding period can affect flexibility, while a provider’s own rules and costs will determine what is possible through that channel.
For historical context, TreasuryDirect reports that the U.S. Treasury held 444 public auctions and issued about $29.7 trillion in marketable securities during calendar year 2025. Those figures describe 2025, not the current year’s activity; see About Auctions.
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