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You can buy newly issued U.S. Treasury bills, notes, bonds, TIPS, and floating rate notes (FRNs) through TreasuryDirect or through a bank, broker, or dealer. TreasuryDirect accepts noncompetitive bids at auction; financial intermediaries can accept noncompetitive or competitive auction bids and may also let you buy existing securities in the secondary market. The route affects how you bid, where the securities are held, and how readily you can sell or transfer them.
Choose the purchase route that fits your needs
All five marketable Treasury security types are transferable or may be sold before maturity, subject to the rules of the holding channel. TreasuryDirect is a direct account with the U.S. Treasury and supports auction purchases using noncompetitive bids. A bank, broker, or dealer places orders through an intermediary; it may support both auction bidding and purchases of already-issued securities.
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| Feature | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| Auction bids | Noncompetitive only | Competitive or noncompetitive; not both for the same security in the same auction |
| Secondary-market purchases | Not the purchase route described for TreasuryDirect; purchases are made at auction | May be available for existing securities; confirm access with the institution |
| How securities are held | Directly in TreasuryDirect | Through the intermediary in the commercial book-entry system |
| Minimum and limits | $100 minimum, in $100 increments; TreasuryDirect lists a $10 million maximum for noncompetitive bids | Treasury sets a $100 minimum bid in $100 increments; confirm the firm’s order rules and any additional limits |
| Transfer or sale after purchase | Most new purchases cannot be transferred or sold for 45 calendar days, with an exception for qualifying reinvestments | Order, custody, and sale procedures depend on the institution |
| Fees | TreasuryDirect says it does not charge to open an account or buy securities | Fees, if any, depend on the institution |
TreasuryDirect’s purchase guidance explains its auction process and limits. Treasury’s marketable-securities FAQs describe the holding systems and transferability. Brokerage order deadlines, available products, and charges are set by the firm, so check them before placing an order.
Understand the five marketable Treasury securities
The right comparison is usually the security’s term, interest-payment schedule, and how its value or payments can change—not just its name. Treasury product terms and auction schedules can change, so check the linked Treasury pages for current details.
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| Security | Treasury’s basic terms | Cash-flow feature |
|---|---|---|
| Treasury bills | Terms from 4 to 52 weeks; sold at a discount or par | No periodic interest payment; the difference between purchase price and face value is the interest, with face value paid at maturity |
| Treasury notes | 2, 3, 5, 7, or 10 years; fixed rate set at auction | Interest paid every six months |
| Treasury bonds | 20 or 30 years; fixed rate set at auction | Interest paid every six months |
| Treasury Inflation-Protected Securities (TIPS) | Principal changes with inflation indexation | Interest payments are based on adjusted principal; review Treasury’s current TIPS information for the product’s details and tax considerations |
| Floating rate notes (FRNs) | Two-year maturity; rate can vary | Interest paid quarterly |
Treasury bonds are marketable securities, not Series EE, I, or HH savings bonds. Treasury’s overview of marketable securities provides the full category context.
Buy at auction through TreasuryDirect
TreasuryDirect requires an account and accepts noncompetitive bids for marketable securities. With a noncompetitive bid, you request a security and amount and accept the rate, yield, or discount margin determined by the auction. The final auction result is not known when you schedule the purchase. Treasury says noncompetitive bidders receive the requested amount, subject to the applicable limits.
- Open or sign in to TreasuryDirect. TreasuryDirect says it does not charge to open an account.
- Use “Buy Direct.” Select the marketable security type and provide the purchase details requested in the account.
- Enter an amount within the limits. TreasuryDirect’s guidance gives a $100 minimum in $100 increments and a $10 million maximum for a noncompetitive bid.
- Check the funding source and timing. Payment is drawn from your linked source of funds or Certificate of Indebtedness. Treasury advises having sufficient funds available before the security’s issue date.
- Review the auction result in your account. The auction determines the rate, yield, or discount margin; TreasuryDirect provides result details after the auction.
TreasuryDirect’s current steps and rules are on its Buying a Treasury Marketable Security page.
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Place an auction order
Ask the bank, broker, or dealer whether it accepts orders for the security and auction you want. It may offer a noncompetitive bid, which accepts the auction result, or a competitive bid, which specifies an acceptable rate, yield, or discount margin. A competitive bid can be filled in full, filled in part, or rejected depending on the auction outcome.
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You cannot submit both a competitive and a noncompetitive bid for the same security in the same auction through an intermediary. Each firm sets its own order deadline and payment or settlement instructions. Confirm those details, applicable fees, and the security types it supports before submitting an order.
Buy an already-issued security
A secondary-market purchase is a purchase of an existing security at its prevailing market price, rather than a bid for a new issue at auction. The price can be above or below face value and can change with market conditions. Before confirming an order, check the displayed price, accrued interest, maturity, yield convention, and any transaction charge with the brokerage.
A Treasury reopening is an additional auction of a previously issued security. Treasury says a reopened note, bond, TIPS, or FRN can share the original security’s CUSIP, maturity, and interest-payment dates while having a different issue date and usually a different price; accrued interest may be included in the purchase price. See Treasury’s auction guidance and FAQs for details.
Know how custody and liquidity differ
TreasuryDirect is a direct holding system. When an intermediary holds a Treasury security for you, it is held in the commercial book-entry system, with the institution between you and Treasury. This changes where you view and manage the holding; it does not make the security’s market price or access to a buyer guaranteed.
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New marketable securities bought in TreasuryDirect generally cannot be transferred or sold during the first 45 calendar days. Treasury’s purchase guidance makes an exception for a new security purchased with proceeds from a maturing-security reinvestment. If you expect to move securities or sell them soon after buying, review the holding arrangement and applicable procedures before choosing a route.
Questions to check before placing an order
- Is this an auction purchase or an already-issued security in the secondary market?
- For an auction order, is it competitive or noncompetitive, and what happens if a competitive bid is only partly filled or rejected?
- What is the firm’s order cutoff, funding method, and settlement process?
- What is the security’s price, accrued interest, maturity, and quoted yield convention?
- What fees or additional order limits apply?
- Where will the security be held, and what steps and timing apply if you want to transfer or sell it?
Treasury’s explanation of how marketable Treasury securities work can help distinguish these investments from savings bonds and understand the basic holding framework.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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