You can buy Treasury bills, notes, and bonds through TreasuryDirect by opening an account, selecting a planned auction with Buy Direct, choosing a security and purchase amount, and submitting a noncompetitive bid. You do not choose the yield: you accept the auction result. The minimum purchase is $100, in $100 increments, and payment is taken from your selected bank account or Zero-Percent Certificate of Indebtedness (C of I). This route is for auction purchases; use a bank, broker, or dealer if you need to place a competitive bid or trade in the secondary market.
What buying through TreasuryDirect means
TreasuryDirect is the U.S. Treasury’s online system for holding eligible Treasury securities electronically. For marketable securities—including bills, notes, bonds, Treasury Inflation-Protected Securities (TIPS), and floating-rate notes (FRNs)—the direct purchase process is tied to a Treasury auction. You select an offering and submit a bid before the auction, then Treasury determines the rate, yield, or discount margin. The TreasuryDirect purchase instructions explain the bid process and current limits; the account overview describes the account and supported holdings.
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A TreasuryDirect buyer makes a noncompetitive bid. That means you agree to accept the auction-determined outcome rather than specifying a yield or price. It is a straightforward way to participate in an auction, but it is not the same as choosing the return you want. If choosing a yield is important, or if you want to buy an already-issued security, you will need an intermediary that offers those services.
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Which Treasury security should you buy?
Treasury bills
Bills are short-term securities with terms of 4, 6, 8, 13, 17, 26, or 52 weeks. Treasury sells them at a discount or at face value. At maturity, Treasury pays the bill’s face value; when the purchase price is below face value, the difference is the bill’s interest. The available terms and payment description are set out on the Treasury bills page.
A bill may suit a buyer who wants a defined, relatively short maturity and is prepared to keep the money committed until then. Choose a term based on when you expect to need the funds, not just on the yield shown for a particular auction. The auction yield is not known when you schedule the purchase.
Treasury notes and bonds
TreasuryDirect also offers notes and bonds at auction. The available offerings appear in the Buy Direct workflow, each with its own security details and CUSIP. Select the specific planned auction you intend to enter; the rate or yield is determined through that auction rather than selected by you in TreasuryDirect.
The source material establishes that notes and bonds can be purchased through this direct auction process, but it does not provide a complete comparison of their maturities, payment schedules, or current yields. Check the offering details shown for the particular auction before placing an order. Treasury’s marketable-security FAQs explain the purchase channels and distinguish auction purchases from secondary-market transactions.
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Other offerings and an exception
TreasuryDirect’s marketable-security offerings also include TIPS and FRNs. They are not bills, notes, or bonds in the narrow sense, but may appear among the available securities. Cash management bills are an exception: Treasury says they can be bought through a bank, broker, or dealer, not directly through TreasuryDirect.
How do I buy Treasury bills through TreasuryDirect?
Before starting, have a TreasuryDirect account and a funding source ready. The purchase workflow accepts a linked bank account or a Zero-Percent C of I as the source of funds. Check that the auction you want is still available for purchase and note its issue date. You can find the current offering and auction information through TreasuryDirect; do not assume an auction remains open because it appeared on an earlier schedule.
- Open or access your TreasuryDirect account. TreasuryDirect supports individual registrations and certain entity registrations. Account holdings are electronic book-entry securities rather than paper certificates. For current account information, see the TreasuryDirect account overview.
- Sign in and select Buy Direct. Choose the marketable security purchase option, then select the security type and planned auction. Confirm the offering and its details before moving on; an auction may be a new issue or a reopening of an existing CUSIP.
- Enter the purchase amount. The minimum is $100, and additional purchases must be in $100 increments. TreasuryDirect’s purchase instructions show a maximum noncompetitive bid of $10 million. These are bid limits, not a promise that a particular security or auction will be available at any given time.
- Choose the funding source and submit. Select the bank account or C of I to fund the purchase, review the details, and submit the noncompetitive bid. You are agreeing to the auction outcome; you cannot enter a yield you want Treasury to meet.
- Check the result and amount due. Treasury says auction results can be viewed after 5 p.m. Eastern on auction day. Review the pending purchase and the amount due after auction pricing, including accrued interest where applicable. Make sure the designated funds are available before the issue date.
- Confirm the holding after issuance. The security appears in your account after it is issued. Treasury’s user guide says securities are generally issued to the account within one week of the auction date, but the specific issue date is the practical date to check. The user guide sections 211–220 describe the purchase workflow and issuance.
What is the minimum amount to buy a Treasury bill?
The minimum purchase is $100, with purchases in additional $100 increments. TreasuryDirect’s current instructions show a maximum noncompetitive bid of $10 million. Those limits apply to the noncompetitive bid route described here; consult the current purchase instructions for the rules attached to the auction you are entering.
When does TreasuryDirect take money from my bank?
Payment is taken from the funding source you selected, but the purchase price is based on the auction outcome. The amount due can therefore reflect the auction pricing and, where applicable, accrued interest. TreasuryDirect instructs buyers to have funds available before the issue date. The cited guidance does not establish one universal debit date for every offering, so check the pending purchase and issue-date information in your account rather than assuming funds will be taken immediately when you submit the bid.
If your linked bank account is the source, ensure it has enough available funds by the stated deadline. If you use a C of I, ensure the balance can cover the amount due. A scheduled bid is not a reason to spend or transfer the money elsewhere before settlement. Treasury’s buying instructions describe the amount due and funding requirement.
Can I buy Treasury notes and bonds directly from Treasury?
Yes. TreasuryDirect allows purchases of notes and bonds through planned Treasury auctions using the same general Buy Direct process. You choose the particular security and offering, enter an amount within the applicable limits, choose a funding source, and submit a noncompetitive bid. Treasury sets the auction result; TreasuryDirect does not let you specify the yield you will accept.
Check the details of the specific offering before submitting. The auction schedule, issue date, available security, and final rate or yield are time-sensitive. A scheduled purchase does not guarantee a particular return, and the offering may be a reopening rather than a newly created CUSIP.
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TreasuryDirect or a bank, broker, or dealer?
The right channel depends on how you want to buy and what you may need to do later. TreasuryDirect is a direct route for noncompetitive bids at auction and direct account holding. A bank, broker, or dealer may offer competitive bidding and access to secondary-market purchases or sales. The availability of those services and any account or transaction charges depend on the provider.
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| Consideration | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| Auction bid type | Noncompetitive bids | May offer competitive bids; check with the provider |
| Secondary-market trading | Not available through the direct TreasuryDirect purchase route | May offer purchases and sales of already-issued securities |
| Where the holding is kept | In a TreasuryDirect account as an electronic holding | Under the provider’s holding arrangement |
| TreasuryDirect account or purchase fee | Treasury says it charges no account-opening or purchase fee | Fees depend on the provider |
TreasuryDirect’s fee statement applies to TreasuryDirect; it does not establish that an intermediary’s services are free. Ask a provider about its costs and how securities are held before choosing that route. Treasury’s marketable-security FAQs explain that securities can be bought at auction or in the secondary market, while direct TreasuryDirect bidding is noncompetitive.
Can I sell TreasuryDirect securities before they mature?
Generally, a newly purchased TreasuryDirect marketable security must remain in the account for at least 45 calendar days before it may be transferred or sold. Treasury identifies an exception for a security acquired by reinvesting proceeds from a maturing security. The rule matters if you may need access to the money before maturity: a direct TreasuryDirect purchase is not the same as buying through a channel built for secondary-market trading.
Check TreasuryDirect’s current rules before acting, especially if you are considering a transfer or sale. The holding period and exception are described in the purchase instructions. Do not treat a possible transfer or sale as a substitute for keeping an appropriate cash reserve.
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Redeem the bill
At maturity, a Treasury bill pays face value. Unless an instruction directs the principal to C of I, Treasury deposits the bill’s principal into the designated bank account. Review the maturity instructions associated with the holding so the proceeds go where you expect. Treasury’s bill redemption and reinvestment guidance explains the choices.
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Schedule a bill reinvestment
You can arrange to reinvest bill proceeds into another bill of the same term. Treasury allows a reinvestment to be scheduled when you buy the bill or later. The relevant management option closes four business days before maturity, so do not wait until the maturity date to set or change an instruction. Check the schedule and deadline displayed for your account before relying on automatic reinvestment.
Reinvestment is not simply a continuation of the original rate: the replacement bill is a new purchase, and its yield is determined at the later auction. The replacement also has a new maturity date. If you may need the proceeds at that time, consider whether a new bill term fits your plans.
Reinvest other marketable securities
TreasuryDirect’s marketable-security reinvestment guidance covers bills, notes, bonds, and FRNs, but not TIPS. A replacement security must be the same type. For bills, the reinvested bill must have the same term; notes or bonds may be reinvested into a different term because of reopenings. Review the account’s displayed choices and timing before scheduling. The TreasuryDirect reinvestment page describes eligible securities and rules.
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TreasuryDirect says it charges no account-opening or purchase fee and adds no fee to the securities purchased. Its holdings are electronic book-entry securities. The account is funded through a bank account or, for a purchase, a Zero-Percent C of I; payments can be directed to a designated bank account. These are TreasuryDirect terms and do not establish the fees or services of an outside provider. See the TreasuryDirect service overview for its funding and payment information.
- You accept the auction result. TreasuryDirect’s noncompetitive bid is not a way to set a minimum yield.
- You need cash available for settlement. The amount due follows auction pricing, and funds should be available before the issue date.
- Early access is constrained. The general 45-calendar-day holding period applies to new marketable securities bought through TreasuryDirect, subject to Treasury’s reinvestment exception.
- Offerings change. The auction schedule, issue dates, security types, and results are time-sensitive; check the current listing and account deadlines.
- Some transactions require an intermediary. Competitive bids, secondary-market activity, and cash management bills are not served by the direct TreasuryDirect purchase route.
Before you submit a bid
- Confirm the security type, term, CUSIP, auction date, and issue date.
- Make sure the amount is at least $100 and is a multiple of $100, within the current bid limit.
- Choose the correct bank account or C of I and keep enough funds available before the issue date.
- Remember that the rate or yield is set at auction and will not be known when you schedule the bid.
- If you might need to sell before maturity, check the transfer and sale rules and consider whether TreasuryDirect is the appropriate holding channel.
- If you want maturity proceeds reinvested, set the instruction early and verify its displayed deadline and replacement terms.
For a Treasury-issued investor guide, see Investing Directly with the U.S. Treasury (FS Publication 009). For current offerings and outcomes, use TreasuryDirect’s live auction information rather than relying on an old rate or dated schedule.
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