You can buy Treasury bills (T-bills) in a Treasury auction either directly through TreasuryDirect or through a bank, broker, or dealer. TreasuryDirect is the simplest direct route: you place a noncompetitive order, pay no Treasury account-opening or purchase fee, and can redeem or reinvest at maturity. A brokerage is more useful when you want the bill in an existing investment account, access to the secondary market, or the option to submit a competitive bid. The important trade-off is liquidity: a new TreasuryDirect purchase generally must remain there for 45 calendar days before it can be transferred or sold.
What Treasury bills are and how the purchase works
Treasury bills are electronic, short-term U.S. government securities. Current bill terms are 4, 6, 8, 13, 17, 26, and 52 weeks. Treasury sells a bill at a discount to its face value, or at par in some auction circumstances. You receive the bill’s face value at maturity; the difference between what you paid and that face value is the bill’s interest. Interest is not paid monthly or quarterly—it is realized at maturity.
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The Treasury’s stated minimum for marketable securities is $100, with purchases and additional increments of $100. Regular auctions are held weekly for 4-, 6-, 8-, 13-, 17-, and 26-week bills. A 52-week bill is generally auctioned every four weeks. Auction dates, order deadlines, issue dates, and rates change, so use the current Treasury auction calendar and the live announcement for the specific offering rather than an old rate quotation.
Cash Management Bills are a separate, irregular offering. They are not sold through TreasuryDirect; you must buy them through a bank, broker, or dealer.
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Choose where to hold the bill
Both routes ultimately buy the same type of Treasury security at auction, but the account relationship and transaction controls differ.
| Decision point | TreasuryDirect | Brokerage, bank, or dealer |
|---|---|---|
| Auction bids | Noncompetitive bids only. You accept the rate determined by the auction. Treasury says a noncompetitive bidder is guaranteed the requested security and amount, subject to applicable rules. | Noncompetitive and competitive bids are available. A competitive bidder specifies an acceptable discount rate; the order may be partially filled or not filled. |
| Minimum and increments | $100 minimum and $100 increments. | Treasury’s general minimum is $100 and increments of $100, but the provider may impose additional minimums or limit available terms. |
| Custody | Held directly through your TreasuryDirect relationship with the U.S. Treasury. | Held through the commercial book-entry system and your financial intermediary. |
| Early sale or transfer | You cannot sell directly from TreasuryDirect. You must first transfer the bill to a bank, broker, or dealer. A newly purchased security is subject to a 45-calendar-day hold. | You contact the provider to sell. A secondary-market sale is made at the market price then available and may have provider charges. |
| Maturity handling | Redeem to the designated bank account or schedule reinvestment into another bill of the same term. | Ask how principal is credited and whether automatic reinvestment is offered. |
| Stated fees | Treasury says it charges no fee to open an account or buy securities. | The provider may charge for services. Review its current fee schedule. |
When TreasuryDirect is the better fit
- You want a straightforward noncompetitive purchase and do not need to choose a yield.
- You want to avoid a Treasury account-opening or purchase fee.
- You expect to hold the bill until maturity and want Treasury to handle redemption or same-term reinvestment.
- You are comfortable keeping a new purchase in the account for 45 calendar days before a transfer or sale is possible.
When a brokerage is the better fit
- You already manage investments in a commercial brokerage account and want the bill alongside them.
- You may need secondary-market liquidity before maturity.
- You need access to competitive bidding or to Cash Management Bills.
- You want the provider’s particular maturity, reporting, or reinvestment workflow, after checking its terms.
Understand auction order types before placing an order
| Order type | What you specify | What can happen | Typical use |
|---|---|---|---|
| Noncompetitive | The bill term and dollar amount. | You accept the rate set by the auction. TreasuryDirect describes this route as guaranteeing the requested security and amount within applicable limits. | An investor who wants a known amount of the bill but does not need to set a minimum acceptable rate. |
| Competitive | The bill term, amount, and an acceptable discount rate. | The order can be partially awarded or rejected if the auction’s result does not meet the bid. | An experienced bidder who is willing to risk receiving less than requested or nothing. |
Through an intermediary, Treasury permits either a competitive or a noncompetitive bid for an auction, but not both for the same auction. TreasuryDirect accepts noncompetitive bids only. A noncompetitive order does not guarantee a particular yield; the auction determines the final rate.
Before you buy: a practical checklist
- Choose the term: Select 4, 6, 8, 13, 17, 26, or 52 weeks based on when you expect to need the money.
- Check the live auction: Confirm the offering’s auction date, deadline, issue date, and settlement instructions in the current Treasury announcement.
- Set the amount: Use at least $100 and whole $100 increments. TreasuryDirect’s published noncompetitive maximum is $10 million per auction.
- Decide whether liquidity matters: A TreasuryDirect purchase has the 45-day transfer and sale hold; a brokerage sale is subject to market pricing and provider terms.
- Verify funding: Make sure your linked bank account or brokerage cash balance can cover the purchase when the order settles.
- Plan maturity: Decide whether you want proceeds sent to cash or reinvested into another bill of the same term.
How do I buy Treasury bills through TreasuryDirect?
- Open and sign in to TreasuryDirect. Use an account with current linked funding information. If you already have an account, review the designated bank account before submitting the order.
- Open the purchase screen. Choose Buy Direct, select the planned Treasury bill auction, and enter the amount in $100 increments, with a $100 minimum.
- Select the funding source. Choose the linked bank account or a Certificate of Indebtedness as directed by the account interface.
- Submit a noncompetitive bid. You do not enter a discount rate. You agree to accept the rate determined at auction. Treasury states that a noncompetitive bidder is guaranteed the requested security and amount within applicable rules; this is an allocation guarantee, not a yield guarantee. The general TreasuryDirect noncompetitive limit is up to $10 million per auction.
- Check the result and funding. On auction day, look under Current Holdings → Pending Purchases and Reinvestments. Treasury says results are available after 5 p.m. Eastern. Keep enough money in the selected source before the issue date, when Treasury debits the source.
- Set the maturity instruction. Leave the bill to mature into the designated bank account, or schedule reinvestment into another bill of the same term.
The exact deadline is offering-specific. A TreasuryDirect order placed after the live announcement’s cutoff will not be treated as an order for that auction, so do not rely on a generic weekly schedule alone.
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What TreasuryDirect guarantees—and what it does not
The U.S. Department of the Treasury, Bureau of the Fiscal Service, says of bidding in TreasuryDirect: “When bidding in TreasuryDirect: you are guaranteed to get the security you want in the amount you want.” The same guidance explains that you agree to accept the auction-determined rate. In practical terms, a valid noncompetitive order protects the requested allocation within the applicable limits, while the final interest rate remains unknown until the auction is completed.
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Can I buy T-bills through my brokerage?
- Confirm availability. Use an eligible account with a broker, bank, or dealer that offers Treasury bill auctions. Verify which bill terms are available, the provider’s minimum order, its current fees, and its order cutoff.
- Choose the auction order. Select the specific bill term and auction date. For an ordinary purchase, choose a noncompetitive auction order if you want the auction rate without risking a partial or rejected allocation.
- Use competitive bidding only deliberately. A competitive order requires an acceptable discount rate and can receive a partial award or no award. You cannot submit both competitive and noncompetitive bids through the intermediary for the same auction.
- Follow the provider’s funding instructions. Each firm sets its own deadline, cash requirements, confirmation process, and order screen. Treasury’s general information does not establish a particular firm’s cutoff time or charges.
- Review the confirmation. Confirm the term, amount, order type, auction date, expected settlement, and any commission or service charge shown by the provider.
- Choose a maturity plan. Ask whether principal will be credited to cash automatically, whether the provider offers same-term automatic reinvestment, and when you must give that instruction.
A brokerage-held bill sits in the commercial book-entry system through the intermediary. The provider therefore controls the customer-facing sale process, statements, deadlines, and maturity workflow, even though the underlying security is a Treasury obligation.
What happens at maturity?
TreasuryDirect redemption
In TreasuryDirect, a bill can mature without a further sale instruction. Unless you direct otherwise, Treasury deposits the principal into the designated bank account on maturity day. You can schedule reinvestment when buying the bill or up to four business days before maturity. Reinvestment purchases another bill of the same term.
Brokerage maturity
For a brokerage-held bill, the provider’s rules determine how the maturity proceeds appear in your account and whether automatic reinvestment is available. Ask about the cash-credit date, reinvestment election deadline, and whether a reinvestment uses the same term or requires a new order.
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TreasuryDirect’s 45-day rule
A TreasuryDirect-held marketable security cannot be sold directly from the account. To sell, you must first transfer it to a bank, broker, or dealer. A newly purchased TreasuryDirect security must remain in the account for 45 calendar days before that transfer or sale can occur.
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The hold applies to a new purchase. It does not apply to a reinvestment that is funded entirely by proceeds from a maturing security. If you add new money to pay for the reinvestment, the newly purchased portion is subject to the hold.
This timing makes a 4-week bill a special case: it matures before the 45-calendar-day hold expires, so you cannot transfer or sell that TreasuryDirect purchase early. You must hold it to maturity in that account.
Brokerage sale
A brokerage account generally makes a secondary-market sale more straightforward because the intermediary already maintains the commercial custody relationship. The sale price is the market price available at that time, not necessarily your original purchase price or the bill’s face value. Provider fees may apply, and no particular sale price should be assumed before placing the order.
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Account and transaction costs
Treasury states that TreasuryDirect charges no fee to open an account or buy securities. Commercial providers may charge for services, including an early sale or other account activity. These are provider-specific terms, not a uniform brokerage schedule, so read the chosen firm’s current fee disclosure before submitting an order.
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Federal, state, and local tax treatment
Treasury states that interest from Treasury bills is taxable federally and exempt from state and local income taxes. Your reporting obligations can depend on your tax situation; use current Internal Revenue Service instructions or consult a tax professional for individual questions.
Why no current rate appears here
The auction sets the bill’s discount rate. Because rates change from auction to auction, a historical quote is not a current offer. Check the live auction announcement and result for the exact term and date you are buying.
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You need the money before 45 days
Do not place the bill in TreasuryDirect if you may need to transfer or sell it during that period. Consider a brokerage account after comparing its sale process and fees, or choose a maturity that fits your cash schedule.
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TreasuryDirect does not let you enter a rate. Its noncompetitive order accepts the auction result. A brokerage may offer competitive bidding, but a competitive order can be partially filled or rejected and cannot be combined with a noncompetitive order for the same auction.
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The order shows as pending
Pending status before the auction result is normal. TreasuryDirect says results are available after 5 p.m. Eastern on auction day. Check Current Holdings → Pending Purchases and Reinvestments, and keep the funding source supplied through the issue date.
The funding account is short
Correct the balance before the issue date. Treasury debits the selected TreasuryDirect funding source when the bill is issued; a brokerage follows its own cash and settlement rules. Do not assume that an order confirmation means the money has already been withdrawn.
You missed the order deadline
Deadlines differ by offering and, for brokerage purchases, by provider. Review the live Treasury announcement and the intermediary’s cutoff. If the order window has closed, wait for a later auction instead of trying to force an order into the closed offering.
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You want a Cash Management Bill in TreasuryDirect
Cash Management Bills are not sold through TreasuryDirect. Use a bank, broker, or dealer that offers the specific irregular offering.
Quick Recap
Which buying route fits your situation?
| If your priority is… | Usually consider… | Reason to verify first |
|---|---|---|
| Simple, guaranteed allocation without selecting a rate | TreasuryDirect noncompetitive bidding | Accept that the auction determines the yield and observe the 45-day hold. |
| Keeping the bill with existing investments | Your brokerage or bank | Check available terms, minimums, fees, and maturity treatment. |
| Potential sale before maturity | A brokerage or dealer | Sale proceeds depend on the market price and provider charges. |
| Competitive bidding | A brokerage, bank, or dealer | The bid may be partially awarded or not awarded; do not also submit a noncompetitive bid for that auction. |
| Automatic same-term reinvestment | TreasuryDirect or a provider that explicitly offers it | TreasuryDirect permits an election; brokerage procedures vary. |
| Cash Management Bills | A bank, broker, or dealer | They are not available through TreasuryDirect and are offered irregularly. |
A concise decision process
- Match the maturity to your cash need. If you need the money on a known date, select a bill that matures by then rather than relying on an early sale.
- Choose custody. Select TreasuryDirect for the direct, fee-free Treasury purchase route, or a brokerage for commercial custody and potentially easier secondary-market access.
- Select noncompetitive or competitive bidding. Use noncompetitive bidding when the amount matters more than setting a minimum rate. Use competitive bidding only when you understand the partial-award and no-award risk.
- Confirm the live terms. Check the auction deadline, issue date, amount limits, provider fees, and funding instructions immediately before ordering.
- Record the maturity instruction. Note whether proceeds will return to cash or buy another bill, and set a reminder if your provider requires an election.
Key facts to keep with your order record
- Available regular bill terms: 4, 6, 8, 13, 17, 26, and 52 weeks.
- Minimum purchase and increments: $100.
- TreasuryDirect noncompetitive maximum: up to $10 million per auction under the published general limit.
- TreasuryDirect new-purchase transfer or sale hold: 45 calendar days.
- TreasuryDirect purchase and account-opening fee: $0 according to Treasury.
- Bill interest: federally taxable and exempt from state and local income taxes according to Treasury.
- Rates: set at auction and therefore change over time.
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