You can buy new Treasury bills, notes, bonds, TIPS, and floating rate notes (FRNs) at auction through TreasuryDirect or through a bank, broker, or dealer. TreasuryDirect accepts noncompetitive bids only: you agree to the auction’s final terms. A financial institution may also offer competitive bids and access to already-issued Treasuries in the secondary market. The right route depends on whether you want to set a minimum acceptable return, may need to sell or transfer soon, and what fees and procedures your provider applies.
Which U.S. Treasury securities can you buy?
Treasury marketable securities are bills, notes, bonds, Treasury Inflation-Protected Securities (TIPS), and FRNs. They are issued in electronic, book-entry form. “Marketable” means an owner may sell or transfer a security before maturity, subject to the rules of the holding system and transaction.
These differ from U.S. savings bonds: savings bonds are not purchased through marketable-security auctions and cannot be sold or transferred. TreasuryDirect describes itself as the official U.S. government application for buying and holding savings bonds and Treasury marketable securities.
Choose between TreasuryDirect and a financial institution
| What to compare | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| Auction bids | Noncompetitive bids only | Competitive or noncompetitive bids may be available; check the provider |
| Who sets your auction return? | You accept the auction-determined result | A competitive bidder specifies an acceptable rate, yield, or discount margin; a noncompetitive bid accepts the result |
| Secondary-market purchases | The buying service focuses on auction purchases; check TreasuryDirect’s transfer and sale rules | Financial institutions can provide access to already-issued securities; terms vary |
| Holding and payment | Held through TreasuryDirect; payment is drawn from the selected linked bank account or Certificate of Indebtedness (C of I) | Provider-specific funding, custody, charges, and transfer procedures |
| Transfer or sale after a new purchase | Generally subject to a 45-calendar-day holding period, with an exception for purchases funded by reinvestment proceeds from a maturing security | Provider rules and transaction terms vary |
Treasury does not designate financial institutions to sell Treasury securities. Compare a provider’s actual bid, quote, fees, custody arrangement, and transfer process rather than assuming a particular institution is endorsed by the government.
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Understand the two auction bid types
Noncompetitive bids
A noncompetitive bidder does not name a desired return. The bidder agrees to accept the rate, yield, or discount margin set by the auction and, within the auction rules, receives the amount requested. TreasuryDirect uses this bid type.
Competitive bids
A competitive bidder specifies the rate, yield, or discount margin they will accept. If the bid is not accepted, the bidder may receive none of the requested amount; if only part is accepted, the allocation may be smaller than requested. Banks, brokers, and dealers may offer competitive bidding, but their procedures and eligibility rules can differ.
You cannot submit both a competitive and a noncompetitive bid in the same auction. Treasury uses a single-price auction: successful bidders receive securities at the price corresponding to the highest accepted competitive rate, yield, or discount margin. The exact result is determined at the auction, so a TreasuryDirect buyer does not know the final return when scheduling a purchase.
Buy a new issue through TreasuryDirect
- Open and fund a TreasuryDirect account. Add the bank account you intend to use, or arrange to use an eligible C of I balance.
- Find the offering. Check TreasuryDirect’s announcements and auction schedule for the specific security and offering. Schedules are tentative, not promises of a future auction date.
- Place the order. Sign in, choose BuyDirect, select the security and auction, enter the amount, and provide the requested purchase details. TreasuryDirect accepts noncompetitive bids only.
- Choose an amount within the rules. TreasuryDirect lists a $100 minimum, additional amounts in $100 increments, and a $10 million maximum for a noncompetitive bid.
- Keep funds available for issue. TreasuryDirect draws payment from the selected bank account or C of I. Make sure the 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 auction sets the final rate, yield, or discount margin.
New TreasuryDirect marketable-security purchases generally cannot be transferred or sold for 45 calendar days. TreasuryDirect says this holding period does not apply when the new purchase is funded with reinvestment proceeds from a maturing security. If access to the secondary market soon after purchase matters, account for this restriction before choosing the channel.
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A bank, broker, or dealer may let you submit a new-issue auction bid or buy an already-issued Treasury from another market participant. The latter is a secondary-market transaction, not a purchase at the original auction. Its price depends on market conditions and may differ from the security’s face value.
Before placing an order, ask the provider:
- Is this a new issue at auction or an already-issued security in the secondary market?
- What price, yield, or other quote applies, and what is the minimum purchase?
- Are there transaction charges, markups, custody fees, or account requirements?
- How will payment be collected, and how will the security be held?
- Can you transfer the security or sell it, and what procedures or restrictions apply?
Do not assume provider mechanics are the same across banks and brokerages. Confirm the order terms and any charges with the institution before committing funds.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Check the auction calendar and issue details
Use TreasuryDirect’s current auction announcements and schedule for the particular security. Recurring patterns can help with planning, but Treasury says its financing needs, policy decisions, congressional action, holidays, and other special circumstances can change the schedule. The tentative schedule is updated periodically, so verify the current announcement rather than relying on an expected date.
Each marketable security has a CUSIP, the identifier for that specific issue. A reopening is an additional sale of an existing CUSIP, not a wholly new issue. For notes, bonds, TIPS, and FRNs, the purchase price may include accrued interest when the dated date is earlier than the issue date; Treasury says that amount is returned with the first regular interest payment. Bills are treated differently in Treasury’s schedule guidance. Check the offering terms, especially for a reopening, for accrued interest or a premium.
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- Consider TreasuryDirect if you want a straightforward noncompetitive auction purchase and are comfortable accepting the auction result and TreasuryDirect’s holding rules.
- Consider a provider if you want the option of competitive bidding, secondary-market access, or provider-specific custody and account services. Compare actual terms and costs.
- Check the issue, not just the channel. Confirm the security type, CUSIP, auction or secondary-market status, price, and relevant interest treatment before buying.
For historical context, TreasuryDirect reports that the U.S. Treasury held 444 public auctions and issued about $29.7 trillion in marketable securities in calendar year 2025. Those figures describe that year, not current-year totals.
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