You can buy newly issued U.S. Treasury securities at auction through TreasuryDirect or through a bank, broker, or dealer. TreasuryDirect accepts noncompetitive bids; intermediaries can accept competitive or noncompetitive auction bids and may also let you buy already-issued securities on the secondary market. The choice affects how you bid, where your securities are held, and when you can transfer or sell them.
Choose a purchase route
| Feature | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| New issues at auction | Noncompetitive bids only | Competitive or noncompetitive bids; the institution sets its process and deadline |
| Already-issued securities | Not available through TreasuryDirect’s purchase process | May be available in the secondary market, depending on the institution |
| How the security is held | Directly in TreasuryDirect | Through the intermediary in the commercial book-entry system |
| Minimum for marketable securities | $100, in $100 increments | Treasury states a $100 minimum bid; confirm the intermediary’s order rules |
| Transfer or sale after a new purchase | Generally restricted for 45 calendar days, except qualifying purchases made with proceeds from a maturing-security reinvestment | Ask the institution about its custody and trading arrangements |
| Fees | TreasuryDirect says it charges no fee to open an account or buy securities | Fees and other charges depend on the institution |
Treasury’s auction purchase guidance and marketable-security FAQs explain the route differences. A noncompetitive bidder accepts the auction’s result for the bid amount; a competitive bid specifies an acceptable rate, yield, or discount margin and may be partly filled or rejected.
Understand which Treasury security you are buying
Treasury marketable securities can be transferred or sold before maturity, subject to applicable restrictions and market conditions. Treasury lists five types; their terms and cash flows differ.
| Security | Term and payment structure | What to know |
|---|---|---|
| Treasury bills | Terms from 4 to 52 weeks; sold at a discount or at par; face value is paid at maturity | The difference between the purchase price and face value is the interest; bills do not make periodic interest payments. Treasury bills |
| Treasury notes | 2, 3, 5, 7, or 10 years; fixed rate set at auction; interest paid every six months | Medium-term fixed-rate payments. Treasury notes |
| Treasury bonds | 20 or 30 years; fixed rate set at auction; interest paid every six months | Long-term fixed-rate payments. Treasury bonds are not Series EE, I, or HH savings bonds. Treasury bonds |
| Treasury Inflation-Protected Securities (TIPS) | Principal adjusts with inflation indexation; interest payments are based on adjusted principal | Consider how the principal adjustment affects cash flows and taxes. TIPS |
| Floating Rate Notes (FRNs) | Two-year maturity; variable interest rate; interest paid quarterly | Payments can change as the rate changes. FRNs |
Terms and auction schedules can change. Check Treasury’s current product pages for current details rather than relying on an old schedule or rate.
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Buy at auction through TreasuryDirect
TreasuryDirect is an auction route for marketable securities. You place a noncompetitive bid: select a security and amount, then accept the rate, yield, or discount margin established by the auction. The final auction result is not known when you schedule the purchase.
- Open and access a TreasuryDirect account. TreasuryDirect requires an account to buy marketable securities through its system.
- Choose Buy Direct. Select the security type and auction, then enter the purchase amount and required details.
- Check the bid limits. TreasuryDirect’s purchase guidance, accessed in 2026, states a $100 minimum in $100 increments and a $10 million maximum for noncompetitive bids.
- Confirm the funding source. TreasuryDirect draws payment from your linked source of funds or Certificate of Indebtedness. Make sure sufficient funds will be available by the security’s issue date.
- Review the auction result. TreasuryDirect makes result details available through your account after the auction.
TreasuryDirect says it charges no fee to open an account or buy securities. Its purchase instructions describe the bidding process and limits.
Buy at auction or on the secondary market through an intermediary
Place an auction order
A bank, broker, or dealer may submit either a competitive or a noncompetitive bid for you. You cannot submit both types for the same security in the same auction through that intermediary. For a competitive bid, you specify an acceptable rate, yield, or discount margin. The auction may award all, part, or none of the requested amount.
Order deadlines, payment and settlement instructions, available security types, and charges are institution-specific. Confirm them with the firm before placing an order; Treasury directs investors to their institution for these details.
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Buy an existing security
Some intermediaries let customers buy already-issued Treasuries in the secondary market. Unlike an auction purchase, you buy at the prevailing market price, which may 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 firm.
A Treasury reopening is a new auction of a previously issued security. Treasury says a reopened note, bond, TIPS, or FRN can have the same CUSIP, maturity, and interest payment dates as the original issue while having a different issue date and usually a different price. Accrued interest may be included in the purchase price. See Treasury’s marketable-security FAQs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Consider custody and access before you buy
TreasuryDirect holds securities directly in its system. With an intermediary, securities are held in the commercial book-entry system, with the intermediary between you and Treasury. That custody difference matters if you later want to transfer or trade a security.
TreasuryDirect generally restricts transfer or sale of a newly purchased marketable security for 45 calendar days. Treasury states an exception for a new security bought with proceeds from a maturing-security reinvestment. If you may need to sell or move a holding sooner, ask the intermediary about its custody and trading terms before choosing a route. A secondary-market sale price is not guaranteed to equal face value.
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Questions to settle before submitting an order
- Is this an auction order or a purchase of an existing security?
- For an auction, is the bid competitive or noncompetitive, and what happens if the order is only partly filled?
- What is the firm’s order deadline, and when must funds be available?
- Which security types does the institution support, and how will the holding be custodied?
- What fees, accrued interest, or other charges apply?
- If you may need to transfer or sell, what restrictions or procedures apply to this holding?
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.
