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Treasury bills mature in a year or less and pay their return at maturity; Treasury notes mature in 2 to 10 years and Treasury bonds in 20 or 30 years, with both paying interest every six months. That means the key differences are how long your money is committed and when cash arrives. Bills generally sell below face value, with the difference paid at maturity; notes and bonds make regular coupon payments and may sell above or below face value if you sell before they mature.
The choice is not simply between three labels. It is a comparison of maturity date, payment timing, purchase price and the possibility of selling before maturity. TreasuryDirect’s product descriptions provide the basic terms and payment schedules; its pricing explanation shows why an early sale may bring a different amount from the principal due at maturity.
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How bills, notes and bonds differ
All three are marketable U.S. Treasury securities, but their term and payment schedules differ. A bill is the short-term instrument: it has no periodic interest payment. A note or bond pays interest on a schedule, then repays its principal at maturity. TreasuryDirect describes the product terms and payment mechanics on its pages for Treasury bills, Treasury notes and Treasury marketable securities.
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| Security | Term | When interest arrives | Principal at maturity |
|---|---|---|---|
| Treasury bill | Regular terms range from 4 to 52 weeks | At maturity, as the difference between the purchase price and face value; no periodic coupon | Face value |
| Treasury note | 2, 3, 5, 7 or 10 years | Fixed interest, set at auction, paid every six months | At maturity |
| Treasury bond | 20 or 30 years | Interest paid every six months | At maturity |
The term descriptions and payment schedules are from TreasuryDirect; the exact terms available can vary by product schedule. Treasury bill details list 4-, 6-, 8-, 13-, 17-, 26- and 52-week bills. Cash management bills are a separate exception: Treasury issues them at variable terms and not on a regular schedule, so not every bill has one of those standard terms.
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The names are useful shorthand for maturity ranges, not a description of how often every security is offered. A bill’s “year or less” term distinguishes it from notes, whose stated terms begin at two years, and bonds, whose stated terms are much longer. For the comparison here, the central questions are: when is the principal due, when does interest arrive, and what happens if you need to sell before that due date?
What maturity means for your money
Maturity is the date on which the Treasury repays the security’s principal according to its terms. For a bill, the scheduled payment at that point is its face value. For a note or bond, principal is repaid at maturity, after the holder has received interest payments every six months. The maturity label therefore tells you the length of the scheduled commitment; it does not by itself describe the timing of every cash payment.
That distinction matters when lining a security up with a future need. Someone comparing a bill and a note should not look only at the date principal comes due. A bill generally concentrates its return at maturity, while a note or bond sends interest along the way. If you expect to use the principal at a particular time, check the security’s actual maturity date. If you may need the money sooner, the early-sale price becomes relevant as well.
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When do Treasury bills pay interest?
A bill does not send you a coupon payment every six months. Instead, Treasury pays the bill’s face value at maturity. If you bought it for less than face value, the difference is your return. For example, if a bill’s purchase price is below its face value, the amount paid at maturity exceeds what you paid by that difference. The amount and timing are determined by the bill’s price and maturity, rather than by recurring cash payments. TreasuryDirect notes that an auction can also price a bill at par, in which case there is no discount between purchase price and face value. See its Treasury bills FAQ.
In other words, “interest at maturity” is a description of how the bill’s return is delivered, not a promise of a separate coupon deposit during the term. The face value is what Treasury pays at maturity; the purchase price is what the buyer paid. When the purchase price is lower, the difference is the interest component. If the bill is priced at par, purchase price and face value are equal, so there is no discount between them.
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This makes the bill’s cash-flow pattern different from a note or bond. With a bill, the return is realized at maturity; with a note or bond, interest arrives along the way in six-month installments, and principal is due at maturity. If you are comparing them for a particular future expense, consider not only the stated term but also whether you need cash before that date. A bill does not provide the scheduled six-month interest payments that a note or bond does.
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Treasury notes and bonds pay interest every six months. For notes, TreasuryDirect says the rate is fixed and set at auction; the payments continue until maturity. For bonds, interest is also paid every six months, while principal is paid at maturity. These regular payments are often called coupon payments. TreasuryDirect’s concise description is: “Both bonds and notes pay interest every six months.”
The coupon schedule answers when interest is paid, but it is not the same thing as the price paid for a security or the yield a buyer will earn. A note or bond bought at auction has an interest rate set at auction, while an existing security purchased in the secondary market can have a price above or below its face value. So two separate ideas should not be collapsed: the security’s stated interest rate determines its scheduled coupon terms, while purchase price and yield to maturity describe the relationship between the cost of buying it and the cash flows through maturity.
The coupon rate is not the same thing as the return a buyer will necessarily earn by purchasing an existing note or bond in the secondary market. The purchase price may be above or below the amount of principal due at maturity, and the price reflects the relationship between the security’s stated interest rate and its yield to maturity. TreasuryDirect explains that when yield to maturity is greater than the stated interest rate, the price is below par; when the two are equal, price is at par; when yield is lower, price is above par. Its explanation is at Understanding Pricing and Interest Rates.
Par is the face amount used as the reference point for this comparison. A price below par means the buyer pays less than that amount; a price above par means the buyer pays more. The price relationship does not change the scheduled six-month payment frequency or the stated principal repayment at maturity. It does affect how much a buyer pays to acquire the security, and it is one reason the coupon alone does not tell the whole story for someone buying in the market.
What happens if you sell before maturity?
Treasury marketable securities can be sold before maturity, but a sale does not guarantee that you will receive the face value due at maturity. Notes and bonds can trade above or below par as market yields and prices differ from the security’s stated rate. The price at sale determines how much you receive, so selling early can change the result compared with holding until principal is repaid at maturity.
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The pricing relationship TreasuryDirect describes helps explain why. When yield to maturity is above a note or bond’s stated interest rate, the price is below par; when the yield and stated rate are equal, price is at par; and when yield is below the stated rate, price is above par. Those are price comparisons, not a guarantee about what an individual security will sell for at a future time. The market price at the point of sale is what matters to the seller.
A bill also can be sold before maturity, but the discount-to-face-value description explains its scheduled return only if held through maturity. The proceeds of an early sale depend on the market price at that time. TreasuryDirect’s marketable securities FAQ covers purchase and sale access, and its pricing explanation details why market prices may differ from par. The practical distinction is between the amount due under the security’s terms at maturity and the amount a buyer might pay for it before then.
That is why “Treasuries can be sold before maturity” should not be read as “you can always sell for face value.” Transferability provides a way to sell; it does not fix the sale price. Anyone who may need the funds early should account for the possibility that the market price at that time differs from par, rather than relying on the maturity payment as though it were available on any date.
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The practical comparison is less about which label sounds preferable and more about matching maturity and payment timing to your plans. A bill may suit a short time horizon when you do not need periodic interest payments. A note offers a medium-term maturity with scheduled interest. A bond has the longest stated maturity and also pays interest every six months. These are descriptive distinctions, not a recommendation of a specific security.
- Check the date you may need the money. Match the security’s maturity to the date you expect to use the principal, while accounting for the possibility that you may need to sell early.
- Check when you want cash flow. Bills return their interest component at maturity; notes and bonds deliver interest every six months.
- Consider early-sale price risk. If you might need the funds before maturity, a note or bond could sell above or below par. Do not assume the maturity value is the amount you will receive in an early sale.
- Compare like with like. Term, payment schedule, purchase price and yield are distinct factors. A coupon payment schedule alone does not tell you the price or total return on a security purchased in the market.
These axes answer different questions. Time to maturity describes when principal is scheduled to come back. Payment timing describes whether interest is paid along the way or incorporated into the amount received at maturity. Early-sale risk concerns the price available if you do not hold to maturity. Looking at just one axis can obscure another: a long maturity does not mean there are no intervening payments, and six-month coupons do not mean principal is due every six months.
For a near-term cash need, the bill’s shorter term and single maturity payment are the defining features to compare. For a holder who wants interest payments during the holding period, notes and bonds have six-month payments, but their terms extend further out. Between notes and bonds, the listed maturity range is the main distinction: notes run from 2 through 10 years, while bonds are 20 or 30 years. The facts do not establish that one is universally preferable; the relevant comparison depends on when cash is needed and whether there could be an early sale.
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It can help to write down three dates or questions before comparing securities: when the principal is likely to be needed, whether payments are wanted before that point, and whether the security might have to be sold before its maturity. Then check the specific security rather than relying on the category name alone. This keeps the comparison focused on the product’s actual term and price, without treating a coupon schedule as a complete measure of return.
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Where Treasury securities can be purchased
TreasuryDirect says marketable securities can be purchased at a Treasury auction or in the secondary market. An auction purchase may be made through TreasuryDirect using a noncompetitive bid, or through a broker, dealer or financial institution. Availability and purchase procedures depend on the channel; the Treasury’s marketable securities FAQ explains the general routes.
The route matters because auction purchases and secondary-market purchases are not the same context for comparing price. For an auction, a noncompetitive bid through TreasuryDirect is one route identified by TreasuryDirect; a broker, dealer or financial institution is another. In the secondary market, a buyer considers the existing security’s market price, which can be above or below par for notes and bonds. In either case, verify the specific instrument’s terms and price through the relevant purchase channel.
Rates, yields, auction terms and secondary-market prices change over time. This comparison therefore uses the stable product distinctions—term and payment structure—rather than quoting a current yield. For an actual purchase, consult the specific security’s auction information or current market quote and check its maturity date and price. TreasuryDirect’s product pages and auction calendar are the places to check for current offerings, rates, yields or dates; these details should not be inferred from the general term ranges.
There is no single current yield that can be meaningfully attached to all bills, notes and bonds as a category. Terms differ, auctions and market prices change, and an existing security’s price may differ from par. A careful comparison therefore starts with the specific security and its current price or auction details, then considers the maturity and payment schedule described above.
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What is the main difference between a Treasury bill, note and bond?
Their terms and payment schedules differ. Treasury bills have terms of a year or less and generally deliver their return at maturity. Notes have 2-, 3-, 5-, 7- or 10-year terms, and bonds have 20- or 30-year terms; both pay interest every six months and repay principal at maturity.
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When do Treasury bills pay interest?
A bill has no periodic coupon. Treasury pays its face value at maturity, and when the bill was purchased below face value, the difference between the purchase price and face value is the interest. An auction can also price a bill at par, with no discount.
Do Treasury notes and bonds pay monthly interest?
No. Treasury notes and bonds pay interest every six months, not monthly. Their principal is paid at maturity.
Can I sell a Treasury before it matures?
Treasury marketable securities can be sold before maturity, but the sale price may differ from face value. Notes and bonds can trade above or below par, and a bill’s early-sale proceeds depend on its market price at that time.
Are all Treasury bills issued for the same terms?
No. Regular bill terms range from 4 to 52 weeks; TreasuryDirect lists 4-, 6-, 8-, 13-, 17-, 26- and 52-week bills. Cash management bills are issued at variable terms and not on a regular schedule.
Where can I buy Treasury bills, notes or bonds?
TreasuryDirect says marketable securities can be purchased at auction or in the secondary market. Auction purchases may be made through TreasuryDirect with a noncompetitive bid or through a broker, dealer or financial institution.
Does a note or bond’s coupon rate tell me its return if I buy it from another investor?
Not by itself. The purchase price can be above or below face value, and TreasuryDirect explains that price depends on the relationship between yield to maturity and the stated interest rate. The coupon schedule tells you when interest is paid, while price and yield are separate considerations.
The Bottom Line
Bottom line: Treasury bills mature in a year or less and generally deliver their interest as the difference between purchase price and face value at maturity. Notes mature in 2 to 10 years and bonds in 20 or 30 years; both pay interest every six months and repay principal at maturity. Compare the maturity date, when cash arrives and whether you might need an early sale. Market prices can differ from par, so an early sale is not a promise of receiving face value.
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