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Start with when you may need the money. U.S. Treasury bills mature in 4 to 52 weeks, notes in 2 to 10 years, and bonds in 20 or 30 years. Bills pay face value at maturity, with the difference from their purchase price representing interest; notes and bonds pay interest every six months. If you sell a note or bond before maturity, its market price may be above or below face value. These differences make the likely cash-need date and the possibility of an early sale more useful starting points than trying to guess which maturity will earn more.
This is a way to compare product features, not an individualized recommendation or a forecast of which security will perform best. The right comparison depends on your timing, cash-flow needs, and whether you expect to hold until maturity. Yields change over time, so check dated auction information separately if you need a current yield comparison.
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Compare maturities and cash flows first
All three are marketable U.S. Treasury securities, but they serve different time horizons and distribute cash differently. The term is the scheduled time until the security matures. Bills are short-term; notes and bonds are longer-term securities with periodic interest payments.
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|---|---|---|---|
| Terms offered | 4, 6, 8, 13, 17, 26, and 52 weeks | 2, 3, 5, 7, and 10 years | 20 or 30 years |
| How cash is paid | At maturity, the holder receives face value. The difference between face value and a discounted purchase price is interest; bills may also be sold at face value. | Fixed interest every six months until maturity | Fixed interest every six months until maturity |
| If sold before maturity | Marketable; sale proceeds depend on the market price at sale. | Marketable; the price can be above or below face value. | Marketable; the price can be above or below face value. |
| Tax treatment described by TreasuryDirect | Federal tax; exempt from state and local taxes | Federal tax on interest each year; exempt from state and local taxes | Federal tax on interest each year; exempt from state and local taxes |
| Time-horizon question | Will you likely use the money within about a year? | Are you comfortable setting a maturity date 2 to 10 years away? | Are you prepared to hold for 20 to 30 years, or accept price uncertainty if selling earlier? |
Terms and payment descriptions: TreasuryDirect, Treasury marketable securities. Tax circumstances vary by investor; the table summarizes the treatment TreasuryDirect lists for these securities.
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The table’s most useful distinction is not simply “short versus long.” It is the combination of the maturity date and the route by which cash arrives. A bill’s return is tied to its purchase price and face value at maturity. A note or bond sends fixed interest payments every six months, while its face value is due at maturity. If you might need to exit early, all three require attention to the market price rather than assuming that maturity value will be available on demand.
Choose by the date you expect to need the money
Money needed within about a year: consider a bill’s term
A bill’s term ranges from 4 to 52 weeks, so its maturity can align with a relatively near-term planned use. At maturity, the holder receives face value. The return comes from the difference between the purchase price and face value when bought at a discount; a bill can also be sold at face value. The maturity date matters: if your cash need is earlier than that date, you would need to consider selling rather than relying on the scheduled maturity payment.
There are seven listed bill terms: 4, 6, 8, 13, 17, 26, and 52 weeks. That range can help frame a practical question: does one of the available maturity windows end before the money is likely to be needed? A short term is not the same as immediate access. If plans require the funds before the selected bill matures, the security would have to be sold, and the sale proceeds would depend on its market price at that time.
Also distinguish the bill’s purchase price from its face value. When a bill is bought at a discount, the holder pays less than face value and receives face value at maturity; that difference is the bill’s interest. TreasuryDirect also notes that bills may be sold at face value. The description of a bill’s return therefore differs from a note’s or bond’s recurring interest payments.
A planned date 2 to 10 years away: consider a note
Treasury notes mature in 2, 3, 5, 7, or 10 years and pay fixed interest every six months until maturity. The scheduled payments provide interest before the principal is due, but the maturity still sets the date at which the principal is scheduled to be repaid. Choose a term only if its timing fits your plan or you are willing to accept the uncertainty of a sale before maturity.
For someone comparing a note with a bill, the difference is both duration and payment pattern. A note keeps its principal scheduled for repayment at a later maturity date, while interest arrives at six-month intervals. That pattern may be relevant if periodic interest payments matter to the plan. It does not remove the need to consider when the principal itself may be needed: before maturity, selling means receiving the prevailing market price rather than automatically receiving face value.
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A long-term commitment: consider a bond’s 20- or 30-year term
Treasury bonds mature in 20 or 30 years and pay fixed interest every six months until maturity. Their longer terms make them a poor match for money that may be needed sooner unless you are prepared to sell before maturity and accept whatever market price is available then. A longer term does not guarantee a higher return.
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The long maturity makes the early-sale question especially important to ask before buying: are you prepared to keep the security until its scheduled maturity, or could your plans require you to sell? The bond’s fixed interest payments continue according to its terms, but they do not make the bond’s market price fixed. If you sell before maturity, the price can be above or below face value.
Understand what happens to price before maturity
“Marketable” means a Treasury security can be transferred to someone else or sold before it matures, according to TreasuryDirect’s explanation of marketable securities. Marketability provides a way to exit before the scheduled date, but it does not promise a sale at face value.
For notes and bonds, TreasuryDirect explains the relationship between the security’s interest rate and market yield: when market yield is higher than the note or bond’s interest rate, its price is below par; when market yield is lower, its price is above par. Consequently, selling early may return more or less than face value, and the proceeds depend on the price at the time of sale. The interest rate set at auction is not the same as the security’s current market yield.
This distinction is why “I can sell it” and “I can get my principal back at face value whenever I want” are not equivalent statements. The first describes marketability. The second would imply a guaranteed price that TreasuryDirect’s description does not provide. An early sale converts the security into cash at the market price then available; that amount can differ from the face value scheduled for maturity.
That distinction changes the practical question. If you expect to hold to maturity, focus on whether the scheduled payment pattern and maturity date fit your needs. If you may sell earlier, account for the possibility that the sale price will not equal face value. Do not treat the ability to sell as a guarantee of a particular amount.
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For notes and bonds, the direction of the relationship is straightforward: a market yield above the security’s fixed interest rate corresponds to a price below par, while a market yield below that rate corresponds to a price above par. This explains why a security’s price can move even though the interest rate in its terms is fixed. It also shows why a quoted coupon or interest rate should not be treated as if it were the current yield a buyer would receive at today’s market price.
Use a simple time-horizon decision process
- Write down when the money may be needed. Use the earliest plausible date, not just the date you hope to use it. A bill’s 4- to 52-week term, a note’s 2- to 10-year term, or a bond’s 20- or 30-year term should be compared with that date.
- Decide whether you need cash before maturity. If the answer is yes or uncertain, treat an early sale as a real possibility and consider the risk of a market price above or below face value.
- Match the cash-flow pattern to your plan. Bills deliver face value at maturity, with any discount representing interest. Notes and bonds pay fixed interest every six months, with maturity occurring later.
- Check tax treatment for your situation. TreasuryDirect describes interest as subject to federal tax and exempt from state and local taxes for these securities. Individual circumstances may affect after-tax results.
- Check current auction information separately. Maturities and payment patterns are relatively durable product features; yields change with auction results. Do not use an undated rate or a product’s coupon as a substitute for a current yield comparison.
This process deliberately begins with the use date rather than a yield ranking. A person with a cash need expected within a year can first compare the available bill terms with that date. A person considering a note can compare the 2-, 3-, 5-, 7-, and 10-year maturity choices with a later goal. Someone looking at a 20- or 30-year bond should be especially clear about the long commitment and the possibility of a market-price sale if plans change.
Then ask what “need the money” means for the plan. Is it a need for the principal on a particular date, or would the six-month interest payments from a note or bond also be relevant before that date? The products have different scheduled cash flows, so a comparison should include both the date principal is due and the timing of any interim payments. These features do not determine which security will earn more, but they help show whether its schedule is compatible with the intended use.
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Finally, separate durable product terms from time-sensitive market information. The listed maturities and interest-payment schedule are product features. Auction yields change; if they matter to a decision, compare dated Treasury auction results for the same or appropriately comparable maturities, and note the auction type. An old rate table or an undated coupon figure cannot answer what a security currently yields.
Buying and selling: access and timing
Treasury marketable securities can be purchased at Treasury auctions or in the secondary market. TreasuryDirect’s buying guide says a new marketable security purchased through TreasuryDirect must be held for at least 45 calendar days before it can be transferred or sold. The restriction is specific to new securities bought through TreasuryDirect; for procedures that apply to a purchase through a broker, dealer, or financial institution, ask that provider.
Before buying, check the current TreasuryDirect instructions and auction details. Procedures and calendars may change. The 45-day minimum also means a TreasuryDirect buyer should not assume an immediate resale is available if plans change soon after purchase.
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The access route matters when planning for a possible early exit. TreasuryDirect describes marketable securities as transferable and saleable before maturity, but its buying guide sets a 45-calendar-day minimum holding period for new marketable securities bought through TreasuryDirect before transfer or sale. That is a procedure constraint, not a statement that a security will sell for face value once the minimum has passed. After that point, the market price remains relevant.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsFor a purchase outside TreasuryDirect, the research supports contacting the broker, dealer, or financial institution about its own buying procedures rather than assuming that another platform follows the same process. Buyers should check current official instructions and auction details because purchase procedures and auction calendars can change. This article does not name a partner or transaction provider; the relevant channel depends on where the buyer chooses to transact.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Taxes and yield: keep the comparison in context
TreasuryDirect’s descriptions say interest on bills, notes, and bonds is subject to federal tax and exempt from state and local taxes. It describes annual federal taxation of note and bond interest; an individual’s tax circumstances can affect the after-tax outcome. Consult an appropriate tax professional for advice about your own filing situation.
No single yield comparison is permanent: auction yields change over time. To compare current yields, use Treasury auction results for the same or appropriately comparable maturities, and note the date and auction type. A longer maturity does not, by itself, establish that an investor will earn more. The useful comparison depends on the security’s actual price and terms, how long it is held, and whether it is sold before maturity.
Tax treatment is a shared feature in TreasuryDirect’s descriptions, but that does not make the after-tax result identical for every investor. Federal tax applies, while state and local taxes do not apply to the interest as described by TreasuryDirect. Personal circumstances can affect how that treatment flows through an individual’s tax situation. The comparison table is a summary of the product descriptions, not a calculation of any reader’s tax bill or advice about filing.
Yield should likewise be kept distinct from the maturity label. The term says when the security is scheduled to mature; it does not tell you what an auction will yield today or whether a sale before maturity will be at par. Current yields are not included here because they are time-sensitive. If using auction data, date the figures and use comparable maturity information rather than treating a rate from one auction as permanent.
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Common mistakes to avoid
- Choosing by headline yield alone. First check whether the maturity matches the likely date you need the money and whether you can accept an early-sale price that differs from face value.
- Assuming face value is guaranteed on an early sale. Face value is the scheduled maturity payment; a sale before maturity takes place at the market price.
- Confusing a coupon or interest rate with current yield. Notes and bonds pay the fixed rate set at auction, while market yield can move and affect their secondary-market prices.
- Thinking all Treasury securities pay interest the same way. Bills’ discount-to-face-value difference is realized at maturity; notes and bonds pay interest every six months.
- Ignoring the TreasuryDirect holding minimum. A new marketable security bought through TreasuryDirect cannot be transferred or sold during its first 45 calendar days.
- Assuming a longer term guarantees better performance. Maturity identifies when principal is scheduled to be repaid; it does not predict which investment will earn more.
- Treating marketability as instant, certain liquidity. TreasuryDirect’s 45-calendar-day minimum applies to new marketable securities bought through TreasuryDirect, and marketability does not guarantee a sale at face value.
- Comparing an old yield with a current one as if the numbers were timeless. Auction yields change. Use dated, comparable Treasury auction information when current yields are part of the comparison.
- Focusing only on interest payments and overlooking principal timing. Notes and bonds pay interest every six months, but their principal is scheduled at maturity. Consider both cash flows against the planned use date.
Frequently Asked Questions
What is the main difference between Treasury bills, notes, and bonds?
Their maturities and cash-flow patterns differ. Bills mature in 4 to 52 weeks and pay face value at maturity, with any discount from face value representing interest. Notes mature in 2, 3, 5, 7, or 10 years, and bonds mature in 20 or 30 years; both pay fixed interest every six months until maturity.
Which Treasury security may fit money I expect to need within a year?
A Treasury bill has a term of 4 to 52 weeks, so compare its available maturity date with when you expect to need the money. If you need cash before the bill matures, you would need to consider an early sale, whose proceeds depend on the market price.
How can I sell my Treasury security before maturity?
TreasuryDirect says marketable securities can be transferred or sold before maturity. New marketable securities purchased through TreasuryDirect must be held for at least 45 calendar days before transfer or sale. For procedures through a broker, dealer, or financial institution, contact that provider. An early sale price is not guaranteed to equal face value.
Can I get face value if I sell a Treasury note or bond early?
Not necessarily. Face value is the scheduled payment at maturity. Before maturity, notes and bonds can trade above or below face value: TreasuryDirect explains that when market yield is above the security’s fixed interest rate, its price is below par, and when market yield is lower, its price is above par.
Do Treasury notes and bonds pay interest in the same way?
Yes. TreasuryDirect describes both as paying fixed interest every six months until maturity. Notes have maturities of 2, 3, 5, 7, or 10 years; bonds mature in 20 or 30 years.
Are Treasury bills, notes, and bonds taxed by states?
TreasuryDirect describes interest on these securities as subject to federal tax and exempt from state and local taxes. Individual tax circumstances can affect after-tax outcomes, so the general description is not a personal tax calculation.
Does a longer Treasury maturity mean a higher return?
No. A longer maturity does not guarantee a higher return. Maturity, interest-payment schedule, purchase price, changing yields, holding period, and any early sale all matter. Current auction yields change and should be checked using dated, comparable Treasury auction results.
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Bottom line: Match the maturity to the earliest plausible date you may need the money, then compare how cash arrives and whether an early sale could be necessary. Bills span 4 to 52 weeks and pay face value at maturity; notes span 2 to 10 years and bonds 20 or 30 years, with both paying fixed interest every six months. Marketability is not a promise of a face-value sale, and a longer term does not guarantee a higher return.
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