Treasury bills, notes, and bonds mainly differ in when they mature and how they pay interest. Bills mature in 4 to 52 weeks and pay their return at maturity; notes mature in 2 to 10 years and pay interest every six months; bonds mature in 20 or 30 years and also pay interest every six months. A useful starting point is to match a security’s maturity to when you expect to need the money, while accounting for the possibility that you may have to sell early at a fluctuating market price.
How Treasury bills, notes, and bonds differ
The U.S. Treasury’s marketable securities are available in different maturity ranges and cash-flow patterns. The Treasury Department describes bills as securities that mature in one year or less. Treasury bills are short-term; notes and bonds provide periodic interest, but require a longer commitment if you plan to hold them to maturity.
| Security | Available maturities listed by TreasuryDirect | How payments work | Horizon to consider |
|---|---|---|---|
| Treasury bill | 4, 6, 8, 13, 17, 26, or 52 weeks | Typically sold at a discount to face value; the difference is received when the bill matures. Bills may also be sold at par. | A known cash need within about a year, with a maturity chosen near the date. |
| Treasury note | 2, 3, 5, 7, or 10 years | Fixed interest rate set at auction, paid every six months. | Money that can remain invested for multiple years, or a horizon where you can accept price risk if selling early. |
| Treasury bond | 20 or 30 years | Interest is paid every six months. | A long-dated objective that fits both the maturity and the possibility of price changes before maturity. |
Terms and payment mechanics in the table are those listed by TreasuryDirect; check current offerings before placing an order because auction schedules and available securities can change.
Choose by when you expect to use the money
If the cash need is within about a year
A bill’s short maturity can make it easier to align proceeds with a near-term, known expense or cash date. Choose a term that is close to when you expect to need the funds; a 26-week bill, for example, comes due sooner than a 52-week bill. This is a way to organize the decision, not a guarantee that a particular bill is right for every investor.
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If the horizon is measured in several years
Compare note maturities against the length of time you can leave the money invested. A note pays interest every six months, which may suit someone who values periodic cash flow. But if you might need the principal before the note matures, its sale price could be more or less than what you paid.
If the goal is decades away
A 20- or 30-year bond is built around a much longer maturity. Consider one only when the goal and your ability to tolerate price variation fit that long horizon. A long maturity does not make a bond equivalent to cash.
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What happens if you sell before maturity?
Bills, notes, and bonds are marketable securities, so you can sell them before they mature. Marketable means a sale is possible; it does not mean you will receive face value or recover your purchase price. The sale price depends on market conditions at the time.
For notes and bonds, TreasuryDirect explains the relationship between a security’s coupon rate and its yield to maturity: when the yield is higher than the coupon rate, the price can be below par; when the two are equal, it can be at par; and when the yield is lower, it can be above par. Treasury’s explanation of pricing and interest rates helps clarify why a security’s stated interest payments do not determine what you would receive if you sell it early. Bills can also change in price before maturity, even though their typical maturity payment is straightforward.
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Treasury marketable securities are backed by the full faith and credit of the United States, according to TreasuryDirect. That backing does not eliminate the risk of a different sale price before maturity. Treasury marketable securities overview
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to buy and what to check first
TreasuryDirect lists a $100 minimum purchase. Individuals can buy at auction through TreasuryDirect using a noncompetitive bid, or buy through a bank, broker, dealer, or other financial institution; marketable securities can also be purchased in the secondary market. Details on routes and mechanics are available in TreasuryDirect’s marketable-securities FAQs and its guide to how marketable securities work.
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- Confirm the security’s maturity date against your expected cash need.
- Decide whether semiannual interest payments from notes or bonds are useful to you.
- Consider whether you could hold to maturity or tolerate the possibility of selling at a loss or a gain if plans change.
- Check current auction offerings and yields, or the secondary-market price, at the time you invest; these figures change.
TreasuryDirect’s bill and note pages say interest is subject to federal tax and exempt from state and local taxes. Confirm the tax treatment of a specific security with an official tax source or a qualified tax professional before relying on it.
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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.
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