Compare U.S. Treasury bills, notes, and bonds by when you need the money and whether you want payments along the way. Bills mature in a year or less and pay face value at maturity; notes and bonds pay fixed interest every six months and have longer terms. If you sell a note or bond before maturity, its market price may be above or below face value.
How bills, notes, and bonds differ
The main distinctions are term and cash-flow timing. TreasuryDirect lists these standard terms for marketable U.S. Treasury securities:
| Security | Standard terms | Typical cash flow |
|---|---|---|
| Treasury bills | 4, 6, 8, 13, 17, 26, or 52 weeks | Sold at face value or at a discount; the holder receives face value at maturity. The difference between the purchase price and face value is interest. |
| Treasury notes | 2, 3, 5, 7, or 10 years | Fixed interest paid every six months until maturity. |
| Treasury bonds | 20 or 30 years | Fixed interest paid every six months until maturity. |
These are standard terms, not a promise that every term will be offered at every auction. Check the current auction calendar for schedules and amounts. TreasuryDirect’s marketable securities overview describes the available security types.
How the payments work
Bills: interest is realized at maturity
Treasury bills do not pay periodic coupons. They are sold at face value or at a discount, and the holder receives face value at maturity. For a discount bill, the difference is the interest. TreasuryDirect gives this formula: Price = Face value × (1 − (discount rate × time)/360). Its $1,000, 26-week bill example has a purchase price of $999.27 and pays $0.73 at maturity; this is an illustration, not a current rate or offer. See TreasuryDirect’s bill page.
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Notes and bonds: fixed semiannual interest
Notes and bonds have a fixed interest rate set at auction and pay interest every six months. The coupon rate is not the same as the yield an investor may see quoted. In the secondary market, the relationship between yield to maturity and coupon rate affects price: when yield is higher than the coupon rate, the price is below face value; when the two are equal, it is at face value; when yield is lower, it is above face value. TreasuryDirect explains this relationship on its note and bond pages.
Choose by your time horizon and cash-flow needs
Match the maturity to when you expect to use the money
A bill’s term is one year or less, a note’s is two to ten years, and a bond’s is 20 or 30 years. A maturity that aligns with your expected cash need can reduce the chance that you will have to sell early. These securities are marketable, so an owner can sell before maturity, but the sale price may not equal face value.
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Decide whether you need payments before maturity
Bills provide no interim coupon payments; the interest is reflected in the amount received at maturity. Notes and bonds pay interest every six months. Compare the timing of cash flows as well as quoted yields: a yield quote and a coupon rate describe different measures.
Consider whether you might sell early
TreasuryDirect defines “marketable” to mean that a security can be transferred or sold before it matures. A sale price for a note or bond may be above or below face value as market yields change. Marketability is access to a possible sale, not a guarantee of a particular resale price. See TreasuryDirect’s explanation of marketable securities.
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How to buy
Treasury marketable securities are sold at auction, and investors can also buy them in the secondary market. TreasuryDirect accepts noncompetitive bids for auction purchases; a broker, dealer, or financial institution can also provide access. A noncompetitive bidder agrees to accept the rate, yield, or discount margin established at auction, rather than specifying a competing bid. Auction outcomes and secondary-market prices vary, so check the specific auction announcement or broker quote instead of assuming a particular price or yield. Details are available on TreasuryDirect’s marketable securities page.
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TreasuryDirect says its marketable securities are backed by the full faith and credit of the U.S. government. That backing does not keep a security’s market price fixed: notes and bonds sold before maturity can fetch more or less than face value.
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TreasuryDirect’s bill and note pages state that interest is subject to federal tax and is exempt from state and local taxes. Tax outcomes depend on the applicable rules and an individual’s circumstances, so confirm them before making a tax decision. The cited product information does not establish a personal tax result or determine whether any security is suitable for a particular investor.
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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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