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You can buy new Treasury bills, notes, bonds, TIPS, and floating-rate notes (FRNs) at auction through TreasuryDirect or a bank, broker, or dealer. TreasuryDirect accepts noncompetitive bids, which let you request an amount but require you to accept the auction’s result. Financial institutions may also offer competitive bids and access to already-issued securities in the secondary market.
Which Treasury securities can you buy?
Treasury marketable securities are book-entry investments that can generally be sold or transferred before maturity, subject to the applicable system and transaction rules. The five main types are:
- Treasury bills: Short-term securities.
- Treasury notes: Medium-term securities.
- Treasury bonds: Longer-term securities.
- Treasury Inflation-Protected Securities (TIPS): Securities designed to adjust with inflation.
- Floating Rate Notes (FRNs): Securities with a variable interest rate.
These are different from U.S. savings bonds: marketable securities are sold at auction and can be traded under applicable rules, while savings bonds are purchased without an auction and cannot be sold or transferred.
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Choose how you want to buy
| Factor | TreasuryDirect | Bank, broker, or dealer |
|---|---|---|
| Auction bid types | Noncompetitive bids only | Competitive or noncompetitive bids may be available; confirm with the provider |
| Who sets your auction return? | The auction determines the result; you accept it | A competitive bidder specifies an acceptable rate, yield, or discount margin; a noncompetitive bidder accepts the auction result |
| Secondary-market securities | The buying guide focuses on auction purchases; check TreasuryDirect’s transfer and sale rules | Financial institutions provide access to secondary-market securities; availability and terms vary |
| Holding arrangement | Held in your TreasuryDirect account | Usually held through the commercial book-entry system or provider |
| Funding and charges | Payment is drawn from the selected linked bank account or Certificate of Indebtedness (C of I) | Ask the provider about funding, charges, custody, and transfers |
| Transfer or sale timing | New purchases generally have a 45-calendar-day hold, subject to a reinvestment exception | Provider rules and transaction terms vary |
Use TreasuryDirect if you want to place a noncompetitive auction order directly with the U.S. Treasury. Consider a financial institution if you want the option of competitive bidding or want to compare newly issued securities with those already trading. Treasury does not designate financial institutions to sell Treasury bills, notes, or bonds, so check a provider’s terms independently.
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Understand competitive and noncompetitive bids
Noncompetitive bids
A noncompetitive bidder requests a specified amount but does not name a desired return. The bidder accepts the rate, yield, or discount margin established by the auction. TreasuryDirect takes only noncompetitive bids. Under TreasuryDirect’s auction rules, a noncompetitive bidder is guaranteed the requested security and amount, up to the applicable limit.
Competitive bids
A competitive bidder specifies the rate, yield, or discount margin they are willing to accept. The bid may be accepted for less than the requested amount or rejected entirely if it does not meet the auction’s terms. Competitive bidding is available through financial institutions that offer it, not through TreasuryDirect. You cannot submit both a competitive and a noncompetitive bid for the same security in the same auction.
How to buy at auction through TreasuryDirect
- Open and fund a TreasuryDirect account. Link a bank account or use a Certificate of Indebtedness as the payment source. TreasuryDirect is the government’s account service for buying and holding savings bonds and Treasury marketable securities.
- Check the offering and auction details. Use TreasuryDirect’s current auction announcements and auction schedule to find the specific security and offering dates.
- Submit the order in BuyDirect. Sign in, select BuyDirect, choose the security and amount, and provide the requested details. TreasuryDirect lists a $100 minimum, additional purchases in $100 increments, and a $10 million maximum for a noncompetitive bid.
- Make sure payment is available by the issue date. TreasuryDirect draws payment from the selected bank account or C of I. The rate, yield, or discount margin is not known when you schedule the purchase because the auction determines it.
- Check the auction result. TreasuryDirect says results are viewable after 5 p.m. Eastern on auction day.
New TreasuryDirect purchases generally must be held for at least 45 calendar days before you can transfer or sell them. TreasuryDirect says this waiting period does not apply when the purchase is funded by reinvestment proceeds from a maturing security.
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Treasury announces an offering, accepts bids at auction, and then issues the securities. Each security has a specific CUSIP, its identifying number. Treasury marketable securities use a single-price auction: successful bidders receive securities at the price based on the highest accepted competitive rate, yield, or discount margin. With a noncompetitive order, you do not choose that auction result; with a competitive order, your bid states the return you will accept.
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Check auction timing and issue details
The recurring auction schedule is useful for planning, but it is not a promise of a particular future sale date. Treasury says its financing needs, policy decisions, congressional action, holidays, and other special circumstances can change the pattern, and it updates the tentative schedule periodically. Verify the specific security’s current announcement rather than relying on a recurring pattern.
For notes, bonds, TIPS, and FRNs, Treasury may include accrued interest in the purchase price when the dated date is earlier than the issue date. That accrued amount is returned with the first regular interest payment. Treasury bills are treated differently in the schedule guidance. When considering a reopening—an additional sale of an existing CUSIP—check whether accrued interest or a premium applies.
Buying an already-issued Treasury
Marketable securities may also be bought in the secondary market through a bank, broker, dealer, or other financial institution. Unlike an auction order, a secondary-market purchase is made at a market-dependent price. Before placing an order, compare the quoted price and ask about provider charges, custody, payment, and transfer procedures. Those mechanics vary by provider; do not assume that a broker handles funding or transfers the same way as TreasuryDirect.
What to verify before placing an order
- Confirm the security type, CUSIP, auction or trade date, and issue details.
- For an auction order, know whether you are placing a noncompetitive bid or, through a provider, a competitive one.
- For a secondary-market purchase, review the quoted price and any provider charges.
- Check how the security will be held and what rules apply if you want to transfer or sell it.
- Confirm the funding method and make sure funds will be available when required.
TreasuryDirect’s marketable securities information, marketable securities FAQs, and auction FAQs explain the government channel and auction mechanics. For scale, TreasuryDirect reports that Treasury held 444 public auctions and issued about $29.7 trillion in marketable securities during calendar year 2025; those are historical calendar-year figures, not a current-year total.
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