Money & Finance › Bonds, rates & Treasuries › Treasury bills (T-bills)
TreasuryDirect: buying Treasuries directly
Since 2002· Institution or agency
Fact, law or dataA rule, statute, definition or measured number.
TreasuryDirect is the Treasury's own website where individuals buy government securities directly, with no broker and no fees.
See it on the Money & Finance map →How it works
Run by Treasury's Bureau of the Fiscal Service, the online system opened in 2002. It sells bills, notes, bonds, TIPS and floating-rate notes at auction from $100, and is the only place to buy electronic I and EE savings bonds. Buyers place a 'non-competitive' bid and get the auction's yield; maturing bills can roll automatically. The catch: you cannot sell a security there before maturity; you must first transfer it to a broker. The dated site slowed during the 2022 I bond rush.
Why it matters
It gives small savers the same Treasury auction prices as big institutions, and is the only door to I bonds.
Facts, rules and data
Treasury's rules and auction results, which list non-competitive awards. Banks stopped selling paper savings bonds in 2012. Most brokerages now also place Treasury auction bids for customers, usually free, and let them sell anytime.
Connections (2)
▸Series I savings bonds are sold only through TreasuryDirect: buying Treasuries directlyFact, law or data
The connection
I bonds cannot be bought from a bank or broker or resold. Since banks stopped selling paper savings bonds in 2012, and paper I bonds bought with tax refunds ended in 2024, a TreasuryDirect account is the only way in: $25 minimum, $10,000 per person a year, redeemed there too.
When and why
Online at TreasuryDirect.gov since 2002, run by Treasury's Bureau of the Fiscal Service. Trusts and businesses can buy their own $10,000 allotments.
How we know
Federal savings bond regulations (31 CFR Part 359) and Treasury's notices ending paper sales spell out the rules.
Debates and risks
Whether the $10,000 cap should rise, and whether Treasury will modernize the dated site that strained under the 2022 rush.
▸TreasuryDirect: buying Treasuries directly sells Treasury bills (T-bills)Fact, law or data
The connection
An individual opens a free account, places a 'non-competitive' bid from $100 up to $10 million, and gets the same yield big institutions set at the weekly auction. Cash is debited on issue day and returned at maturity, or rolled automatically into new bills. Selling early requires transferring the bills to a broker first.
When and why
TreasuryDirect.gov, run by Treasury's Bureau of the Fiscal Service since 2002; bills auctioned weekly.
How we know
Treasury auction results list non-competitive awards, and TreasuryDirect's published rules describe the process and the 45-day hold before transfers.
Debates and risks
Whether Treasury should modernize or retire the site, since most brokerages now place auction bids free and allow easy selling, is an open question.