TreasuryDirect
TreasuryDirect is the U.S. federal government's online platform, operated by the Bureau of the Fiscal Service within the Department of the Treasury, that allows individual investors to purchase, hold, and manage U.S. Treasury securities — including bills, notes, bonds, TIPS, and savings bonds — directly from the government without a broker.
TreasuryDirect was launched as a web-based platform in 2002, consolidating legacy paper-based Treasury purchase programs into a single electronic account system. It serves as the primary direct channel through which U.S. retail investors access non-marketable savings bonds (Series EE and Series I) and participate in competitive or non-competitive bids for newly issued marketable Treasury securities including Treasury bills (T-bills), Treasury notes (T-notes), Treasury bonds (T-bonds), and Treasury Inflation-Protected Securities (TIPS).
Account opening at TreasuryDirect is free and requires only a Social Security number, U.S. bank account for ACH transfers, and email address. There are no account fees, commissions, or minimum balance requirements. Purchase minimums for most Treasury securities are $100, making it highly accessible to small investors. Annual purchase limits apply to savings bonds: the current limit is $10,000 per Social Security number per calendar year for Series EE bonds and $10,000 for Series I bonds, with an additional $5,000 annually available for I bonds purchased with a federal tax refund.
For marketable Treasuries, TreasuryDirect participants submit non-competitive bids in Treasury auctions, meaning they agree to accept whatever yield the auction determines rather than specifying a desired yield. This guarantees allocation at the clearing yield established by institutional and competitive bidders. Purchased securities are held in book-entry form in the investor's TreasuryDirect account and cannot be transferred to a brokerage account — a limitation that affects secondary market access, since TreasuryDirect does not provide a mechanism to sell marketable securities before maturity.
The platform supports individual, entity (businesses, trusts), and minor-linked accounts. Gift bonds can be purchased and delivered to other TreasuryDirect account holders. Reinvestment of maturing securities can be scheduled automatically for up to two consecutive rollover periods.
TreasuryDirect's primary limitation relative to purchasing Treasuries through a brokerage is the absence of secondary market selling capability for T-bills, T-notes, and T-bonds. An investor who needs to liquidate a Treasury position before maturity must first transfer the security to a brokerage account, a process that typically takes several business days and involves completing a securities transfer form. For this reason, investors who prioritize liquidity often prefer to hold marketable Treasuries at a brokerage, using TreasuryDirect primarily for savings bonds that are by nature non-marketable.