TreasuryDirect Guide 2026: Buy T-Bills, I Bonds & Notes

TreasuryDirect Account Guide 2026: How to Buy T-Bills, I Bonds, and Treasury Notes Directly

TreasuryDirect allows individual investors to buy U.S. government securities without opening a brokerage account. You can use it to purchase new-issue Treasury bills, notes, bonds, Treasury Inflation-Protected Securities, floating-rate notes, and savings bonds directly from the federal government.

The tradeoff is convenience versus flexibility. TreasuryDirect works well for investors who plan to hold securities until maturity, but it is less practical for active trading, retirement accounts, or quick access to a secondary market. This TreasuryDirect account guide explains how the platform works in 2026, what you can buy, and which restrictions to review before investing.

TreasuryDirect at a Glance: Who It Is Best For

TreasuryDirect is the U.S. Department of the Treasury’s online system for buying and holding government securities. Purchases made through the platform are registered directly with the Treasury rather than held in a brokerage account.

TreasuryDirect may be a good fit if you:

Want to buy newly issued Treasury securities at auction.
Plan to hold Treasury bills or notes until maturity.
Want to purchase electronic Series I or Series EE savings bonds.
Prefer buying directly from the federal government.
Do not need an IRA or an active secondary-market trading platform.

It may be less suitable if you:

Need to buy Treasuries inside a traditional or Roth IRA.
Expect to sell securities frequently before maturity.
Want all investments displayed in one brokerage dashboard.
Need immediate liquidity after purchasing a new Treasury security.
Want access to previously issued Treasuries on the secondary market.

The minimum purchase for marketable Treasury securities generally is $100, with additional purchases made in $100 increments. For example, you can submit an order for $100, $500, or $10,000, but not $550.

Newly purchased marketable securities generally must remain in TreasuryDirect for at least 45 calendar days before they can be transferred to a bank, broker, or dealer for sale. This restriction matters because TreasuryDirect itself does not provide an ordinary secondary-market sell button.

T-Bills, I Bonds, and Treasury Notes Compared

T-bills, Treasury notes, and I Bonds are all backed by the U.S. government, but they have different maturity schedules, payment structures, purchase limits, and liquidity rules.

Feature	Treasury Bills	Treasury Notes	Series I Bonds
Typical term	One year or less	2, 3, 5, 7, or 10 years	Earn interest for up to 30 years
Return structure	Usually issued at a discount and redeemed at face value	Fixed interest paid every six months	Composite rate combining fixed and inflation-based components
Minimum direct purchase	$100	$100	$25 electronically
Liquidity	Held to maturity or transferred after the applicable holding period	Held to maturity or transferred after the applicable holding period	Cannot be redeemed during the first 12 months
Purchase method	Treasury auction	Treasury auction	Purchased at face value through TreasuryDirect
Best suited for	Short-term cash planning	Intermediate-term income	Long-term inflation protection

Treasury bills

Treasury bills mature in one year or less. Unlike notes, they do not make semiannual coupon payments. A bill is generally sold below its face value, and the investor receives the full face value at maturity.

For example, suppose a $1,000 T-bill costs $980 at auction. The investor pays $980 on the issue date and receives $1,000 at maturity. The $20 difference is the return, subject to federal income tax.

Treasury notes

Treasury notes generally have maturities of 2, 3, 5, 7, or 10 years. They pay a stated rate of interest every six months and return principal at maturity. Notes can be appropriate when an investor wants predictable income for several years and can tolerate changes in market value before maturity.

Series I savings bonds

I Bonds are nonmarketable savings bonds. Their composite interest rate combines a fixed rate established when the bond is issued with an inflation rate that is adjusted periodically. The composite rate can change every six months for an existing bond as new inflation components take effect, while its fixed-rate component remains the same for the bond’s life.

I Bonds cannot be redeemed during the first 12 months. If redeemed before five years, the owner generally forfeits the final three months of interest. After five years, they can normally be redeemed without that interest penalty.

How to Open a TreasuryDirect Account in 2026

Open accounts only through the official TreasuryDirect.gov website. Be cautious of advertisements, emails, or websites that imitate the Treasury’s branding.

Information you will typically need

A Social Security number or other valid taxpayer identification number.
A U.S. address of record.
An email address you control.
A checking or savings account capable of ACH transactions.
The bank’s routing number and your account number.
Identity information required by TreasuryDirect or its verification provider.

Account-opening process

Go directly to TreasuryDirect.gov and select the option to open an account.
Choose the appropriate account type, such as an individual or entity account.
Enter your taxpayer, contact, and banking information.
Complete the required identity and security checks.
Review your information carefully before submitting the application.
Save the account confirmation and follow the login instructions sent through official channels.

Some applications are approved electronically, while others may require additional identity documentation. If TreasuryDirect requests a form or signature certification, follow the instructions shown in your account or on the official website.

2026 login and ID.me update

TreasuryDirect has been implementing updated login and identity-verification procedures involving ID.me. Published 2026 transition information has included deadlines for existing users to establish the new login method. Because implementation dates and access requirements may change, confirm the current deadline and instructions directly on TreasuryDirect.gov before attempting to sign in.

Do not follow an unsolicited email link to complete identity verification. Navigate to TreasuryDirect.gov manually and begin from the official login page.

Individual, entity, and minor accounts

An individual account is registered to one person. Eligible entities—including certain trusts, estates, partnerships, and corporations—may open entity accounts under separate registration rules.

An adult with an individual account can also establish a linked minor account for a child under age 18. The adult acts as the custodian until the child becomes eligible to control the securities under TreasuryDirect’s rules.

Security checklist

Use a unique password that is not used for email or banking accounts.
Protect your TreasuryDirect account number and recovery information.
Verify that the web address ends in .gov.
Double-check routing and bank account numbers before saving them.
Keep confirmation records without storing passwords in the same file.
Review bank activity after purchases, redemptions, and maturity payments.

How to Buy T-Bills and Treasury Notes Through TreasuryDirect

Marketable Treasury securities are purchased at scheduled auctions. You select the security and amount in advance, but the final yield or price is determined through the auction process.

Step-by-step purchase process

Sign in to your TreasuryDirect account.
Select BuyDirect.
Choose the marketable security category.
Select a Treasury bill or Treasury note.
Choose the available term and auction or issue date.
Enter the purchase amount in $100 increments.
Select the linked bank account or eligible TreasuryDirect funding source.
Choose whether to schedule reinvestments, if available.
Review the order and save the confirmation number.

How noncompetitive bidding works

Individual investors commonly use noncompetitive bids. A noncompetitive bidder agrees to accept the yield or rate determined at auction. In return, the bidder receives the requested amount, subject to Treasury rules and the applicable noncompetitive purchase limit.

You therefore know the face amount requested before the auction, but not the exact purchase price or investment yield. TreasuryDirect will debit the payment account according to the final auction result.

Competitive bids allow participants to specify an acceptable yield, rate, or discount margin. They are generally intended for institutions and experienced investors. A competitive bid can receive a partial allocation or no allocation if its terms fall outside the auction’s accepted range. TreasuryDirect purchases by individuals are generally made noncompetitively.

Auction results and settlement

Treasury auction results are generally available after approximately 5 p.m. Eastern time on auction day. The security is delivered and payment is collected on its issue date, which may be later than the auction date.

Check both the auction date and issue date when planning cash needs. Your linked account should contain enough money for settlement. Treasury notes, bonds, and certain reopened securities may also require accrued interest as part of the purchase price.

Reinvesting maturing securities

TreasuryDirect allows eligible bills, notes, bonds, and floating-rate notes to be reinvested into the same type and term of security. For example, proceeds from a maturing 26-week bill can be used to purchase another 26-week bill.

Reinvestment can simplify a T-bill ladder, but it does not lock in the old yield. The new security receives the rate established at its own auction. Review scheduled reinvestments periodically so that money is not committed after your plans change.

How to Buy I Bonds Directly

I Bonds are savings bonds, not marketable Treasury securities. In BuyDirect, select Series I savings bonds rather than Treasury bills, notes, or bonds.

Sign in and open BuyDirect.
Select Series I savings bonds.
Enter an electronic purchase of at least $25.
Choose the registration and funding source.
Review the ownership details and submit the purchase.

Electronic I Bonds can generally be purchased in amounts starting at $25, including amounts to the penny above the minimum. The standard electronic purchase limit has been $10,000 per calendar year for each Social Security number or eligible entity taxpayer identification number. Verify the 2026 limit and any special rules on TreasuryDirect before purchasing.

Ownership and registration choices

Registration determines who owns the bond and who can act on it. Depending on eligibility and TreasuryDirect’s current options, registrations may include a single owner, an owner with a co-owner, an owner with a beneficiary, or a bond held through a linked minor account.

These terms are not interchangeable. A co-owner may have present ownership rights, while a beneficiary generally receives the bond after the owner’s death. Review the registration carefully, particularly when making gifts or buying for a child.

Practical I Bond example

Suppose an investor has $5,000 that will not be needed for at least five years and wants protection against inflation. An I Bond may be useful because its rate includes an inflation component and the three-month early-redemption penalty disappears after five years.

The same I Bond would be a poor place for next month’s rent or an emergency fund that may be needed within a year. The money cannot be redeemed during the first 12 months, regardless of the investor’s circumstances. I Bonds are designed for longer-term savings, not immediate cash access.

Fees, Taxes, Limits, and Liquidity Rules

Transaction fees

TreasuryDirect generally does not charge a transaction commission for direct purchases. Your bank could impose its own account or transfer charges, although ordinary ACH debits are commonly free.

Tax treatment

Interest from Treasury marketable securities is generally subject to federal income tax but exempt from state and local income taxes. T-bill income is based on the difference between the discounted purchase price and the face amount received at maturity.

Savings-bond interest is also generally subject to federal income tax and exempt from state and local income taxes. Owners may have choices concerning when federal tax is reported, and a limited education tax exclusion may apply when statutory requirements are met. Consult current IRS guidance or a qualified tax professional for your circumstances.

Purchase and auction limits

I Bonds have annual purchase limits, while Treasury auctions have separate noncompetitive and competitive bidding limits. Noncompetitive bids have generally been allowed up to $10 million per security type per auction, but investors should verify the current 2026 figure, eligibility rules, and aggregation requirements before placing a large order.

Liquidity restrictions

A new marketable Treasury security purchased through TreasuryDirect generally must be held for 45 calendar days before it can be transferred or sold. The restriction does not generally apply in the same way when a new security is acquired using proceeds from an eligible reinvestment.

To sell a Treasury before maturity, you normally must transfer it to a bank, broker, or dealer that participates in the secondary market. Processing time can make TreasuryDirect unsuitable for money that may be needed on short notice.

TreasuryDirect also does not offer traditional or Roth IRAs because it does not act as an IRA custodian. Investors seeking Treasuries inside a retirement account generally need an IRA-capable brokerage or other qualified custodian.

TreasuryDirect vs. a Brokerage Account

Feature	TreasuryDirect	Brokerage Account
New-issue Treasuries	Yes, purchased directly from the government	Usually available at major brokers
I Bonds	Yes	Generally no
Secondary-market trading	No direct trading interface	Generally available
IRA eligibility	No TreasuryDirect IRA	Usually available
Early sale convenience	Requires transfer to an eligible institution	Sales can usually be placed within the account
Portfolio consolidation	Limited to Treasury holdings	Can combine stocks, funds, bonds, and cash
Direct purchase commission	Generally none	New issues may be commission-free, but policies vary

TreasuryDirect is most compelling for buy-and-hold investors purchasing new issues directly from the government or buying savings bonds unavailable through ordinary brokerage accounts.

A brokerage may be more practical for investors who need secondary-market liquidity, IRA access, consolidated statements, or easier portfolio management. Broker policies differ, so review commissions, markups, minimums, and order procedures before choosing a platform.

What to Do Next

Choose between a short-term T-bill, an income-paying Treasury note, or an inflation-linked I Bond.
Confirm that the maturity and liquidity restrictions match when you expect to need the money.
Open or update your TreasuryDirect account through the official government website.
Verify your linked bank information before scheduling a purchase.
Use a noncompetitive order for a standard individual Treasury auction purchase.
Save the order confirmation, auction date, issue date, and maturity date.
Review reinvestment instructions instead of allowing them to run unattended.

Before investing, check current rates, the official auction calendar, 2026 purchase limits, ID.me login requirements, redemption rules, and applicable tax guidance. TreasuryDirect can be an efficient tool for holding government securities, but the right account depends on whether direct ownership or trading flexibility matters more to you.

This article provides general educational information and is not individualized investment, tax, or legal advice.