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RESEARCH CENTER

Treasury Bills: How To Buy

You can buy Treasury bills directly from the U.S. Treasury or through a bank, broker, or dealer.

Buying Directly From the U.S. Treasury

To buy Treasury bills directly from us, you must have an account in TreasuryDirect.  "Open An Account."

By bidding for a bill in TreasuryDirect, you:

  • Agree to accept whatever discount rate is determined at auction
  • Are guaranteed to receive the bill you want, in the amount you want

(This is called noncompetitive bidding.)

Submit a Bid in TreasuryDirect

The bid submission process is completely online. Login to your account and click the Buy Direct® tab.  Follow the prompts to specify the security you want, the purchase amount, and other requested information.

You also can set up reinvestments into securities of the same type and term. For instance, you can use the proceeds from a maturing 52-week bill to buy another 52-week bill.

Payments and Receipts in TreasuryDirect

When you buy a bill in TreasuryDirect, we withdraw the purchase price from the source of funds you specify, which could be one of your bank accounts or your Certificate of Indebtedness (C of I). When the bill matures, we deposit the proceeds into your bank account or your C of I, whichever you specify.

Buying Through a Bank, Broker, or Dealer

Banks, brokers, and dealers offer two types of bidding for bills:

  • Competitive

You specify the discount rate you will accept.

Depending on what discount rate is determined at the auction, you may or may not receive the bill you want, and if you receive it, you may receive it in less than the amount you want.

  • Noncompetitive

You agree to accept whatever discount rate is determined at auction.

You are guaranteed to receive the bill you want, in the amount you want.

For more information, consult a bank, broker, or dealer.