Skip Navigation

TreasuryDirect FAQ

Opening an Account

TreasuryDirect is a Web-based system that allows investors to establish accounts to purchase, hold, and conduct transactions in Treasury securities online.
Individuals and certain entities may open TreasuryDirect accounts.  In order to open a TreasuryDirect account, an individual or entity account manager must have a valid Social Security Number (SSN), be 18 years of age or over, and be legally competent. An entity must have a valid SSN or Employer Identification Number (EIN). The account owner must also have a United States address of record and have an account at a U.S. depository financial institution that will accept debits and credits using the Automated Clearing House method of payment. "U.S. person" as referred to in the online application refers to an individual or an entity eligible to open a TreasuryDirect account. See Learn more about Entity Accounts.
The minimum age required to open a Primary TreasuryDirect account is 18 years. A parent, natural guardian, or person providing chief support may establish accounts for minor children under the age of 18.
In order to complete our easy, online application, you will need the following items on hand: a Taxpayer Identification Number (Social Security Number for an individual or Employer Identification Number for an entity), bank routing number and account number (the checking or savings account you'd like to use to set up your TreasuryDirect account), IRS Name Control (for an entity), valid e-mail address, and a browser that supports 128-bit encryption. Once you have all this, you are ready to open your TreasuryDirect account.
No. We don't charge you any fees for opening an account.
Our authority to ask for personal information generally comes from 31 U.S.C. chapter 31 and 44 U.S.C. ß 3101. We ask for personal information for the purpose of conducting securities transactions. If we request that you disclose your Taxpayer Identification Number, we do so by authority of 26 U.S.C. ß 6109, which requires us to include this information on certain documents that we must send to the Internal Revenue Service. A request for you to disclose your personal information also is authorized under 31 U.S.C. ß 7701, for the purpose of reporting and collecting amounts that may be owed to the U.S. Furnishing personal information is voluntary; however, without the information, we may be unable to act upon your requests.

If you would like to access any of the mentioned statutes, log onto the URLs, which we have provided below:

31 U.S.C. chapter 31: http://www.law.cornell.edu/uscode/31/stIIIch31.html
44 U.S.C. ß 3101: https://www.law.cornell.edu/uscode/text/44/3101
26 U.S.C. ß 6109: https://www.law.cornell.edu/uscode/text/26/6109
31 U.S.C. ß 7701: https://www.law.cornell.edu/uscode/text/31/7701
We generally don't require you to provide any personal information in order to access this Web site. For account establishment, we'll ask for personal information such as your name, address, phone number, e-mail address, Driver's License Number/State ID Number, bank account information, and Taxpayer Identification Number. We use this information to enable us to identify owners and their accounts, process transactions, make payments, issue securities, and provide required reports to the Internal Revenue Service. We also use this information to give you access to your confidential information and to send you e-mail.
For site security purposes, as well as to improve our site, we use software that can monitor network traffic and identify unauthorized attempts to cause damage, upload, or change information. Like most Web sites, when a page is requested, we can obtain some information about the request, such as the type of browser used and the last site visited by the browser. We use this information for statistical purposes to make our site more useful to visitors.
To create a password, you must first complete the TreasuryDirect account application. Passwords must have at least eight (8) characters without spaces, and must have at least one letter, one number, and one special character, excluding \ < >. When selecting a password, you should avoid numbers, names, or dates that are significant to you. For example, your phone number, first name, or date of birth. Try to base your password on a memory aid.

Once you select your password, you will need to provide a password reminder and answers to three (3) security questions, which will be used in case you ever forget your password.

While using the same password and password reminder may seem an easy way to remember your password, it is a security risk and TreasuryDirect does not permit you to match the two.
Security questions are used to help us confirm your identity if you forget your account number or password. As an added security measure, TreasuryDirect may require you to answer one of your security questions when you attempt to perform certain transactions. When prompted to answer a security question, your response must match your previous answer.
Yes. You can change the answers to security questions, or you can change which security questions you want to answer. Keep in mind, you can provide answers to only three (3) of the security questions.
A personalized image/caption will help you to know that you are accessing your account on the authentic TreasuryDirect website. The image and caption will be displayed on your password page when you log in to your TreasuryDirect account. Captions must have 3-30 alpha-numeric characters. You may change your personalized image/caption at any time.
Your personal information will be verified within one (1) minute after your TreasuryDirect account information has been submitted.
When we are unable to verify your information, we offer you the opportunity to complete a convenient, printable authentication form. Please complete the form according to the instructions and submit it to the address we provide.
Your account number will be e-mailed to you after your password and security questions are completed.
The new TreasuryDirect is an account-based system that will allow you to purchase and manage most Treasury securities over the Internet. Legacy TreasuryDirect is a separate system, available since 1986, for marketable Treasury securities only, which is being phased out.

TreasuryDirect Accounts

A TreasuryDirect Primary account is your personal account you open in TreasuryDirect. Once a Primary account is opened, you may establish Minor, Custom, and Conversion Linked accounts that are accessed only from your Primary account. A TreasuryDirect account gives you the ability to buy, manage, and redeem eligible Treasury securities via the Internet. By accessing your account with your unique account number and password, you can perform transactions on securities of which you have control. Minor accounts are not available in entity accounts.
TreasuryDirect gives you the flexibility of opening a Minor, Custom, or Conversion account that is linked to your Primary TreasuryDirect account. The only way to access Minor, Custom, or Conversion accounts is through your Primary account. Holdings for each Linked account are maintained separately from your Primary TreasuryDirect account. Minor accounts are not available in entity accounts.
A Minor account is a custodial account that a parent, natural guardian, or person providing chief support establishes for a child under the age of 18. The Minor account is linked to your primary TreasuryDirect account and only you, as the custodian, can access the account. You, acting on behalf of the minor, may purchase, redeem, receive gift deliveries, and perform other transactions within the account on behalf of the minor. When the child reaches age 18 and establishes his/her own TreasuryDirect account, you may de-link the securities into the child's new account. De-linking refers to moving the Linked account's securities to a Primary TreasuryDirect account. Once the minor account is de-linked it is deactivated and all new transactions within the minor account are prevented. If you do not de-link the account and choose to continue to maintain the account once the minor reaches age 18, you are restricted from performing nearly all transactions; however, you may continue to purchase securities on the child's behalf. Minor accounts are not available in entity accounts.
This is a flexible account you may establish to meet specific financial goals. You can even create a customized name such as "Vacation Fund" for the account. We offer the same convenient capabilities as in your Primary TreasuryDirect account.
This is an account you may create so that you can convert your paper Series EE and I savings bonds to electronic securities in your TreasuryDirect account.
The only Linked account that TreasuryDirect customers can de-link is the Minor account. De-linking refers to moving the Linked account's securities to a Primary TreasuryDirect account. When the child reaches age 18 and establishes his/her own TreasuryDirect account, you may de-link the securities into the child's new account. Once the minor account is de-linked it is deactivated and all new transactions within the minor account are prevented. If you do not de-link the account and choose to continue to maintain the account once the child reaches age 18, you are restricted from performing nearly all transactions; however, you may continue to purchase securities on the child's behalf. De-linking is not available in entity accounts. Instructions for De-linking can be found on the How Do I…? link within the account.
If you get locked out of TreasuryDirect for some reason, such as numerous failed login attempts, you will receive a message providing a telephone number to contact Customer Service for assistance.

Security Types Available in TreasuryDirect

An EE Bond is an accrual-type security with interest added to the bond monthly or semiannually (depending upon the original issue date) and paid upon redemption. Interest rates vary depending upon the original issue date. Series EE savings bonds issue dated on or after May 1, 2005 will earn a fixed rate of interest. EE bonds earn interest for up to 30 years.
An I Bond is an accrual-type security with interest added to the bond monthly and paid when the bond is redeemed. The I bond interest rate is based upon a combination of a fixed rate of return and a variable semiannual rate. I bonds grow in value with inflation-indexed earnings for up to 30 years.
A Zero-Percent Certificate of Indebtedness is a Treasury security that does not earn any interest. It is intended to be used as a source of funds to purchase eligible interest-bearing securities.
A Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I) is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing Series EE and Series I savings bonds through the Payroll Savings Plan in TreasuryDirect.
TreasuryDirect securities are electronic, with transaction records maintained and stored in your secure, online account. You may purchase electronic EE or I Bonds for as little as $25 up to $10,000 in penny increments.
U.S. Treasury Bills (T-Bills, Bills) are a type of short-term Treasury marketable security of one year or less, typically sold at a discount. Treasury calculates auction results to the sixth decimal place. In determining the particular dollar amount an investor will pay, Treasury rounds to the nearest penny using conventional mathematical rounding methods. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $10 million in a single auction.
U.S. Treasury Notes are a type of medium-term Treasury marketable security of 2 to 10 years. Notes are fixed-principal securities. After purchase, interest payments are paid to your selected payment destination every six months until final maturity, when the principal is paid. The interest rate is determined at the time of auction. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $10 million in a single auction.
U.S. Treasury Bonds - not to be confused with savings bonds - are a type of long-term fixed-principal Treasury marketable security of 10 to 30 years. After purchase, interest payments are paid every six months until final maturity, when the principal is paid. The interest rate is determined at the time of auction. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $10 million in a single auction.
TIPS are a type of medium to long-term Treasury marketable security of 5 to 30 years. They have a fixed interest rate with the value of the principal being adjusted semiannually, based upon changes in the Consumer Price Index - Urban (CPI-U). After purchase, interest payments are paid to your selected payment destination every six months until final maturity. Your investment is always protected from inflation because the interest rate is applied to the adjusted principal, so if inflation occurs, your interest earned increases. You won't lose money on your investment during a deflationary period either, since Treasury pays the greater of either the inflation-adjusted principal or the original face value of the security. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $10 million in a single auction.
A FRN is a security that has an interest payment that can change over time. As interest rates rise, the security's interest payments will increase. Similarly, as interest rates fall, the security's interest payments will decrease. This security makes use of an index rate (tied to the most recent 13-week bill rate, prior to the lockout period) and spread (determined at auction) to calculate an interest rate. The index rate changes periodically, in this instance every week, causing the interest rate to change or "float".
Treasury marketable securities are Treasury Bills, Notes, Bonds, FRNs, and TIPS, the U.S. government sells in order to pay off maturing debt and raise money needed to run the federal government. They're called marketable because the owner can buy and sell them in the secondary market at prevailing market prices.
Treasury sells Treasury marketable securities - Bills, Notes, Bonds, FRNs and TIPS - at public auction through a broker/dealer, a financial institution or TreasuryDirect. In an auction, bidders are awarded securities at the same price. This price is set by the highest rate, yield, or spread of the competitive bids accepted. (TreasuryDirect accepts only noncompetitive bids.) Once these securities have been issued, they can be bought and sold in the commercial market at prevailing prices. NOTE: Legacy TreasuryDirect, a separate system available since 1986, for marketable Treasury securities only, is being phased out.

Savings bonds - Series EE and Series I - are available for purchase at any time. These securities are only available from original issue - not through the commercial market. Savings bonds bought through TreasuryDirect are electronic.

Both products, since they're electronic, can be transferred to another TreasuryDirect account. Treasury marketable securities can also be transferred to/from a broker/dealer, financial institution, another TreasuryDirect account, or from a Legacy TreasuryDirect account.

Purchasing Savings Bonds

Securities are issued in electronic form in your TreasuryDirect account. No paper bonds are issued.
U.S. individuals or U.S. entity account managers who are at least 18 years of age with a valid Social Security Number can purchase EE and I bonds in TreasuryDirect. An entity for which bonds are purchased must have a valid Social Security Number or Employer Identification Number. If you are a parent, natural guardian, or person providing chief support for a child under the age of 18, you may establish a Minor account within your TreasuryDirect account to purchase EE and I Bonds on behalf of your child.  Minor accounts are not available in entity accounts.
When purchasing EE and I Bonds through TreasuryDirect, there is a minimum purchase amount of $25 and a maximum purchase amount of $10,000.
Yes. You can only buy $10,000 worth of EE Bonds per person (individual or entity) each calendar year through TreasuryDirect. The purchase limitation for EE Bonds isn't affected by purchases of any other Treasury securities. The purchase amount of the securities you transfer, deliver as gifts, or de-link to another TreasuryDirect account holder is applied to the recipient's annual purchase limitation in the year the transaction occurs. Gifts and de-linking are not available in entity accounts.
Yes. You can only buy $10,000 worth of I Bonds per person (individual or entity) each calendar year through TreasuryDirect. The purchase limitation for I Bonds isn't affected by purchases of any other Treasury securities. The purchase amount of the securities you transfer, deliver as gifts, or de-link to another TreasuryDirect account holder is applied to the recipient's annual purchase limitation in the year the transaction occurs. Gifts and de-linking are not available in entity accounts.
No. We don't charge you any fees to purchase EE or I Bonds.
During the purchase process, you will designate the source of funds as either a debit from your bank account or from your Zero-Percent C of I. If you are purchasing savings bonds using the Payroll Savings Plan in TreasuryDirect, your purchases will be debited automatically from your Payroll C of I.
On the issue date of a savings bond, TreasuryDirect debits your financial institution or your C of I, depending on which payment source you choose, and the savings bond is issued in your TreasuryDirect account. If your financial institution returns the debit due to insufficient funds (which may take several days), the savings bond will be removed from your account. On the next business day, TreasuryDirect will automatically send a second debit in an attempt to collect the funds (except when your C of I is used as the source of funds), and the savings bond will be issued back into your account. If your financial institution returns the debit a second time, the savings bond will be removed from your account and no further attempt to collect the funds will be made. The Bureau of the Fiscal Service is not responsible for any fees your financial institution may charge relating to returned ACH debits.
Savings Bond purchases are generally issued to your TreasuryDirect account within one business day of the purchase date. If you select a non-business day as your purchase date, we will change it to the next available business day.
Request date refers to the date that the purchase request was submitted, while the issue date refers to the first day of the month in which the security was purchased. For example, if you had purchased an EE or an I Bond on July 10, the issue date would be July 1.
The issue date of your bond is the first day of the month in which the Treasury receives funds for the purchase of the security. For example, if you purchased a savings bond on July 10, the issue date would be July 1. Funds must be received prior to Midnight Eastern Time to be credited for a particular day. If you make a purchase request at the end of the month, your bond's issue date may be the following month depending upon when funds are received.
EE and I Bonds must be held for 12 months from their issue date before they can be redeemed.
No. Electronic EE and I Bonds may not be converted to paper bonds.

Registering Savings Bonds

There are three primary ways to register EE or I Bonds in individuals' names:
  • Sole Owner: Only one individual is named as owner and can cash the EE or I Bond.
  • Primary Owner (with Secondary Owner): Two individuals' names are recorded for the EE or I Bond in TreasuryDirect, separated by the word "WITH." For example, "John Smith SSN 123-45-6789 WITH Mary Smith SSN 987-65-4321." The primary owner is named first and has the right to transact the bond. Upon the death of either the primary or secondary owner, the survivor will be considered the sole owner of the bond.
  • Beneficiary: Only the owner may cash the EE or I Bond during his or her lifetime. The beneficiary automatically becomes the sole owner of the EE or I Bond when the original owner dies.

The registration for securities held in an entity account must accurately reflect the name of the entity. The forms of registration available for entities are:

  • Corporation
  • Deceased Estate (The estate of a decedent)
  • Limited Liability Corporation (LLC)
  • Living Estate (The estate of a living person such as an incompetent or a minor)
  • Partnership
  • Professional Limited Liability Company (PLLC)
  • Sole Proprietorship
  • Trust

For additional information and requirements concerning entity registrations, see Learn more about Entity Accounts.

Redeeming Savings Bonds

EE and I Bonds reach maturity 30 years after issuance.
The bond will automatically be redeemed and the proceeds will be used to purchase a Zero-Percent C of I in your Primary account on the next business day.
After you, or a grantee with Transact rights, request redemption of a savings bond, your pending redemption will appear in Current Holdings.
We will make payment by ACH (direct deposit) method to your U.S. financial institution account or to your Zero-Percent C of I, whichever you designate.
Only an account owner, or a grantee with Transact rights, can redeem an EE or I Bond. If you are partially redeeming an EE or I Bond, you must redeem at least $25, and may not leave less than $25 of redemption value as the remainder of the held security.
On the Pending Redemptions screen, just click Delete, then click "Yes" on the Pending Redemptions Delete screen, and the redemption is canceled.
A partial redemption is when an account owner redeems a portion of the security. The amount requested includes principal, as well as a proportionate amount of interest. The account owner must redeem at least $25, and may not leave less than $25 as the remainder of the held security. A full redemption includes both the principal and the total interest earned.
Yes. You must leave no less than $25 in redemption value as the remainder of the held security when making a partial redemption.
There is a 3-month interest penalty if you cash an EE or I Bond within the first five years from its issue date.
No. We don't charge any fees for redeeming savings bonds.
We will allow early redemption in some cases if an owner is experiencing a financial hardship. Also, the holding period may be waived if the owner lives in an area that has been affected by a natural disaster. We usually announce such a waiver of the holding period through a press release on our main Website.

Purchasing Treasury Marketable Securities

Treasury Bills, Notes, Bonds, FRNs and TIPS are sold at public auction. In an auction, bidders are awarded securities at a single price, which is determined by the highest rate, yield, or spread set by the competitive bids accepted. TreasuryDirect only accepts noncompetitive bids. See Learn more about the Auction Process for more details.
You may purchase Bills, Notes, Bonds, FRNs, and TIPS during scheduled auctions through your TreasuryDirect account.
No. Cash Management Bills are special Bills offered occasionally as Treasury borrowing needs warrant, and may not be purchased in TreasuryDirect.
Auctions of Treasury securities are offered depending upon the type of security. See General Auction Timing and Tentative Auction Schedule of U.S. Treasury Securities.
A single-price auction refers to Bills, Notes, Bonds, FRNs and TIPS, which are sold at the highest rate, yield, or spread of accepted competitive bids to all competitive and noncompetitive bidders.
In a Treasury auction, a noncompetitive bid guarantees you'll get the full amount of the security you requested at the rate, yield, or spread determined during the auction by competitive bidding.
In a Treasury auction, a competitive bid specifies the rate, yield, or spread expected for a security. Bids lower than the accepted rate, yield, or spread receive the highest accepted rate. Bids higher than the highest accepted rate, yield, or spread are not awarded. Competitive bidding is only available through the Treasury Automated Auction Processing System (TAAPS®) and is therefore not available in TreasuryDirect.
See Learn more about the Auction Process for information about purchasing a Treasury marketable security through BuyDirect.
No. You may only bid either competitively or noncompetitively in the same auction.
You may purchase Bills, Notes, Bonds, FRNs, and TIPS in $100 increments.
You may purchase $10 million of each Treasury marketable security type in a single auction.
The results of all public auctions are released with details available to view in your TreasuryDirect account after 2 p.m. Eastern Time. Go to your Current Holdings Pending Purchases and Reinvestments for the requested security type to view the price per $100, as well as any discount, premium, or accrued interest that may affect your purchase. If you wish to see the auction results immediately after the auction closes, see Today's Auction Results.
You may debit an account at a financial institution selected from your bank information list during the purchase process. You may also select your Zero-Percent C of I as the source of funds.
Yes. TreasuryDirect gives you the flexibility to route your payments where you want them to go, either to your bank or your Zero-Percent C of I.
On the issue date of a Treasury marketable security, TreasuryDirect debits your financial institution or your C of I, depending on which payment source you choose, and the security is issued in your TreasuryDirect account. If your financial institution returns the debit due to insufficient funds (which may take several days), the security will be removed from your account and no further attempt to collect the funds will be made. The Bureau of the Fiscal Service is not responsible for any fees your financial institution may charge relating to returned ACH debits.
Noncompetitive bids for Treasury Bills through your TreasuryDirect account must be received prior to 11 a.m. Eastern Time on auction day. Noncompetitive bids for Treasury Notes, Bonds, FRNs, and TIPS must normally be received prior to 12 p.m. Eastern Time on auction day. The closing times for Treasury Notes, Bonds, FRNs, and TIPS are variable. See Treasury Marketable Securities Offering Announcement Press Releases for detailed information regarding specific securities.
Go to Current Holdings and click the Pending Purchases and Reinvestment link to find details about price per $100, premium, discount, and accrued interest for the security you've requested. These details are updated in your TreasuryDirect account after 2 p.m. Eastern Time so you're able to determine the final price of the security and ensure you have enough available in your selected source of funds to cover the purchase price. See Learn more about Reinvesting Maturing Proceeds for securities issued through reinvestment.
A reopening is the auctioning of additional amounts of a previously issued security. Reopened securities maintain their original maturity date and interest rate/spread; however, the issue date, price, and discount margin are different. You may have to pay a premium and/or accrued interest on a reopened security, but any accrued interest is paid back to you in the first semiannual or quarterly interest payment.
Yes. You may reinvest the proceeds of a maturing Treasury marketable security. See Learn more about Reinvesting Maturing Proceeds.
Currently, the registrations available for securities held in an individual account are:
  • Sole Owner: Only one individual is named as owner.
  • Primary Owner (with Secondary Owner): Two individuals' names are recorded for the security in TreasuryDirect, separated by the word "WITH." For example, "John Smith SSN 123-45-6789 WITH Mary Smith SSN 987-65-4321." The primary owner is named first and has the right to transact the security. Upon the death of either the primary or secondary owner, the survivor will be considered the sole owner of the security.
  • Beneficiary: Only the owner has transactional rights during his or her lifetime. The beneficiary automatically becomes the sole owner of the security when the original owner dies.

The registration for securities held in an entity account must accurately reflect the name of the entity. The forms of registration available for entities are:

  • Corporation
  • Deceased Estate (The estate of a decedent)
  • Limited Liability Corporation (LLC)
  • Living Estate (The estate of a living person such as an incompetent or a minor)
  • Partnership
  • Professional Limited Liability Company (PLLC)
  • Sole Proprietorship
  • Trust

For additional information and requirements concerning entity registrations, please see Learn more about Entity Accounts.

Yes. You may grant View rights to a security held in your name to any individual TreasuryDirect account holder. View and/or Transact rights may be granted to the second-named registrant of a security with Primary Owner registration. View rights may also be granted to the Beneficiary of a security with that registration. Transact rights allow the second-named registrant, or grantee, to transfer a security, as well as change the maturity and/or interest payment destination. View/Transact rights are not available in entity accounts.
No. You may not purchase Treasury marketable securities with a gift registration.

Treasury Marketable Securities

No. There are no fees for holding Treasury marketable securities in TreasuryDirect.
No. Treasury marketable securities held in your TreasuryDirect account may not be used as collateral.
TreasuryDirect requires Treasury marketable securities originally issued in an account be held for 45 days before they may be transferred. 4-Week Bills bought at original issue in TreasuryDirect may not be transferred at all because of a 28-day term. The holding period also applies to securities issued through reinvestment which were not fully funded from a maturing security. The Original Issue Holding Period does not apply to securities transferred into your TreasuryDirect account from an outside bank or broker.
Four business days prior to a scheduled interest and/or maturity payment, TreasuryDirect "locks" the applicable security so we can schedule your upcoming payment(s). This rule applies to interest and maturity payments for Treasury marketable securities. TreasuryDirect will not allow changes to registration, payment destination, number of reinvestments, or View/Transact Rights during this timeframe. Additionally, Internal and External Transfers of Treasury marketable securities are prohibited during the Closed Book Period. Transactions requiring submission of a form will be held for processing until the Closed Book Period ends. A maturing security scheduled for reinvestment will be "locked" on auction day if the auction for the new security is prior to the Closed Book Period.
Pending Maturity status refers to securities that are reaching their maturity date. Treasury marketable security payments are sent to your designated maturity and interest payment destinations (if applicable). When a security has a Pending Maturity status it is ineligible for certain transactions.

Transferring Securities

Yes. The owner can transfer EE and I Bonds to another person with a TreasuryDirect account; however, you must wait five business days after the purchase date to transfer the bonds.
No. We don't charge any fees for transferring EE and I Bonds.
A savings bond may be transferred either in full or in part to another TreasuryDirect account. See How do I transfer savings bonds from my TreasuryDirect account to another TreasuryDirect account?.
If you transfer savings bonds to another customer, the amount of the transfer is applied toward the annual purchase limitation for each savings bond type in the year the transfer occurs.
Yes. You may transfer Treasury marketable securities in increments of $100. You may choose to transfer a portion or the full amount of a single security or multiple securities to a single recipient or financial institution. See How do I transfer Treasury marketable securities out of my TreasuryDirect account?.
No. To sell Treasury marketable securities that are in your TreasuryDirect account, you must transfer the securities to a broker/dealer account. The broker/dealer can sell the securities for you.
No. We don't charge any fees for transferring Treasury marketable securities.
Yes. You may contact your broker to transfer Treasury marketable securities you own in another account to be placed in your TreasuryDirect account as an Incoming External Transfer. Customer Service will process the request and release issued securities to your Current Holdings. Incoming transfers are issued with your primary bank information as the payment destination for maturity and interest payments (if applicable). See Learn more about Transfers for specific instructions.
Yes. To transfer holdings from Legacy TreasuryDirect to your TreasuryDirect account, complete a Security Transfer Request, FS Form 5179. Incoming transfers are released into the Current Holdings of your TreasuryDirect account.
If you decide to transfer a Treasury marketable security prior to maturity, any purchases you have scheduled using Zero-Percent C of I as the source of funds may be affected. The purchases may be canceled if funds are insufficient to cover the purchase request.
If we receive an incoming security transfer request with an invalid form of registration, we will reject it.
When a security is transferred from an outside account into a TreasuryDirect account, it will be transferred in the name of the individual account owner in single owner form, regardless of the form of registration prior to the transfer. After the transfer is completed, the registration can be changed to any allowable registration.

Interest Earned and Taxation

The interest rate of an EE Bond depends upon the original issue date. Series EE Savings Bonds issue dated on or after May 1, 2005 will earn a fixed rate of interest. These bonds increase in value every month, and interest is compounded semiannually. A 3-month interest penalty will apply to bonds cashed before five years. Some older EE Bonds earn interest based on 5-year Treasury security yields or at a guaranteed minimum. The rate that Treasury announces each May and November is applied to a bond for the 6-month earning period. For example, the 6-month earning period for a bond issued in May is from May through October; for a bond issued in June, it's June through November.
The interest rate of an I Bond is a combination of two separate rates: a fixed rate of return and a variable semiannual inflation rate. The fixed rate remains the same throughout the life of the I Bond, while the semiannual inflation rate can vary every six months. The fixed rate of return is announced by the Treasury Department each May and November. The fixed rate of return announced in May of a given year is the same over the entire life of the I Bonds you purchase between May 1 and October 31 of that year. Likewise, the fixed rate of return announced in November of a given year applies to the entire life of the I Bond you purchase between November 1 and April 30 of the following year. The U.S. Treasury also announces the semiannual inflation rate each May and November. The semiannual inflation rate is based on changes in the Consumer Price Index for all Urban Consumers (CPI-U), which is reported by the Bureau of Labor Statistics. The semiannual inflation rate announced in May is a measure of inflation over the preceding October through March; the inflation rate announced in November is a measure of inflation over the preceding April through September. The semiannual inflation rate is combined with the fixed rate of an I Bond to determine the I Bond's earnings rate for the next six months.
The Zero-Percent C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.
The Payroll C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.
Any increase above the purchase price of an EE or I Bond is interest. This interest is subject to all federal taxes imposed under the Internal Revenue Code of 1986, as amended. It is also subject to state and local estate, inheritance, gift, and other excise taxes; however, it is exempt from state or local income taxes. By continuing to hold the bond, you can continue to postpone reporting the bond's accumulated interest for federal income tax purposes until you redeem it, you transfer the bond to another person, or the bond stops earning interest. When EE and I Bonds reach maturity, they are automatically redeemed and the interest earned is reported for federal income tax purposes.
When you open a TreasuryDirect account, you consent to receive the appropriate tax reporting forms by electronic means. The form will be available in a printable format through your TreasuryDirect account. An online IRS Form 1099 is provided for your Primary account and each Linked account.
There are two methods you may use to report interest for federal income tax purposes: cash and accrual. Under the cash basis method, federal tax is deferred until the year of final maturity, redemption, or other taxable disposition, whichever is earlier. Under the accrual basis, you report interest each year as it accrues.
The interest rate will occasionally show "Not Available" when we are waiting to update the new rates announced by Treasury on May 1 and November 1. Please check your account at a later time, as the current interest rate will be displayed as soon as it becomes available.
No. Interest earned on a Treasury Bill is paid at final maturity. At that time, you are paid the full face value of the Bill. Bills are typically sold at a discount from the par amount, and the difference between the purchase price and the par amount is your interest. Treasury calculates auction results to the sixth decimal place. In determining the particular dollar amount an investor will pay, Treasury rounds to the nearest penny using conventional mathematical rounding methods.
Yes. Semiannual interest payments are made on Notes, Bonds, and TIPS and sent to your selected payment destination. Quarterly interest payments are made on FRNs and sent to your selected payment destination.
Interest payments for TIPS are based upon the security's adjusted principal at the time the interest payment is calculated. At final maturity, the greater of the adjusted or original principal is paid to you.
Yes. If the principal is adjusted down because of deflation, your interest payments will be less than during a time of inflation or with no adjustment. In good faith, the Treasury pays you the original principal if the adjusted principal is less than the original principal at maturity.
Yes. Interest earned from Treasury marketable securities is subject to federal tax, however, the interest is exempt from state and local income tax.
Yes. TreasuryDirect provides you with a detailed listing of all your taxable transactions, as well as an online, printable IRS Form 1099 for each calendar year. You may access this information in ManageDirect - Manage My Taxes.
Yes. The IRS Form 1099 we provide in your account contains a 1099-INT, 1099-B, and 1099-OID. Your taxable transactions are displayed under each appropriate form.
Yes. If you have granted Transact Rights to a second-named registrant on your securities, actions he/she performs may impact your tax liability. For more details about tax reporting exceptions, see Learn more about Tax Reporting. Transact rights are not available in entity accounts.

Zero-Percent Certificate of Indebtedness

The Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.
No. There's no limit to how much money you can hold, but remember, your Zero-Percent C of I does not earn any interest.
You may instruct us to debit your bank account for a security purchase or you may establish a payroll deduction that will credit the Zero-Percent C of I in your account. You may also use your Zero-Percent C of I as a payment destination for savings bond redemptions and Treasury marketable security maturity and interest payments. Click Payroll Zero-Percent Certificate of Indebtedness for information about funding your Payroll C of I to purchase savings bonds through the Payroll Savings Plan.
Each transaction is limited to $1,000. You may, however, schedule multiple transactions each business day to fund your Zero-Percent C of I.
Electronic deposits are generally available to use for purchases the business day the funds are received.
Yes. You may designate Zero-Percent C of I as the payment destination when you schedule a redemption.
No. The source of funds selected for a security purchase can be either Zero-Percent C of I or a designated bank account, not both.
You may buy interest-bearing securities with a Zero-Percent C of I by selecting it as a source of funds on Buy Direct.
Yes. If you change your mind about using Zero-Percent C of I for security purchases, select the Zero-Percent C of I security on the Redemption page and enter the amount for deposit to your designated bank account. If, however, you have debited your bank to purchase a C of I, all C of I funds are ineligible for redemption for five business days following the purchase request. For more information, see Learn more about Transaction Restrictions.
No. If you schedule a redemption for deposit into your bank account, you may not delete the transaction.
You can locate all transaction records for purchases and redemption activity in the C of I History.
No. A Zero-Percent C of I security does not count toward your annual savings bonds purchase limitation.

Payroll Zero-Percent Certificate of Indebtedness

The Payroll C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.
No. There's no limit to how much money you can hold, but remember, your Payroll C of I does not earn any interest.
The only way to fund your Payroll C of I is to set up a regular payroll allotment with your employer and have the payroll office send the allotment directly to your TreasuryDirect account.
You may redeem all or part of your Payroll C of I by going to ManageDirect and selecting the Redeem Securities text link. You may choose to redeem the full amount or a partial amount. You must select a payment destination bank for your Payroll C of I. Note: Redemption of your Payroll Zero-Percent C of I does not stop your payroll allotment.
No. If you schedule redemption for deposit into your bank account, you may not delete the transaction.
You can locate all transaction records for purchases and redemption activity in the C of I History.
No. A Payroll C of I security does not count toward your annual savings bonds purchase limitation.

Converting Paper Bonds

SmartExchange is the process that allows holders of paper Series EE and I savings bonds to trade them in for electronic securities of the same series and issue dates (convert them) in a special Conversion Linked Account within their TreasuryDirect account.
A TreasuryDirect individual account owner who has a Conversion Linked account can exchange paper bonds on which he/she is the sole owner, co-owner, or owner with a beneficiary. Account owners can also exchange paper bonds purchased as gifts for someone else or bonds they have obtained through inheritance or other change in ownership.

A manager for an entity account with a Conversion Linked account can exchange paper bonds into the entity form of registration. Gift securities are not available in entity accounts. See Learn More About Converting Your Paper Bonds.

You may convert your bonds through SmartExchange once you have created a Conversion account. You'll see a Conversion Linked Account (“My Converted Bonds”) in the account listing under Linked Accounts Information on your Account Summary page.
No. Owners of paper bonds are not required to open a TreasuryDirect account or convert their securities to electronic form.
No. However, you are responsible for the postage required to mail the bonds to Treasury for conversion.
If you submit a matured bond, TreasuryDirect automatically redeems the bond and purchases a Zero-Percent Certificate of Indebtedness in your Primary account with the proceeds. You can use all or some of the proceeds to purchase new securities or redeem the C of I to your bank account, in full or part. The interest earned on the bond is reportable to the IRS for the tax year in which the bond is redeemed.
No. Once your bonds are converted to electronic form, they can't be exchanged for paper bonds.
Yes. Each electronic security will have the same issue date and current redemption value as the paper bond you submitted.
Yes. Paper bonds and electronic securities earn the same rate of interest based on series and issue date.
Yes. Paper bonds and electronic securities have the same maturity period based on series and issue date.
Certain restrictions apply when removing the name of a co-owner from any security. See Learn More About Converting Your Paper Bonds.
Yes. You can exchange bonds you've bought as gifts. Once converted, the bonds are placed in your Conversion Linked Account Gift Box. Gift securities are not available in entity accounts.
Gift bonds that have reached final maturity can be submitted, however, TreasuryDirect automatically redeems them. Your Conversion Linked Account Gift Box lists bond redemptions under Matured Gift Proceeds in the owner's name.
Yes. You can submit these bonds; however, the transaction will probably require supporting evidence to demonstrate entitlement. We will contact you after we receive the bonds and provide appropriate instructions to complete the transaction.
No. If your bonds have not reached maturity, the interest earned on those bonds is not reported to the IRS at the time of conversion.
Yes. Once your bond is in electronic form, TreasuryDirect automatically redeems it at maturity and purchases a Zero-Percent Certificate of Indebtedness with the proceeds, unless you have scheduled it for redemption. The interest earned on the security is reported to the IRS for that tax year.
No. Please do not sign the back of your savings bonds. Your signature on the conversion manifest authorizes us to convert your bonds.
Please don't change the registration during the conversion process unless one of the people named on the bonds is deceased. Once the bonds are released to your Conversion Linked Account, you can change the registration online if you are the sole owner or the owner of Series EE or I securities in beneficiary form. If the securities are in co-owner form, you will need the consent of the co-owner to change the registration. We process these transactions offline. For entity accounts, since all securities in your account carry a registration identical to your entity account name, all bonds you convert will be registered in that form regardless of the registration on the paper bonds.
For individuals, if a registrant's Taxpayer Identification Number is known, you can enter the correct information; however, if the name is incorrect for either registrant, don't change it during the conversion process. Instead, in the Comments field, include information about the error. This will help us process your request.
If the bond is not registered in an authorized form, we will change the registration to the closest authorized form. In certain circumstances, we may contact you after we receive the bonds and provide appropriate instructions to complete the transaction.
Yes. You can place different series, registrations, and issue dates in the same cart.
You can only add bonds to one cart at a time. After you click Create a Manifest, the cart is emptied and you can add more bonds, if necessary. A new manifest is created with each cart of bonds you submit. Since each manifest is individually numbered, you can create as many manifests as you need in order to convert all your paper bonds.

The Payroll Savings Plan for Savings Bonds

First, you establish a Payroll Savings Plan in your TreasuryDirect account. After you have established your Payroll Savings Plan, schedule a regular payroll allotment/direct deposit with your employer. Your payroll office will send the allotment/direct deposit directly to your Payroll C of I, and electronic savings bonds will be automatically purchased for you.
You can find the information for Funding Options in ManageDirect under Manage my Account.
Yes. Once you've established a Payroll Savings Plan in your TreasuryDirect account, simply submit a request to your employer to have a regular payroll allotment/direct deposit sent to your account. (Go to ManageDirect; View my Funding Options, for complete instructions on what to give to your employer.) When you have accumulated enough in your Payroll C of I to buy a savings bond, one will be automatically purchased for you. You will receive savings bonds regularly until your employer stops the allotment/direct deposit. All your security holdings are available electronically in your secure, online TreasuryDirect account 24/7. See Learn more about the Payroll Savings Plan.

Note: Treasury phased out the issuance of paper savings bonds through traditional employer-sponsored payroll savings plans as of January 1, 2011. Electronic savings bonds and other Treasury securities will continue to be available through TreasuryDirect. See our FAQ about this change.

No. The new Payroll Savings Plan feature is designed for individual primary account owners to make recurring purchases of electronic Series EE and Series I Savings Bonds.
TreasuryDirect allows you the flexibility to enter multiple registrations, including gifts, in your personal account's Registration List. Select the registration you want for the savings bond you purchase through the Payroll Savings Plan. You can change the registration for future purchases any time you choose.
There is no minimum or maximum payroll allotment amount for the Payroll Savings Plan. You may deduct as little as a penny; however, your employer may have a minimum dollar amount requirement. Your non-interest bearing Payroll Zero-Percent C of I holds all deposits until you reach the purchase price of the savings bond you choose ($25-$10,000).
No. There is no limit to the amount you can hold in your Payroll C of I; however, the Payroll C of I does not earn interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.
You may use the amount in your Payroll C of I to purchase a security or redeem it to a designated bank account.

Funding an Account with Electronic Deposits

You may request regular electronic deposits from your financial institution or payroll deductions through your employer to regularly purchase Treasury marketable securities and savings bonds in TreasuryDirect. (This is not the Payroll Savings Plan – for information about the Payroll Savings Plan, see above).
First, establish payroll deduction through your employer or direct deposit from your bank. Your deduction is sent to your Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) in your TreasuryDirect account. The C of I does not earn interest and is intended to be used as a source of funds for purchasing eligible interest-bearing securities.
You can find the information for Funding Options in ManageDirect under Manage my Account. Look under the ACH Credits heading.
TreasuryDirect has no restrictions on the amount you choose to deposit toward the purchase of a Zero-Percent C of I in your account.
Yes. You may designate the account number for your Primary and any of your Linked accounts to purchase a Zero-Percent C of I.
Yes. TreasuryDirect allows you the flexibility to enter multiple registrations, including gifts, in your personal account's Registration List. First, select the registration you want for the securities you purchase. Establish a purchase schedule using your Zero-Percent C of I as the source of funds, and choose a frequency-it's that simple. Entities can also participate by purchasing bonds in their entity account. All securities in an entity account carry a registration identical to the entity account name.
There is no minimum or maximum amount for payroll deduction in TreasuryDirect. You may deduct as little as a penny, however, your employer or financial institution may have a minimum dollar amount requirement. Your Zero-Percent C of I holds all deposits until you are ready to purchase a security.
No. There is no limit to the amount you can hold in your Zero-Percent C of I; however, the Zero-Percent C of I does not earn interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.
You may use the amount in your Zero-Percent C of I to purchase a security or redeem it to a designated bank account.
If funds in your C of I are insufficient to cover the security purchase, the purchase will be canceled.
You may debit, or make a purchase of a C of I, using your checking or savings account. This option is handy when you need to supplement the amount in your C of I for a security purchase. You may also route maturing securities, interest payments, or redemptions of savings bonds directly to your C of I. Your financial institution can even set up direct deposit from an annuity, pension fund, or other financial account.
You may request up to $1,000 per transaction through BuyDirect for Zero-Percent C of I.

Gift Giving

Yes. If you purchase an EE or I Bond as a gift, the recipient's Social Security Number must be provided. Gift securities are not available in entity accounts.
No. You may not purchase a Treasury marketable security with a gift registration.
You must wait five business days after the purchase date to deliver a gift savings bond.
You may hold an EE and I Bond that is registered as a gift until it reaches maturity.
If the gift bond has not been delivered to the recipient prior to maturity, the redemption amount will be held as Gift Box Proceeds in your Gift Box until delivered.
If you deliver gifts to another customer, the amount of the delivery is applied toward the annual purchase limitation for each security type for the year the gift delivery occurs.
You may deliver a bond purchased as a gift to a Minor account that has been established within a Primary TreasuryDirect account. Gift securities are not available in entity accounts.

Managing My Account

We welcome your questions, comments, and suggestions! Go to Contact Us, and send us your name, account number, e-mail address, daytime phone number, and the reason for your inquiry and/or comment. We'll respond in an e-mail.
You will be given the opportunity to register your computer so it will be recognized when you log in. Registering your computer makes accessing your account convenient; if you choose not to register your computer, you’ll need a one time passcode which will be emailed to you each time you access your account. You must have JavaScript and cookies enabled to register your computer. Registering your computer will authorize the use of persistent cookies and help us recognize you as an authorized user. Do not register a public or shared computer, such as a library computer.
A personalized image/caption will help you to know that you are on the authentic TreasuryDirect website. The image and caption will be displayed on your password page when you log in to your TreasuryDirect account. Captions must have 3-30 alpha-numeric characters. You may change your personalized image/caption at any time.
A unique confirmation number is assigned to scheduled transactions within an account. The confirmation number may be used to track the status or history of a transaction. The table below shows the beginning letter for each confirmation number type along with a description and example of the transaction it identifies.
Confirmation Number Key
Confirmation Number
Begins with Letter
Description Example
D   Gift Delivery DAAAI
E   Zero-Percent C of I Purchase EAAB2
I   Security Issued IAAC1
K   External Security Transfer KAAA8
M   Zero-Percent C of I Issue MAA12
N   Non-Deliverable Matured Gift Proceeds NAAA7
P   Gift Proceeds Delivery PAAB2
Q   Redirected Undelivered Zero-Percent C of I Payment QAAC9
R   Security Redemption RAALE
S   Security Interest Payment SAAR1
T   Security Transfer TAACB
U   Redirected Undelivered Security Redemption Payment UAAA1
V   Zero-Percent C of I De-Linked VAAB3
W   Zero-Percent C of I Redemption WAAI4
X   Security De-Linked XAAB2
Z   Security Sold ZAA10
When necessary, a designation is placed on an account by TreasuryDirect Customer Service to prohibit certain transactions. In addition, you may place a hold on your account, which will prohibit access to the account and will prohibit all transactions.
Pending transactions are scheduled requests that you have made, but which have not yet been processed.
Changing your account information is easy. To edit your account, simply select the Account Info tab, which allows you to review all your account information. Scroll to the bottom of the page and select the Edit button. This will take you to the Account Info Edit page, where you will be able make changes to your information. When you are finished, click the Submit button.
To change your password, simply select the ManageDirect tab, then select Change my password under Manage My Account. This will take you to the Change Password page, where you will be able to make your change. When you are finished, click the Submit button.
To add a new bank or edit an existing bank account, simply select the ManageDirect tab, then select Update my Bank Information under Manage My Account. Click the Add or Edit button on the ManageDirect Bank Information page. This will take you to the the Bank Change Form Request page where you will be directed to complete and mail a Bank Change Request FS Form 5512 to add a new bank or edit an existing bank.

Note: The bank selected as your primary bank appears first on the bank information list and in the drop-down boxes throughout TreasuryDirect. To designate a different bank listed in your existing bank information as the primary bank, e-mail us by clicking the Contact Us link or call us at (844) 284-2676.

No. You are not required to close your Legacy TreasuryDirect account at this time; however, with the added conveniences (24/7 account access and management) and features available in your TreasuryDirect account, you may wish to move your holdings to TreasuryDirect. NOTE: Legacy TreasuryDirect is being phased out.

Privacy Information

We use Secure Sockets Layer (SSL) software to ensure secure online commerce transactions. It encrypts all of your personal information so that it cannot be read as the information travels over the Internet. See Learn More About Security Features and Protecting Your Account for additional information on account security.
SSL (Secure Sockets Layer) is a common method for sending payment information securely over the Internet. SSL works by using a private, mathematical key to encrypt (or scramble) data that's transferred between your Web browser and the Web site you're visiting. You can verify that it's working by checking for a closed lock in the lower right-hand corner of your Internet Explorer browser.
No. Because of security features, if you use the Back, Forward, Refresh, or Stop buttons in your browser window, you will automatically exit from the system and your information will be deleted. You will have to start over.

Further Reading

Currently Viewing: TreasuryDirect FAQ

Other Pages: