Where Treasury Securities Are Held
Investors have choices about how they purchase U.S. Treasury securities and where they are held. They can buy from a bank, broker, or dealer and hold their securities in the commercial book-entry system.
Investors can also buy directly from the U.S. Treasury and hold their securities in accounts maintained by the Treasury. We provide online access to accounts and don't charge fees for purchases, reinvestments, or most other transactions.
TreasuryDirect
- A web-based system that provides online access 24 hours a day, 7 days a week.
- TreasuryDirect offers U.S. Treasury bills, notes, bonds, TIPS, electronic Series EE Savings Bonds, and electronic Series I Savings Bonds.
- Investors pay a fee only if they ask us to sell a U.S. Treasury bill, note, bond, or TIPS before it matures. The fee is $45 for each security sold.
- Effective April 2009, TreasuryDirect permits accounts for both individuals and various types of entities including trusts, estates, corporations, partnerships, etc. See Learn More about Entity Accounts for full information on the new registration types.
Learn more about TreasuryDirect.
Legacy Treasury Direct
- A paper application must be submitted to open an account, then most transactions can be conducted online or through an automated phone system.
- Legacy Treasury Direct offers U.S. Treasury bills, notes, and TIPS. The 30-year bonds, 20-year TIPS, 7-year notes, 4-week bills, and the Cash Management bills are not available for purchase in Legacy Treasury Direct.
- Investors pay a fee only if they ask us to sell a security before it matures. The fee is $45 for each security sold. Also, if your account holds more than $100,000, you will be charged an annual maintenance fee of $100.
- Legacy Treasury Direct allows participation by fiduciaries and organizations, as well as individuals.
Learn more about Legacy Treasury Direct.
Commercial Book-Entry System
- A multitiered automated system for holding and transferring marketable securities.
- A delivery versus payment system that provides for the simultaneous transfer of securities against the settlement of funds.
- Replaces paper securities with electronic records, eliminating the potential for theft, loss, or counterfeiting.
- Programs include STRIPS and Collateral.
Learn more about the Commercial Book-Entry System, view fee schedules, rules and regulations, and more.
