AUCTION FUNDAMENTALS

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 no fees are charged 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.
  • 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 registration types.

Learn more about TreasuryDirect.

Legacy Treasury Direct

  • NOTE: Legacy Treasury Direct is being phased out. Reinvesting and purchasing within the program will end after the auctions on October 22, 2012.
  • No new Legacy Treasury Direct accounts permitted.
  • Only 13- and 26- week bills are available for purchase.
  • Reinvestments are available for 13- and 26-week bills, and for maturing 52-week bills being reinvested into 13- and 26-week bills.
  • 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.