Reinvesting a Treasury Marketable Security — TreasuryDirect
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Treasury Marketable Securities
Reinvesting a Treasury Marketable Security
Reinvesting a Treasury Marketable Security
Reinvesting means using the money from a maturing security to buy another security of the same type.
Your options for reinvesting depend on where you hold your Treasury marketable security.
If your Treasury marketable security is here
this is what you should know about reinvesting
with a bank, broker, or dealer
contact that bank, broker, or dealer
in TreasuryDirect
see the information on this page
in Legacy Treasury Direct
Because we are phasing out Legacy Treasury Direct, you may only reinvest by transferring your security  to a TreasuryDirect account or to a bank, broker, or dealer. See Legacy Treasury Direct: Tips for reinvesting at the end of this page.
On this page:
Which securities may I reinvest in Treasury Direct?
Will I always get the same type and term?
What if no appropriate security is being issued when my security matures?
May I buy and reinvest in the same auction?
Scheduling a reinvestment in TreasuryDirect
Changing or cancelling a reinvestment in TreasuryDirect
Transferring a security with a scheduled reinvestment
Paying for your reinvestment in TreasuryDirect
Note:
You may have to hold your reinvestment for 45 days
Legacy Treasury Direct: Tips for reinvesting
Which securities may I reinvest in Treasury Direct?
You may reinvest bills, notes, bonds, or FRNs, but not TIPS.
Will I always get the same type and term?
The type of security must be the same. However, the time to maturity may or may not be the same for notes or bonds.
For this type of security
the time to maturity of the new security
Bill
must be the same as the maturing one
For example, you can reinvest a maturing 52-week bill only in another 52-week bill
Note
may not be the same as the maturing note
Bond
may not be the same as the maturing bond
FRN
will always be two years
Why may notes and bonds have a different term?
Due to occasional unscheduled reopenings, a 20-year bond may be set to reinvest in a 30-year bond (or vice versa). For the same reason, a note with a certain term may be set to reinvest in a note with a different term.
How can I find out what term my note or bond will reinvest in?
Log in to your account a few weeks before your security matures.
NOTE: We close the option to reinvest four business days before the relevant auction. Be sure to decide whether to reinvest before the window closes.
What if no appropriate security is being issued when my security matures?
If there is no relevant security for reinvesting your maturing security, we will cancel the reinvestment and deposit the money into your designated bank account or Certificate of Indebtedness (C of I).
May I buy and reinvest in the same auction?
Yes. In addition to what you bid for the new purchase (up to $10 million dollars for your non-competitive bid in TreasuryDirect), you can also get your reinvested security, even if it happens to be in the same auction.
For example: You have a 2-year note that is scheduled to reinvest in the upcoming 2-year note auction. You may also make a new purchase, up to the $10 million limit, in the same auction. The buying limit for a single auction applies only to the new purchase. The reinvestment is not included in the limit.
Scheduling a reinvestment in TreasuryDirect
You can schedule a reinvestment when you buy the original security or at any time up to four business days before the original security matures.
To schedule when you buy the security:
Go to your TreasuryDirect account.
Choose Buy Direct.
Choose the type of security.
Choose the option to schedule one or more reinvestments.
To schedule after you have bought the security:
Go to your TreasuryDirect account.
Choose Manage Direct.
Choose Manage My Securities.
Find the security you want to reinvest and choose the appropriate options.
notes, bonds, and FRNs can only be scheduled for one reinvestment.
bills may be scheduled  for multiple reinvestments, up to two years.
For this term of a bill
You can schedule a maximum of … reinvestments
4-week
25
6-week
16
8-week
10
13-week
7
17-week
6
26-week
3
52-week
1
Changing or cancelling a reinvestment in TreasuryDirect
You can change or cancel a reinvestment, as long as  it’s more than four business days before the new auction.
To change or cancel a reinvestment:
Go to your TreasuryDirect account.
Choose Manage Direct.
Choose Manage My Securities.
Choose Edit reinvestments.
Transferring a security with a scheduled reinvestment
If you partially transfer a security, all reinvestments for that security are cancelled.
If you fully transfer a security, scheduled reinvestments are kept only if you transfer the security to either
another TreasuryDirect account with the same Taxpayer Identification Number (Social Security Number or Employer Identification Number), or
your minor linked account
If the transfer keeps a scheduled reinvestment, the information in the next section about paying for the new security applies to the account that now holds the transferred security.
Paying for your reinvestment in TreasuryDirect
To see the price of your reinvestment, after the auction for the new security has taken place:
Go to your TreasuryDirect account.
Choose Manage Direct.
Choose Pending Purchases and Reinvestments.
You may owe more for the new security than you are getting for your maturing security. This could happen if:
the price of your new security is more due to accrued interest or other factors
you have told us to withhold money to pay estimated taxes
Make sure funds are available in your bank account or C of I to cover the difference before the issue date.
If funds are not available to pay the difference, we will cancel the reinvestment and deposit the proceeds of the maturing security into your bank account or C of I.
Note:
You may have to hold your reinvestment for 45 days
If you use new funds in addition to the reinvestment, you must hold the new security for 45 calendar days before selling or transferring it.
If the reinvestment was fully funded by the maturing security, this hold doesn’t apply.
Legacy Treasury Direct: Tips for reinvesting
You can't reinvest a security from Legacy Treasury Direct. To reinvest, you must transfer the security into a TreasuryDirect account.
Because of the time limits in the instructions below, be sure to start the process a few weeks before the reinvestment.
Open a TreasuryDirect account
Once you have a TreasuryDirect account:
Fill out FS Form 5179 to transfer the security. Treasury must receive your form at least 10 business days before the maturity date of the security.
When the security is in your TreasuryDirect account, you may schedule the reinvestment at least four days before the auction of the new security.
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