About Treasury Marketable Securities — TreasuryDirect
Skip Navigation
An official website of the United States government
Here’s how you know
U.S. Department of the Treasury
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock () or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
Menu
Log In
Savings Bonds
About U.S. Savings Bonds
Buy a Bond
Gift a Savings Bond
Cash In a Bond
Savings Bond Value Calculator
Manage Bonds
Forms for Savings Bonds
Treasury Hunt
Treasury Marketable Securities
About Treasury Marketable Securities
Treasury Bills
Treasury Bonds
Treasury Notes
TIPS
Floating Rate Notes (FRNs)
STRIPS
Forms for Treasury Marketable Securities
Treasury Hunt
Auctions
About Auctions
How Auctions Work (Participating)
When Auctions Happen (Schedules)
Reopenings
Announcements, Data & Results
Buyback Announcements and Results
Upcoming Auctions
Recent Auction Results
Auction Search (Query)
Auction Press Releases
Auction Regulations (UOC)
Laws and Regulations
About Laws and Regulations
Auction Regulations (UOC)
Collateral Programs
Commercial Book-Entry Regulations (TRADES)
Frauds, Phonies, & Scams
Government Securities Act (GSA) Regulations
Large Position Reporting (LPR)
Redemption (Buyback) Operations Regulations
Treasury Marketable Securities Regulations
Savings Bond Regulations
TreasuryDirect Regulations
Research Center
Government Users
For Government Users
Federal Investments Program
SLGS & SLGSafe
Security Liquidation & Proceeds
Federal Borrowings Program
Treasury Managed Accounts
Funds Management Program Reports
History of the Debt
Public Debt Reports
Interest Rates and Prices
Mailing Lists
News
About
Forms
Help Center
Contact Us
About Treasury Marketable Securities
The federal government finances its operation in part by selling various types of securities. All these securities are backed by the full faith and credit of the United States government.
Quick Links
Buying a Treasury Marketable Security
Redeeming a Treasury Marketable Security
Selling a Treasury Marketable Security
Taxes & 1099 Forms
Understanding Pricing
What Does "Marketable" Mean?
Treasury Marketable Securities
"Marketable" means that you can transfer the security to someone else and you can sell the security before it matures (reaches the end of its term).
The United States Treasury offers five types of Treasury marketable securities: Treasury Bills, Treasury Notes, Treasury Bonds, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs).
Glossary of Treasury Marketable Securities Terms
Treasury Non-marketable Securities
You can also buy non-marketable U.S. savings bonds from the United States Treasury. They are not marketable because each is registered to one person's social security number. You cannot sell them or transfer them to someone else.
More About U.S. Savings Bonds
Types of Treasury Marketable Securities
Treasury Bills
Treasury Bills are short-term securities with five term options, from 4 weeks up to 52 weeks. Bills are sold at face value or at a discount from the face value. When they mature, you're paid the face value.
More About Treasury Bills
Treasury Notes
Treasury Notes are government securities which are issued with maturities of 2, 3, 5, 7, and 10 years. Notes pay interest every six months.
More About Treasury Notes
Treasury Bonds
Treasury Bonds (different from U.S. Savings Bonds) pay interest every six months. Historically a 30-year investment, Treasury Bonds are now offered in 20-year terms, as well.
More About Treasury Bonds
Floating Rate Notes (FRNs)
Interest payments on an FRN rise and fall based on the discount rates for 13-week Treasury bills. FRNs are only issued for a term of two years and pay interest quarterly (every three months).
More About Floating Rate Notes
Treasury Inflation-Protected Securities (TIPS)
TIPS are Treasury marketable securities whose principal is adjusted by changes in the Consumer Price Index. TIPS pay interest every six months and are issued in terms of 5, 10, and 30 years.
More About TIPS
Separate Trading of Registered Interest and Principal of Securities (STRIPS)
STRIPS let investors hold and trade the individual interest and principal components of eligible Treasury Notes, Bonds, and TIPS separately. STRIPS are popular with investors who want to receive a known payment on a specific future date. They are held and sold only through brokers, dealers, or financial institutions.
More About STRIPS
Past and discontinued securities
BECCS & CUBES
This program ended in 2006. These U.S. Treasury programs convert stripped bearer securities into book-entry securities that can be held in commercial book-entry accounts with brokers and financial institutions.
Auctions & Results
History of Treasury Marketable Securities
Upcoming Auctions
Recent Results
Historical Auction Search
Treasury Marketable Securities Regulations
How Do I....?
Buying and Selling
Bid in an Auction
Redeem
Reinvesting
Sell a Security
Managing a Security
Transfer a Security
Tracking for Taxes
We're Here to Help
Contact Us
Connect With Us
X (formerly Twitter)
Facebook
YouTube
RSS Feeds
Legal Information
Freedom of Information Act
Privacy
Terms & Conditions
Data Quality
For Web Developers
Accessibility
Related Sites
treasury.gov
fiscaldata.treasury.gov
USAspending.gov
Bureau of the Fiscal Service
USA.gov
Data.gov
Regulations.gov