Where You Hold Your Securities
You can hold the securities you buy in either:
- a TreasuryDirect account
- the Commercial Book-Entry System (with a bank, broker, or dealer)
(You may have older securities in our Legacy Treasury Direct system, but we are phasing out that program. You can no longer bid through or add new securities to Legacy Treasury Direct.)
TreasuryDirect is a web application from the U.S. Department of the Treasury.
TreasuryDirect is free. There are no fees, no matter how much or how little you invest.
You may hold both savings bonds and Treasury marketable securities in TreasuryDirect.
Your securities in TreasuryDirect are electronic, so you don't have to worry about them getting lost, stolen, or damaged.
When your securities earn interest or when they mature (reach the end of their term), your payment is automatically deposited into the account you have specified.
In TreasuryDirect, you can view and manage your securities 24 hours a day, 7 days a week.
Your account is protected with a password you choose. (Your account will have an account number that is a letter followed by 9 numbers. Example: A-123-456-789)
You can set up an account as an individual or as a representative of an entity such as a corporation, an estate, a partnership, or a trust. More about entity accounts
Commercial Book-Entry System
When you work with a bank, broker, or dealer, your securities move through the Commercial Book-Entry System (CBES).
As in TreasuryDirect, in CBES, both securities and payments move electronically. Your securities are electronic records safe from loss, theft, and damage.
When your securities earn interest or when they mature, your payment is automatically deposited into your account with your bank, broker, or dealer.
If you want to bid competitively, and you do not have a TAAPS account, you must work through a bank, broker, or dealer; and you will get your securities through CBES. You can later transfer them into your TreasuryDirect account.
For more on competitive bidding, see Buying a Treasury marketable security.
Also see Transferring from one system to another.
For a deeper understanding of how CBES works, including a visual example as well as information on fees and relevant regulations, see Learn more about the Commercial Book-Entry System.