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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.

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.

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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.

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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


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.

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