View source for TreasuryDirect

{{Short description|US government website}}
{{about|the US government website|the debt payment scheme known as "Treasury Direct Accounts"|Redemption movement}}
{{Use mdy dates|date=August 2022}}
{{Use American English|date=September 2022}}

{{Infobox government agency
| name            = TreasuryDirect
| logo            = TreasuryDirect logo.svg
| parent_department = [[Bureau of the Fiscal Service]]
| agency_type     = [[United States Treasury security]] seller
| formed          = {{start date and age|1986}}
| embed           = {{Infobox website
| name = Website
| embed = yes
| screenshot = 
| caption = 
| collapsible = 
| language = English
| url = [https://www.treasurydirect.gov/ www.treasurydirect.gov]
| commercial = No
| launch_date = {{start date|2002}}
}}
}}

'''TreasuryDirect''' is a website run by the [[Bureau of the Fiscal Service]] under the [[United States Department of the Treasury]] that allows US individual investors to purchase [[United States Treasury security|treasury securities]], such as [[savings bond]]s, directly from the US government. It enables people to manage their investments online, including connecting their TreasuryDirect account to a [[bank account]] for deposits and withdrawals.

TreasuryDirect started in 1986 as a [[book entry]] system with business conducted over [[United States Postal Service|postal mail]], as an alternative to purchasing securities as [[Engraving|engraved]] paper certificates. The current online system launched in 2002. A replacement system known as TRIM has been in progress since 2013,<ref name=":8" /> but after a decade of development, the project is at risk.<ref name="IT Dashboard">{{Cite web |title=Business Case |url=https://www.itdashboard.gov/investment-business-case/015-000000062 |access-date=2023-12-04 |website=Federal IT Dashboard |publisher=[[General Services Administration]]}}</ref>

== Products and services ==
A TreasuryDirect account enables purchasing treasury securities: Treasury bills, Treasury notes, Treasury bonds, Inflation-Protected Securities ([[Treasury security#TIPS|TIPS]]), [[floating rate note]]s (FRNs), and [[United States Savings Bonds|Series I and EE Savings Bonds]] in electronic form.<ref>{{Cite web |title=Treasury Securities & Programs |url=https://www.treasurydirect.gov/indiv/products/products.htm |access-date=2022-08-16 |website=TreasuryDirect}}</ref> TreasuryDirect charges no fees for opening an account, purchasing bonds, redeeming bonds, or maintaining an account.<ref>{{Cite web |title=TreasuryDirect Help: Frequently Asked Questions |url=https://www.treasurydirect.gov/indiv/help/tdhelp/faq.htm |access-date=2022-08-31 |website=TreasuryDirect}}</ref><ref>{{Cite web |title=My Accounts: TreasuryDirect |url=https://www.treasurydirect.gov/indiv/myaccount/myaccount_treasurydirect.htm |access-date=2022-08-31 |website=TreasuryDirect}}</ref> It allows rolling repurchase of securities as the currently-held items mature.

The website allows money to be deposited from and withdrawn to personal [[bank account]]s. A TreasuryDirect account holder can direct the Treasury to deposit all or part of their income [[tax refund]] into their account using IRS Form 8888.<ref>{{Cite news |date=January 27, 2019 |title=Grow your tax refund with savings bonds |pages=H8 |work=The Orlando Sentinel |url=https://www.newspapers.com/image/526400438/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref> A person can also instruct their employer to [[direct deposit]] an amount from each paycheck into their TreasuryDirect account, which replaced an earlier system where an employee could instruct their company to purchase paper bonds with a portion of their paycheck.<ref>{{Cite news |date=February 6, 2005 |title=Buying savings bonds has become easier |pages=34 |work=The News-Star |agency=Gannett News Service |publication-place=Monroe, Louisiana |url=https://www.newspapers.com/image/226442844/ |access-date=2022-09-02 |via=[[Newspapers.com]] |url-access=subscription}}</ref>

TreasuryDirect offers a way for people to convert their paper savings bonds into [[book entry]] form (managed within the electronic system), which reduces the risk of losing paper bonds and allows redeeming bonds online.<ref name=":5">{{Cite news |date=January 5, 2012 |title=Answers regarding savings bonds |pages=3 |work=The Ville Platte Gazette |url=https://www.newspapers.com/image/610727452/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref>

Another component is "Treasury Hunt", a tool to help the public find and cash in their mature savings bonds and other security interest payments owed to them.<ref>{{Cite web |date=February 5, 2001 |title=Public Debt Launches Treasury Hunt, New Web site Helps Public Find Money And Bonds |url=https://www.treasurydirect.gov/news/pressroom/pressroom_comhunt.htm |access-date=2022-08-19 |website=TreasuryDirect}}</ref> As of 2019, the public held $26 billion of savings bonds that are no longer earning interest.<ref>{{Cite web |date=December 30, 2019 |title=The Fiscal Service Announces Treasury Hunt Matured Savings Bond Search Tool |url=https://www.treasurydirect.gov/news/pressroom/pressroom_com12302019.htm |access-date=2022-08-19 |website=TreasuryDirect}}</ref>

TreasuryDirect includes information and research tools to help individual investors purchase and manage Treasury securities.<ref>{{Cite web |title=Tools |url=https://treasurydirect.gov/indiv/tools/tools.htm |access-date=2022-08-17 |website=TreasuryDirect}}</ref> The TreasuryDirect system can be accessed via the URL ''[https://www.wizard.gov/ wizard.gov]'', which formerly led to its Savings Bond Wizard tool (replaced by a Savings Bond Calculator).<ref>{{Cite web |last=Girardin |first=Lauren |date=March 3, 2015 |title=The 13 Most Bizarre .Gov Domains |url=https://www.govloop.com/community/blog/13-bizarre-gov-domains/ |access-date=2022-08-17 |website=GovLoop |language=en-US}}</ref>

== Account management ==
Personal finance columnists have described the website as frustrating, finicky, clunky, and outdated.<ref>{{Cite web |last=Butler |first=Peter |date=2022-08-30 |title=I Bonds' Record-High Rates Are Worth the Hassle: How to Purchase Savings Bonds Online |url=https://www.cnet.com/personal-finance/investing/i-bonds-record-high-rates-are-worth-the-hassle-how-to-purchase-savings-bonds-online/ |access-date=2022-09-02 |website=CNET |language=en}}</ref><ref>{{Cite web |last=Wang |first=Penelope |date=2022-05-11 |title=How I Bonds Help You Fight Inflation |url=https://www.consumerreports.org/financial-planning/how-i-bonds-can-help-you-fight-inflation-a3038771351/ |access-date=2022-09-02 |website=Consumer Reports |language=en-US}}</ref> After logging in, a user cannot use their web browser [[Back button (web browser)|"back" button]] during their session, since that can log them out.<ref>{{Cite news |last=Wells |first=Charlie |date=2022-04-14 |title=A Year of Inflation-Beating Yields With No Risk? Time May Be Running Short |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2022-04-14/how-to-buy-i-bonds-time-may-be-running-out-to-lock-in-high-inflation-yields |access-date=2022-08-29 |url-access=subscription}}</ref>

Account registration with TreasuryDirect includes an identity verification step, and the system requires some people to complete an additional paper identity verification form and get it [[Notary|notarized]].<ref name=":14">{{Cite web |last=Nguyen |first=Janet |date=2023-11-03 |title=TreasuryDirect improves user experience for buying I bonds |url=https://www.marketplace.org/2023/11/03/after-surge-in-i-bond-buying-crashed-the-site-last-year-treasurydirect-has-made-some-upgrades/ |access-date=2024-05-25 |website=Marketplace |language=en-US}}</ref> Previously, TreasuryDirect sometimes required bringing the form to a bank or [[Credit unions in the United States|credit union]] for a [[medallion signature guarantee|signature guarantee]].<ref name=":14" /><ref name=":0">{{Cite web |last=Dore |first=Kate |date=July 14, 2022 |title=Lawmaker urges Yellen, Treasury Department to remove 'red tape' for Series I bonds |url=https://www.cnbc.com/2022/07/14/lawmaker-urges-treasury-department-to-nix-series-i-bonds-red-tape.html |access-date=2022-08-16 |website=CNBC |language=en}}</ref> That process could be complicated and take weeks, and US Representative [[Abigail Spanberger]] wrote a letter of concern about this to the Department of the Treasury.<ref name=":0" /> The account process can be especially difficult for people less familiar with electronic systems.<ref name=":1">{{Cite news |last=Singletary |first=Michelle |date=May 20, 2022 |title=Inflation-linked U.S. bonds crashed the TreasuryDirect website |url=https://www.washingtonpost.com/business/2022/05/20/i-savings-bonds-treasurydirect-website-crash/ |url-access=limited |access-date=2022-08-16 |newspaper=The Washington Post}}</ref>[[File:TreasuryDirectLoginScreen.PNG|thumb|TreasuryDirect login screen, showing [[virtual keyboard]]]]

As of May 2023, the TreasuryDirect login screen allows normal entry of a password. Previously, the login screen required the user to enter their password using a [[virtual keyboard]], which prevented [[Cut, copy, and paste|copying-and-pasting]] a password or automatically entering a password using some [[password manager]]s.<ref name=":11">{{Cite web |last=Dore |first=Kate |date=June 29, 2022 |title='It's like going to the DMV online': What to know about buying Series I savings bonds via TreasuryDirect |url=https://www.cnbc.com/2022/06/29/how-to-buy-series-i-savings-bonds-via-treasurydirect.html |access-date=2022-08-16 |website=CNBC |language=en}}</ref> This virtual keyboard made using a [[Password strength|strong password]] more difficult, and people made unofficial [[bookmarklet]]s and [[browser extension]]s to enable pasting a password.<ref name=":3">{{Cite web |last=Sit |first=Harry |date=2022-01-31 |title=How To Use Password Manager with TreasuryDirect for I Bonds |url=https://thefinancebuff.com/password-manager-i-bonds-treasurydirect.html |access-date=2022-08-17 |website=The Finance Buff |language=en-US}}</ref>

As of December 2022, the TreasuryDirect website allows people to connect their account to a new bank account online.<ref>{{Cite web |last=Sit |first=Harry |date=2022-01-09 |title=Where to Get a Signature Guarantee for I Bonds at TreasuryDirect |url=https://thefinancebuff.com/treasurydirect-signature-guarantee-i-bonds.html |access-date=2023-05-06 |website=The Finance Buff |language=en-US}}</ref> Previously, if a person needed to correct their bank account or add a different one, they needed to complete the paper signature guarantee process.<ref>{{Cite news |last=Singletary |first=Michelle |date=June 22, 2022 |title=This inflation-proof bond is paying 9.62%. Here's how to buy it. |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/2022/06/22/step-by-step-guide-to-buy-i-bonds/ |access-date=2022-08-16 |url-access=limited}}</ref><ref name=":2">{{Cite news |last=Carrns |first=Ann |date=2022-03-11 |title=Government Site for Buying Savings Bonds Shows Its Age |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/11/your-money/savings-bonds-inflation.html |access-date=2022-08-16 |issn=0362-4331 |url-access=limited}}</ref>

Related to increased demand in 2022, the TreasuryDirect customer support phone number sometimes had wait times longer than two hours.<ref name=":1" /> TreasuryDirect says that customer requests sent by mail can take up to 13 weeks to process.<ref name=":7">{{Cite web |last=Wilson |first=Diane |date=2022-08-19 |title=Raleigh man forced to jump through hoops to get access to his own money |url=https://abc11.com/investments-treasury-direct-investing-tips-abc11-troubleshooter/12142197/ |access-date=2022-08-22 |website=ABC11 Raleigh-Durham |language=en}}</ref> This can cause issues for people who need assistance with selecting and filling out the correct forms to take actions on their investments.<ref name=":7" />

The [[Terms and Conditions|terms and conditions]] for securities purchased through TreasuryDirect are in the ''[[Code of Federal Regulations]]'' in the form of an [[FAQ]], including details about account management.<ref>{{CodeFedReg|31|363}}</ref>

== System history ==
Before establishing TreasuryDirect, Treasury staff sold securities in paper certificate form to individual investors from windows in the lobbies of their office in [[Washington, D.C.]] and some [[Federal Reserve Bank]]s.<ref name=":9">{{Cite book |last1=Glaessner |first1=Thomas C. |url=https://books.google.com/books?id=SWuj17OAXe0C |title=Two Case Studies on Electronic Distribution of Government Securities: The U.S. TreasuryDirect System; The Philippine Expanded Small Investors Program |last2=Kantur |first2=Zeynep |publisher=World Bank Publications |year=2004 |pages=6–10 |language=en}}</ref>

=== 1980s: Postal mail ===
[[File:TreasuryDirect advertisement in 1986.png|thumb|Advertisement to the public in May 1986<ref>{{Cite news |date=May 17, 1986 |title=Public Seminar: Treasury Direct |pages=43 |work=The Atlanta Constitution |url=https://www.newspapers.com/image/399589637/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref>]]
The TreasuryDirect service originated in 1986 as a computerized service conducted over postal mail.<ref name=":4">{{Cite news |last=Alt Powell |first=Eileen |date=August 14, 2002 |title=Several ways to buy Treasury securities |pages=33 |work=The Greenville News |agency=Associated Press |publication-place=Greenville, South Carolina |url=https://www.newspapers.com/image/194177523/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref><ref>{{Cite news |last=Doyle |first=Bill |date=April 18, 1986 |title=Treasury Bills Buyers' Best Bet is 'Non-Competitive' |pages=26 |work=Logansport Pharos-Tribune |url=https://www.newspapers.com/image/31647890/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref> Instead of issuing traditional [[Engraving|engraved]] certificates, it sold notes, bonds, and bills in a computerized book-entry system; Treasury estimated that this shift would save $46 million.<ref>{{Cite news |date=May 23, 1986 |title=No more certificates: U.S. Treasury will send out statements |pages=38 |work=The News Tribune |agency=Knight-Ridder Newspapers |publication-place=Tacoma, Washington |url=https://www.newspapers.com/image/737238499/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref>

=== 1990s: Telephone and website ===
TreasuryDirect had 900,000 participants in 1996, which dropped in 1997 to 825,000 participants.<ref>{{Cite news |date=September 7, 1997 |title=Treasury eases way for small investors |pages=30 |work=The Times-News |agency=Newsday |publication-place=Twin Falls, Idaho |url=https://www.newspapers.com/image/394817979/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref> In 1997, the system, described as "suffering from pre-electronic age procedures", was updated to modernize it and encourage more people to participate.<ref>{{Cite news |last=Currier |first=Chet |date=October 19, 1997 |title=Funds aren't always the answer: Some needs call for a different investment strategy, option |pages=30 |work=The Sheboygan Press |agency=Associated Press |url=https://www.newspapers.com/image/242323049/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref> The changes included enabling debits from a bank account (instead of paying by check), ordering reinvestments over a [[toll-free telephone number]], and selling securities by mail.<ref>{{Cite news |date=September 5, 1997 |title=Treasury improves investment service |pages=42 |work=Fort Worth Star-Telegram |agency=[[Bloomberg News]] |url=https://www.newspapers.com/image/647184157/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref>

By 1998, the Treasury website hosted forms that a person could print out and mail to establish a TreasuryDirect account.<ref>{{Cite news |date=October 4, 1998 |title=Treasuries-by-phone sales set to begin tomorrow |pages=87 |work=The Boston Globe |agency=Reuters |url=https://www.newspapers.com/image/441899882/ |access-date=2022-08-29 |via=[[Newspapers.com]] |url-access=subscription}}</ref> In 1999, Treasury started a separate service called Savings Bond Direct that allowed buying paper savings bonds online with a credit card and without establishing an account.<ref name=":9" />

=== 2000s: Online sales ===
The TreasuryDirect website started selling electronic Series I bonds online in October 2002, and it added Series EE bonds in May 2003.<ref name=":6" /> This system was designed to support up to 80 million user accounts; by March 2004, it had 168,000 accounts.<ref name=":9" /> Concurrent with the new system, credit card sales of savings bonds was terminated on December 31, 2003.<ref>{{Cite web |last=Plaehn |first=Tim |title=Can I Still Purchase Savings Bonds Using My Credit Card? |url=https://finance.zacks.com/can-still-purchase-savings-bonds-using-credit-card-6434.html |access-date=2023-10-17 |website=Finance - Zacks |language=en}}</ref>

The online TreasuryDirect service was part of Treasury's plan to stop selling paper savings bonds.<ref name=":6">{{Cite news |last=Fuerbringer |first=Jonathan |date=2003-05-06 |title=Treasury Is Moving to Make All Savings Bond Sales Online |language=en-US |work=The New York Times |url=https://www.nytimes.com/2003/05/06/business/the-markets-bonds-treasury-is-moving-to-make-all-savings-bond-sales-online.html |access-date=2022-08-18 |issn=0362-4331 |url-access=limited}}</ref> At the time, a Treasury official said that the cost of running the paper savings bond program was relatively high, making it <nowiki>''</nowiki>not an efficient means of financing for the federal government".<ref name=":6" />

Treasury continued to offer book-entry sales via postal mail and telephone orders, calling that system '''Legacy TreasuryDirect''' to distinguish it from online TreasuryDirect accounts.<ref name=":9" />

In 2006, TreasuryDirect added a "[[virtual keyboard]]" to its login system for entering a password.<ref>{{Cite web |last=Bruene |first=Jim |date=2006-08-11 |title=TreasuryDirect adds Virtual Keyboard |url=https://finovate.com/treasury-direct-virtual-keyboard/ |access-date=2023-05-06 |website=Finovate |language=en-US}}</ref>

From 2007 to 2011, the login system also required entering a random code from a card mailed to the user, which a Treasury spokesperson described as "somewhat of a stickler for us in terms of customer satisfaction."<ref>{{Cite web |last=Hunsberger |first=Brent |date=2011-11-10 |title=Treasury gets rid of website's cumbersome access card, making buying savings bonds easier |url=https://www.oregonlive.com/finance/2011/11/treasury_gets_rid_of_treasuryd.html |access-date=2023-05-06 |website=The Oregonian/OregonLive |language=en}}</ref> This access card provided a form of [[multi-factor authentication]], and TreasuryDirect replaced it with the more standard method of sending a one-time password to the user's email address.<ref>{{Cite web |last=Ping |first=Jonathan |date=2011-11-08 |title=TreasuryDirect.gov Security Login Changes 2011 |url=https://www.mymoneyblog.com/treasury-direct-gov-security-login-changes-2011.html |access-date=2023-05-08 |website=My Money Blog |language=en-US}}</ref><ref>{{Cite web |last=Enna |first=David |date=2022-10-07 |title=A nostalgic look back at TreasuryDirect’s ‘decoder ring’ login system |url=https://tipswatch.com/2022/10/07/a-nostalgic-look-back-at-treasurydirects-decoder-ring-login-system/ |access-date=2023-05-08 |website=Tipswatch |language=en}}</ref>

=== 2010s: Online-only services ===
[[File:US Savings Bond EE $75.png|thumb|Discontinued paper Series EE [[United States Savings Bonds|savings bond]] from 1983, with serial number in [[punched card]] format]]
Treasury stopped selling paper Series EE and I savings bonds on December 31, 2011, requiring people to use the TreasuryDirect website to purchase them, except for paper Series I bonds purchased using a tax return.<ref name=":5" /> Paper savings bonds were previously a common gift that family members bought for children from a local bank or credit union,<ref>{{Cite news |last=Block |first=Sandy |date=September 5, 2010 |title=Grandparents' favorite gift, Savings Bonds, join e-world by going paperless |pages=35 |work=Great Falls Tribune |agency=USA Today |url=https://www.newspapers.com/image/244084009/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref> but people found giving bonds in electronic form to be more complicated.<ref>{{Cite news |last=Tompor |first=Susan |date=December 13, 2012 |title=Savings Bonds used to be an easy holiday gift. Now? Not so much |pages=A8 |work=Honolulu Star-Advertiser |agency=USA Today |url=https://www.newspapers.com/image/266499643/ |access-date=2022-08-17 |via=[[Newspapers.com]] |url-access=subscription}}</ref>

However, the switch to electronic bonds did not significantly impact overall bond sales, as reported by the [[Government Accountability Office]] in 2015: "the decline in savings bond purchases after Treasury discontinued the sale of paper savings bonds in January 2012 was consistent with the overall long-term decline in savings bond purchases".<ref name=":8">{{Cite web |last= |first= |date=July 2015 |title=U.S. Savings Bonds: Future of Offering Paper Savings Bonds at Tax Time Is Uncertain, and Lower-Income Households Continue to Face Savings Challenges |url=https://www.gao.gov/assets/gao-15-563.pdf |access-date=2022-08-23 |website=[[U.S. Government Accountability Office]] |pages=10–12 |language=en}}</ref> Savings bond purchasers tend to purchase fewer bonds when interest rates are lower, and interest rates had been declining over the past several years.<ref name=":8" /> For example, in May 2015, new Series EE bonds earned 0.3 percent interest, and new Series I bonds earned zero percent interest at that time.<ref>{{Cite news |last=Carrns |first=Ann |date=2015-05-28 |title=Appeal of Savings Bonds Wanes in Ultralow Interest Environment |language=en-US |work=The New York Times |url=https://www.nytimes.com/2015/05/28/your-money/appeal-of-savings-bonds-wanes-in-ultralow-interest-environment.html |access-date=2022-08-29 |issn=0362-4331 |url-access=limited}}</ref>

In 2011, Treasury began phasing out Legacy TreasuryDirect, encouraging account holders to transition to the online system.<ref name=":10">{{Cite web |title=Legacy Treasury Direct Accounts: Default call-in appointments encourage account holder response |url=https://oes.gsa.gov/assets/abstracts/1509-Legacy-Treasury-Direct-Accounts.pdf |access-date=2022-08-31 |website=Office of Evaluation Sciences, [[General Services Administration]]}}</ref> Treasury decommissioned the legacy service in 2014,<ref name=":10" /> but continues to allow remaining account holders to hold securities to [[Maturity (finance)|maturity]] or transfer securities to another account.<ref>{{Cite web |title=Individual - Legacy Treasury Direct Phaseout |url=https://www.treasurydirect.gov/indiv/myaccount/ltdphaseout.htm |access-date=2022-08-31 |website=TreasuryDirect}}</ref>

==== Plans for replacement of TreasuryDirect ====
In 2014, Treasury published a request for comments to inform their work on Treasury Retail Investment Manager (TRIM), a future replacement for TreasuryDirect that would be "more flexible and responsive to changing business needs for delivering digital investing needs."<ref>{{Cite journal |date=July 31, 2014 |title=Proposed Collection of Information: TreasuryDirect System |url=https://www.federalregister.gov/documents/2014/07/31/2014-18052/proposed-collection-of-information-treasurydirect-system |journal=[[Federal Register]] |volume=79 |pages=44491}}</ref> Treasury published [[sources sought]] notices in 2015 for [[Systems architecture|architectural design]] and [[fraud]] prevention for TRIM.<ref>{{Cite web |date=March 5, 2015 |title=TRIM Architectural Design Review and Assessment |url=https://sam.gov/opp/25dd5d660c7ef1434274c5736e4202dc/view |access-date=2023-12-04 |website=[[System for Award Management]] |publisher=[[General Services Administration]]}}</ref><ref>{{Cite web |date=June 16, 2015 |title=TRIM – Fraud Prevention |url=https://sam.gov/opp/1633b6aebb3ce9268abce89219195c35/view |access-date=2023-12-04 |website=[[System for Award Management]] |publisher=[[General Services Administration]]}}</ref> As of May 2015, Treasury was working on defining technical [[requirement]]s and intending to "develop an implementation plan for TRIM by April 2016", part of a four-phase development plan: initiation, planning, execution, and closing.<ref name=":8" /> In 2019, Treasury said that TRIM would support both laptops and mobile phones, and that it would "allow the unbanked and the under-banked to electronically purchase investments by providing alternative payment mechanisms, unlike TreasuryDirect which requires bank accounts."<ref>{{Cite web |title=Department of the Treasury, Bureau of the Fiscal Service: Congressional Budget Justification and Annual Performance Report and Plan, FY 2019 |url=https://home.treasury.gov/system/files/266/16.-Fiscal-FY-2019-CJ.pdf |access-date=2023-12-04 |website=[[U.S. Department of the Treasury]] |page=22}}</ref>

=== 2020s ===
During the [[2021–2022 inflation surge]], a number of financial planners pointed out the potential benefits of using TreasuryDirect to purchase Series I Bonds during periods of high inflation, because their return is adjusted to match inflation.<ref>{{Cite news |last=Singletary |first=Michelle |date=2022-05-03 |title=Now is a good time to buy this inflation-indexed savings bond |url=https://www.washingtonpost.com/business/2022/05/03/inflation-government-i-savings-bonds/ |access-date=2022-08-16 |newspaper=Washington Post |language=en |url-access=limited}}</ref> The annual interest rate for I Bonds was 9.62% in April 2022, the highest inflation rate since this type of bond was introduced in 1998.<ref>{{Cite news |last=Carrns |first=Ann |date=2022-05-03 |title=Inflation bonds are earning eye-popping rates: 9.62 percent. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/05/03/business/inflation-bonds-rates.html |access-date=2022-08-29 |issn=0362-4331 |url-access=limited}}</ref> People opened 1.85 million new savings bond accounts between November 2021 and the end of June 2022.<ref name=":0" /> In May 2022, the TreasuryDirect website crashed at least once related to increased demand.<ref name=":1" />

TreasuryDirect is part of the Treasury Retail Securities Services program,<ref>{{Cite web |title=Who to Contact for Savings Bond Inquiries |url=https://www.treasurydirect.gov/indiv/tools/trssitetd.htm |access-date=2022-08-23 |website=TreasuryDirect}}</ref> and a 2022 Treasury budget document said "In FY 2020, Retail began development work to replace its aging TreasuryDirect (TD) application{{nbsp}}... With the deployment of TRIM, Retail will also roll out a new type of savings security for the public."<ref>{{Cite web |title=Department of the Treasury Fiscal Service: FY 2022 Capital Investment Plan |url=https://home.treasury.gov/system/files/266/2022-Bureau-of-the-Fiscal-Service-Capital-Investment-Plan.pdf |access-date=2022-08-19 |website=U.S. Department of the Treasury |page=30}}</ref> A Treasury spokesperson also said in March 2022 that they were working on a replacement system.<ref name=":2" />

In October 2022, TreasuryDirect updated its public informational website to make it easier to navigate and understand for investors looking for answers about bonds and other Treasury products.<ref name=":12">{{Cite web |last=Dore |first=Kate |date=October 4, 2022 |title=TreasuryDirect sold more than $27 billion in Series I bonds since Nov. 1. Now it's getting a makeover |url=https://www.cnbc.com/2022/10/04/as-demand-soars-for-series-i-bonds-treasurydirect-gets-a-makeover.html |access-date=2022-10-05 |website=CNBC |language=en}}</ref> At that time, Treasury said they had sold $27 billion in I Bonds since increasing the interest rate in November 2021, compared to $364 million in 2020.<ref name=":12" /> Near the end of October 2022, in the last few days that TreasuryDirect offered the 9.62% rate, the website saw a surge of new customers and was slow or unavailable to access for some people who had wanted to buy I Bonds.<ref name=":13">{{Cite web |last=Dagher |first=Veronica |title=Treasury Sold $3.4 Billion in I Bonds This Week as Investors Rushed to Get 9.62% Rate |url=https://www.wsj.com/articles/i-bond-treasury-interest-rate-deadline-11666912002 |access-date=2022-11-15 |website=WSJ |language=en-US |url-access=subscription}}</ref> Treasury said it could not guarantee that all orders would be completed in time to receive the 9.62% rate,<ref name=":13" /> and that the volume of purchases was causing "significant pressure and strain on the 20-year-old TreasuryDirect application".<ref>{{Cite web |last=Iacurci |first=Greg |date=2022-10-28 |title=Demand for Series I bonds crashes TreasuryDirect ahead of key deadline to secure 9.62% rate |url=https://www.cnbc.com/2022/10/28/treasurydirect-crashes-as-investors-try-to-beat-key-i-bond-deadline.html |access-date=2022-11-15 |website=CNBC |language=en}}</ref>

Nearly a decade after the initial request for comments, Treasury officials stated in March 2022 that TRIM/MyTreasury remains "a priority."<ref>{{Cite news |last=Carrns |first=Ann |date=2022-03-11 |title=Government Site for Buying Savings Bonds Shows Its Age |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/11/your-money/savings-bonds-inflation.html |access-date=2023-10-02 |issn=0362-4331 |url-access=limited}}</ref> In June 2023, it was announced that there is a high risk to the TRIM/MyTreasury project due to ongoing challenges related to delivery of core functionality, coding, defects, testing, and environments. At the same time, an independent verification and validation was undertaken to assess opportunities to improve processes and controls.<ref name="IT Dashboard"/>

== Similar programs ==
The [[National Treasury of Brazil]] has an online service called ''Tesouro Direto'' (Treasury Direct) that sells public bonds to individuals in Brazil, established in 2002.<ref>{{Cite book |last=Proite |first=André |url=https://www.tesourotransparente.gov.br/publicacoes/divida-publica-experiencia-brasileira/2009/30 |title=Dívida Pública: A Experiência Brasileira |date=2009-08-17 |publisher=World Bank and National Treasury of Brazil |pages=393–394 |chapter=Part III, Chapter 7: Treasury Direct: Internet public securities retail sales program |chapter-url=https://sisweb.tesouro.gov.br/apex/f?p=2501:9::::9:P9_ID_PUBLICACAO_ANEXO:4572}}</ref>

The [[federal government of Mexico]] established ''[[cetesdirecto]]'' (Treasury Certificates Direct) in 2010 to enable small and medium investors to purchase government securities online, by phone, and at customer service windows.<ref>{{Cite web |last=Tapia-Rangel |first=Claudia |date=April 30, 2014 |title=The Mexican Government Securities Market: III. Investor Base |url=https://www.banxico.org.mx/elib/mercado-valores-gub-en/oebps/Text/iiien.html |access-date=2022-08-30 |website=Banco de México}}</ref>

The [[Bank of Spain]] offers a ''Cuentas Directas'' (direct accounts) service to residents of Spain who want to purchase newly-issued Spanish Treasury securities.<ref>{{Cite web |date=December 14, 2021 |title=Review of the Spanish Government Securities Market |url=https://www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol20220331a1.pdf |access-date=2022-08-30 |website=Board of Governors of the Federal Reserve System |page=4}}</ref>

== See also ==

* [[Treasury Enterprise Architecture Framework]]

== References ==
{{Reflist}}

==External links==
*[https://www.treasurydirect.gov/ TreasuryDirect]
** {{webarchive | url=https://web.archive.org/web/20000302220232/https://www.treasurydirect.gov/ | date=March 2, 2000 | title=Snapshot}}
*[https://www.itdashboard.gov/investment-business-case/015-000000062 ITDashboard.gov details about future replacement (TRIM)]

[[Category:United States Department of the Treasury]]
[[Category:Government services web portals in the United States]]
[[Category:Government bonds]]