The 6 Best Brokers for Investing in Treasury Bills, Bonds and Notes

A closer look at the top 6 brokers for Treasurys

Fidelity

Fidelity has received our highest marks as the best overall broker for years, and its Treasury program, which offers purchases at auction and on the secondary market, is also one of only three on this list that allows customers to auto-roll the proceeds of matured Treasurys (new-issue bills and notes) into new positions. The broker also boasts a big collection of bond tools to support customers.

The minimum purchase is $1,000 — which is fairly standard across the industry — but people who want to invest smaller amounts in products such as Treasury bills may want to consider buying direct from the Treasury Department or exploring other platforms, such as Webull, which offers fractional purchases.

Outside of its Treasury offering, Fidelity also has attractive cash management options: Its core position choices — including SPAXX, FDIC, FCASH, FDRXX and FZFXX, where you can have uninvested cash settle — offer competitive yields.

Fees 

$0per trade for online U.S. stocks and ETFs

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Charles Schwab

As you’d expect from a legacy broker, Schwab also offers a compelling platform for Treasury investors. Bills, bonds and notes are available for purchase as new issues and on the secondary market — they’re also commission-free if you buy online.

Schwab clients can ask the broker to roll the proceeds from a bill that has reached maturity into a new one, but unlike Fidelity, it doesn’t support auto-roll for Treasury notes or 52-week Treasury bills. The minimum purchase increment is $1,000, which, again, is typical, but does mean the cash required to get started could be too high for some.

There’s very little that Schwab does poorly as a broker, but it significantly trails its peers in one area: Its interest rate on uninvested cash is among the lowest of any we review. Otherwise, Schwab is known for its quality customer service and has been rated as our best broker for IRA investors.

Best Online Broker for IRA Investors

Fees 

$0per online equity trade

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E*TRADE

E*TRADE offers robust tools for Treasury bond investors — the platform has a bond ladder builder, price/yield calculators and advanced bond screeners, just to name a few. Customers can buy new issues and on the secondary market both online and through E*TRADE fixed income specialists (though the latter option will cost you a $25 fee).

Similar to Schwab, E*TRADE’s rate on uninvested cash isn’t as competitive as some other brokers, but its platform is powerful and packed with educational resources and support. The broker hosts webinars and has online courses, and there are a ton of investment options to choose from beyond Treasurys, including options, futures and crypto.

• Treasurys offered: New issues (auction) and secondary market.

• Fees: Free online; $25 by phone.

• Minimum increment: $1,000.

• Auto-roll: Not available.

Fees 

$0per trade. Other fees apply.

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Fees 

$0per trade. Other fees apply.

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Public

You may notice that Public is the only broker on our list that charges a management fee, but that’s not necessarily a reason to write them off. While other brokers offer access to Treasurys through general brokerage or retirement accounts, Public has a dedicated Treasury Account.

Through this Treasury Account, you can build your own customized Treasury ladder or choose from pre-built options targeting various time horizons. Public offers Treasurys with a range of maturity dates, from three months to 30 years. Once your Treasurys mature, you have the option to reinvest or withdraw your money.

Editor’s Take

“This keeps happening to me. I test a product for work, find out I love it, and then start using it in my personal investing. That’s what happened with Public’s Treasury Account. I started testing the custom Treasurys portfolio builder, then realized it’s exactly what I’d been looking for. I built a portfolio of mixed maturities and yields to meet my risk tolerance/outlook, and can build on it further, set up recurring deposits, or withdraw all at any time. I’m fine paying the small fee for this convenience and UX. In fact, I’d pay just to not use TreasuryDirect again.”

• Treasurys offered: New issues (auction) and secondary market.

• Fees: 0.10% to 0.25% of face value. Public’s Treasury Account has a management fee that ranges from 0.09% to 0.29% per year, depending on account size.

• Minimum increment: $1,000 initial deposit; subsequent Treasurys can be bought for a minimum of $100. 

• Auto-roll: Yes (auction purchases only).

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Webull

What makes Webull stand out against the competition is its fractional share offering for Treasury bonds. While most brokers only allow you to buy in $1,000 increments, Webull makes buying Treasurys more accessible by cutting the minimum down to $100 for certain bonds.

And a tip from our editors: If you’re looking to buy Treasurys in a retirement account, Webull Premium — a subscription that runs $3.99 per month or $40 per year — may be worth looking into. It unlocks a 3.5% match on IRA contributions and a high interest rate on uninvested cash (3.35% at the time of writing).

However, if you’re looking to buy new issues or have your Treasurys automatically reinvested, you’ll only get those perks when shopping with Fidelity, Schwab or Public.

• Treasurys offered: Secondary market only.

• Fees: 0.10% of face value.

• Minimum increment: $1,000 (though some bonds are eligible for fractional trading starting at $100).

• Auto-roll: No.

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Interactive Brokers

Existing Interactive Brokers users will have no trouble navigating the broker’s Treasury marketplace, where you can filter for bills, bonds and notes based on maturity date, issue date and more. And if you’re looking to place a late-night trade, Interactive Brokers offers a generous window. You can trade bonds up to 22 hours per day during the week.

As previously mentioned, however, only a select few brokers offer new-issue Treasurys and an auto-reinvest option — and Interactive Brokers isn’t among them. Most secondary Treasury purchases with Interactive Brokers incur a 0.002% fee, but the minimum fee you’ll pay is $5, which may make trades slightly pricier compared with other brokers.

• Treasurys offered: Secondary market only.

• Fees: 0.002% for Treasurys with a face value under $1 million.

• Minimum increment: $1,000.

• Auto-roll: No.

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