Sometimes, time seems to stand still — whether you’re having fun, falling in love, or trying to withdraw bonds from the TreasuryDirect website. With over $134B in marketable securities purchased this year, the government’s bond-selling site has become critical for investors in US government debt. But as demand has grown, the website has become a victim of its own success.

• Outdated infrastructure and a backlog of requests have led to significant wait times, with investors facing delays of up to a year when transferring securities to third-party brokerages.
• Despite these challenges, the number of funded accounts on TreasuryDirect surged to over 4M in 2023 — a big jump from 656K in 2019.

The price of popularity: TreasuryDirect’s issues now overshadow one of the treasuries’ key benefits: liquidity. While treasuries are typically easy to trade and are still attractive to small investors with a low $100 minimum, the long wait times might turn some away. With alternatives like treasury ETFs, high-yield savings accounts, and CDs offering competitive rates without the transfer headaches, TreasuryDirect’s appeal may be fading.