Floating Rate Notes — TreasuryDirect

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<main id="main"> <section> <div class="section-container container-xxl"> <nav class="breadcrumb-container" aria-label="breadcrumb"> <ol class="breadcrumb"> <li class="breadcrumb-item"><a href="/marketable-securities/">Treasury Marketable Securities</a></li> <li style="padding-left: 0.2rem;">Floating Rate Notes</li> </ol> </nav> <div class="body-copy"> <h1>Floating Rate Notes (FRNs)</h1> <p>Floating Rate Notes (FRNs) are relatively short-term investments that:</p> <ul> <li>mature in two years</li> <li>pay interest four times each year</li> <li>have an interest rate that may change or "float" over time</li> </ul> <p>You can hold an FRN until it matures or sell it before it matures.</p> </div> <div class="grid-row-container row "> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="body-copy"> <h2 class="h1">FRNs at a Glance</h2> <table class="table table-striped table-hover"> <tbody> <tr> <th scope="row">Issued in</th> <td>Electronic form only</td> </tr> <tr> <th scope="row">Matures in</th> <td>Two years</td> </tr> <tr> <th scope="row">Interest rate</th> <td>The rate varies. See <a href="#calculating">How we calculate the floating interest rate</a> further down this page.</td> </tr> <tr> <th scope="row">Interest paid</th> <td>Every three months until maturity</td> </tr> <tr> <th scope="row">Minimum purchase</th> <td>$100</td> </tr> <tr> <th scope="row">In increments of</th> <td>$100</td> </tr> <tr> <th scope="row">Max. purchase amount</th> <td>$10 million (non-competitive bid)<br> 35% of offering amount (competitive bid)<br> (See <a href="/marketable-securities/buying-a-marketable-security/">Buying a Treasury marketable security</a> for information on types of bids.) </td> </tr> <tr> <th scope="row">Auction dates</th> <td>Original issue: Jan., April, July, Oct.<br> Reopenings: All other months <br> See the <a href="https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf" target="_blank" rel="noreferrer noopener">Auction Calendar</a> for specific dates. </td> </tr> <tr> <th scope="row">Taxes</th> <td>Federal tax due each year on interest earned. No state or local taxes</td> </tr> <tr> <th scope="row">Eligible for <a href="/marketable-securities/strips/">STRIPS</a>?</th> <td>No</td> </tr> </tbody> </table> </div> </div> </div> </div> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="body-copy"> <h2 class="h1">Latest Rates</h2> </div> <div class="rate-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <a class="security-link h2 mt-0" href="/auctions/results/">2-Year FRN</a> <div id="2-Year"></div> </div> </div> </div> </div> <script type="text/javascript"> document.addEventListener('DOMContentLoaded', function () { var hostLocation = 'https://www.treasurydirect.gov'; if (!window.location.origin) { window.location.origin = window.location.protocol + "//" + window.location.hostname + (window.location.port ? ':' + window.location.port: ''); } if (window.location.origin === 'https://acc.treasurydirect.gov'){ hostLocation = 'https://acc.treasurydirect.gov'; } function dateConverter(rawDate) { return rawDate.substr(5, 2) + '\/' + rawDate.substr(8, 2) + '\/' + rawDate.substr(0, 4); } function decimalConverter(rawNumber, decimalSpaces) { if (rawNumber === "") { return rawNumber; } else { return parseFloat(rawNumber).toFixed(decimalSpaces); } } let securityElm = document.getElementById('2-Year'); $.getJSON(`${hostLocation}/TA_WS/securities/auctioned?format=jsonp&limitByTerm=true&type=FRN&days=720&&callback=?`, function (data) { let securityData = 'FRN' === 'FRN' ? data : data.filter(item => item.term.includes('2-Year')); let percentageType; if ('FRN' === 'Bill') { percentageType = decimalConverter(securityData[0].highInvestmentRate, 3) } else if ('FRN' === 'FRN') { percentageType = decimalConverter(securityData[0].spread, 3) } else if (decimalConverter(securityData[0].interestRate, 3) !== null) { percentageType = decimalConverter(securityData[0].interestRate, 3) } else { let securityType = 'FRN'; securityElm.innerHTML = ` <div class="rate">No scheduled ${securityType} offerings.</div> `; } if (percentageType !== null) { securityElm.innerHTML = ` <div class="rate">${percentageType}%</div> <p>Issued ${dateConverter(securityData[0].issueDate)}. Price per $100: ${securityData[0].pricePer100}. CUSIP ${securityData[0].cusip}.</p> `; } }); }); </script> <div class="buttons-block"> <div class="wrapper"> <a class="btn btn-td-blue" href="/auctions/results/" >See All Rates</a> </div> </div> </div> </div> </div> </div> <div class="body-copy"> <h2 class="h1" id="calculating">How we calculate the floating interest rate</h2> <p>The interest rate of an FRN is the sum of two components: an index rate and a spread.</p> <ul> <li><strong>Index rate</strong>. This rate is tied to the highest accepted discount rate of the most recent 13-week Treasury bill. We auction the 13-week Treasury bill every week, so the index rate of an FRN is reset every week.</li> <li><strong>Spread</strong>. The spread is a rate we apply to the index rate. The spread stays the same for the life of an FRN. The spread is determined at the auction when the FRN is first offered. The spread is the highest accepted discount margin in that auction.</li> </ul> <p>The index rate plus the spread equals the interest rate.</p> <p>We apply the interest rate to an FRN's par value every day. Thus, the FRN accumulates interest earned every day.</p> <p>You can see <a href="/auctions/announcements-data-results/frn-daily">the index rates and spread for current FRNs</a>. Also, see "<a href="/auctions/announcements-data-results/frn-daily/frn-query-help/">How to use the FRN daily indexes database</a>". </p> </div> <div class="grid-row-container row "> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <h4 class="h2">How do I ... <span>for an FRN</span> </h4> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/buying-a-marketable-security/">Buy a Treasury marketable security</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/tax-forms-and-withholding/">Find out about tax forms and tax withholding</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/redeeming-marketable-securities/">Get my money when my security matures (redeem the security)</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/reinvesting-a-marketable-security/">Reinvest my money in the same type of security</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/selling-marketable-securities/">Sell my security before it matures</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/transferring-between-systems/">Transfer from one system to another</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/understanding-pricing/">Understand pricing and interest rates</a></p> </div> </div> </div> </div> </div> </div> </div> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="body-copy"> <h3 class="h2">Related topics:</h3> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/">About Treasury Marketable Securities</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/auctions/">About Auctions</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/treasury-bills/">Treasury Bills</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/treasury-bonds/">Treasury Bonds</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/treasury-notes/">Treasury Notes</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/tips/">TIPS</a></p> </div> </div> </div> </div> </div> </div> </div> </div> <section> <div class="section-container container-xxl"> <div class="body-copy"> <h2 class="h1">We're Here to Help</h2> <p>We welcome your 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