Nearly 3 million people opened accounts at TreasuryDirect.gov to buy Series I U.S. savings bonds when the rates – based on inflation – made headlines in 2022. Millions more savers have created TreasuryDirect accounts to purchase Treasury Bills at the weekly auctions – especially during periods when T-bill rates are higher than bank CDs.

These government IOUs are the safest repository for “chicken money” – money you cannot afford to lose. They have the full backing of the United States government.

For many years, those purchases have all been made electronically through an easy process at TreasuryDirect.gov. Now, starting September 18th, the Treasury department is creating a new level of security when you log in to their site.

Currently, you must enter your account number and password. Then the login is completed when you receive a code by email – a new code for each login attempt.

Once you’ve logged in, you can make purchases of Treasury bills, notes or bonds, with the purchase money being withdrawn directly from your bank account. You can also set automatic renewals, when those securities mature – agreeing to accept the interest rate set at that week’s auction.

(For a complete explanation of how to buy Treasury Bills, read the article posted on the home page at TerrySavage.com.)

What’s New
The Treasury Department has created a new, more secure log-in procedure, using a private company called ID.me. It creates a secure “wallet” that currently allows access to your information at websites including the IRS, Social Security, the Veterans Administration, various state agencies, and some other departments at the U.S. Treasury.

Starting September 18th, ID.me will be the secure portal to access your account at TreasuryDirect.gov.

You’ll have a few weeks to set up your ID.me access, while you continue to use your current login. By October 28th, ID.me will completely replace your previous access to your TreasuryDirect account.
If you haven’t set up ID.me by then, you’ll only be able to access your holdings by creating the ID.me login.

If you have a TreasuryDirect account, you should have already received an email informing you of this change. Please don’t ignore it. It includes instructions on how to establish your ID.me account – and the process is complex.

The new process will be available on September 18th. On that date, start by going to TreasuryDirect.gov and clicking on the new “Secure Sign In” button. Or, you can set up your account at ID.me, though you should wait until September 18th to get the highest level of security clearance.

You’ll need two government-issued forms of identity ready. You need your Social Security number, along with a valid government-issued photo ID, such as a driver’s license, state ID, passport or passport card.

You may also be asked for further photo verification by using your cell phone’s camera. (Details of this process have not been issued yet, but presumably you will be required to take a live photo to make sure it is a match for your government ID!) If you don’t have access to a smartphone, help will be provided at ID.me in the “help” section, under “identity verification.”

Here’s an important note. You may already have an ID.me account, which you currently use to access your IRS account or Social Security. But even if you already are registered at ID.me, and are using it successfully, it is likely that you will be asked to provide that photo ID information described above.
You won’t know that until you try to sign in to TreasuryDirect after September 18th.

Important Advice
This is a complex changeover, and one can only hope it goes smoothly. But with millions of novice savers trying to create this access, there are bound to be logjams.

If you haven’t created your ID.me access by October 28th, you won’t be able to access your account online to give instructions about renewals of investments, or to get your tax statement next January. But your money will still be safe in your account, waiting for you to create an ID.me account.

Meanwhile, since the existing sign-in process continues to be allowed, may I suggest you log in to your TreasuryDirect account as soon as possible using your current credentials. If you already own Treasury bills, click on the “manage account” tab and extend the automatic renewals for the maximum allowed (3 renewals for 6-month T-bills).

That presumes you want to keep the money renewing at maturity at the then-current rate. If you don’t schedule renewals, the money will drop back into your linked bank account.

But by scheduling future automatic renewals now, you’ll avoid the need to go back into your account at a time when the transition to the new log-in procedure is being established.

Treasury bills remain the most secure investment in the world, with interest rates reflecting an immediate global assessment of the impact of inflation during the period you hold them. And, of course T-bill interest is not subject to state income taxes.

So, don’t panic about the new procedure, but do act promptly to set up your ID.me login to TreasuryDirect. We all know technology change is a pain. And that’s The Savage Truth.