A Treasury Note is a marketable U.S. government debt security with a fixed interest rate and a maturity between one and 10 years. They can be purchased directly from the U.S. government or through a bank. When buying Treasury notes from the government, you can either put in a competitive or noncompetitive bid. With a competitive bid, you specify the yield you want; however, this does not mean your bid will be approved. With a noncompetitive bid, you accept whatever yield is determined at auction.