Do-It-Yourselfers Save Money

Reduce the cost of investing in government securities by cutting out the broker. How it’s done: For Treasury bills, notes or bonds, send a letter to the Federal Reserve Bank or one of its branches. Specify the securities to be bought and, for notes and bonds, the name they’ll be registered in. Enclose a check for the face amount of the securities ($10,000 minimum for bills, $5,000 for short-term notes and $1,000 for bonds). Postmark your letter by midnight the day before the next security auction. The Fed will send you a receipt, and a refund of the discount determined at the auction.