With record demand for Series I bonds, an inflation-protected and nearly risk-free asset, the US Treasury Department unveiled a front-end redesign of TreasuryDirect, the online platform used by investors to purchase assets.
While the Treasury is still planning future system upgrades, Tuesday’s revamp focuses on website navigation, more concise information and a broader user experience, including a mobile-friendly design.
“Improving the front-end information pages on TreasuryDirect.gov enhances the user experience by helping customers more easily find the information they are looking for and improving the quality, look and feel of website information. “said a Treasury spokesman.
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With task-based navigation, the new website aims to more easily guide investors through transactions, such as buying or selling bonds.
There is also simplified content, aimed at providing quick answers to the most pressing questions. Although there is an improved help center, investors can now find more details through the product pages.
Demand for I bonds has been rising since last November
These updates come amid unprecedented demand for I bonds and new TreasuryDirect accounts.
Since the annual I bond yield jumped to 7.12% last November, there have been more than $27 billion in I bond sales, up from $364 million in 2020, according to the Treasury.
Adjusted every six months, I bonds currently offer an annual yield of 9.62% through October, the highest rate since the assets were introduced in 1998.
While it’s too early to predict November’s rate change, investors can roughly estimate the new rate when the US Bureau of Labor Statistics releases September consumer price index data.
The Treasury plans to “modernize” the customer experience
While some investors struggle with the 20-year-old platform, many have also struggled to get quick answers through TreasuryDirect’s customer service team.
In response, the Treasury said it had “more than doubled call center resources and made other technical improvements”, resulting in a 50% drop in wait times.
The average wait time for phone support is currently around an hour, up from 90 seconds before interest in I bonds soared, according to a person familiar with wait times.
“We continue to work to further reduce wait times and make additional improvements as best we can with the resources we have,” a Treasury spokesperson said.
For example, TreasuryDirect customers will soon have the option of updating their bank details online rather than by submitting a form by post, they said.