A T-bill ladder spreads cash across Treasury bills that mature at different times. This guide walks through a five-rung ladder using the 4-, 8-, 13-, 26- and 52-week bills, with the latest auction investment rates from TreasuryDirect, checked Nov 13, 2026.
Current T-bill auction yields
These are the high investment rates, and the matching high discount rates, from the most recent auction of each term, as published by TreasuryDirect. The price per $100 of face value is computed from the official discount rate and the actual number of days from issue to maturity, using Treasury's bill formula: 100 × [1 − (discount rate × days ÷ 360)].
| Term | Investment rate | Discount rate | Auction date | Days to maturity | Price per $100 | Source |
|---|---|---|---|---|---|---|
| 4-Week | 4.022% | 3.955% | Nov 12, 2026 | 28 days | $99.692389 | Results |
| 8-Week | 4.163% | 4.080% | Nov 12, 2026 | 56 days | $99.365333 | Results |
| 13-Week | 4.159% | 4.060% | Nov 9, 2026 | 91 days | $98.973722 | Results |
| 26-Week | 4.293% | 4.145% | Nov 9, 2026 | 182 days | $97.904472 | Results |
| 52-Week | 4.496% | 4.290% | Oct 27, 2026 | 364 days | $95.662333 | Results |
Investment rates and discount rates from TreasuryDirect auction results, retrieved Nov 13, 2026. The 4- and 8-week bills were auctioned Nov 12, 2026; the 13- and 26-week bills on Nov 9; the 52-week bill on Oct 27 (the 52-week bill is auctioned every four weeks). Prices are calculated from those official discount rates; they are not a quote to transact at.
The unweighted average of these five investment rates is 4.227%. That average is not a portfolio return, because the terms differ and future auction rates will change when a bill is replaced.
For comparison, the U.S. Treasury daily par yield curve on Nov 12, 2026, put the 1-month yield at 4.12%, the 2-month at 4.26%, the 3-month at 4.32%, the 6-month at 4.42% and the 1-year at 4.65%. Auction investment rates and par yields are related but are not the same measure.
How a five-rung ladder works
One straightforward structure uses all five regular bill terms at once:
- Set aside a face amount for each rung — for example, $5,000 of face value on each of the five terms, or $25,000 of face value in total. Bills are issued at a discount, so the cash outlay is a little below face value (see the price column above).
- Submit a noncompetitive bid for each term at its next auction, through a TreasuryDirect account or a bank, broker or dealer. A noncompetitive bid accepts the high rate set at that auction, up to $10 million per auction.
- When a bill matures, the holder receives face value. Those proceeds can be placed into a new bill of the same term (a matched-term roll) or into the longest term, the 52-week bill (a roll-to-long structure).
Under a matched-term roll, cash continues to come due at about 4, 8, 13, 26 and 52 weeks. Under a roll-to-long structure, shorter bills are replaced with 52-week bills as they mature, so after about a year the holdings are mostly 52-week bills coming due on a staggered schedule. Neither structure is advice; they are two ways the same five terms are commonly arranged. The ladder calculator can run the cash flows for a chosen face amount.
Auction frequency comes from TreasuryDirect results: the 4-, 8-, 13- and 26-week bills are auctioned weekly, and the 52-week bill every four weeks. The auction schedule and the auction calendar list the next dates.
A $5,000-per-rung example
Using the official discount rates and day counts in the table, the cash outlay at issue for $5,000 of face value on each rung would be:
- 4-week: $4,984.62, for a bill that matures Dec 15, 2026.
- 8-week: $4,968.27, maturing Jan 12, 2027.
- 13-week: $4,948.69, maturing Feb 11, 2027.
- 26-week: $4,895.22, maturing May 13, 2027.
- 52-week: $4,783.12, maturing Oct 28, 2027.
The five outlays add up to $24,579.92 for $25,000 of face value. Each rung then pays its own face value on its own maturity date; those dollar amounts are not a one-year return, because the bills come due at different times and a replacement bill will be issued at whatever rate that later auction sets. This example uses the latest completed auction of each term as of Nov 13, 2026. It is an illustration, not an offer and not a projection.
Where the bills can be held
Individuals can bid in Treasury auctions through a TreasuryDirect account or through a bank, broker or dealer. The differences — when cash is available, whether a bill can be transferred before maturity, and how tax forms are delivered — are covered in T-bills: TreasuryDirect vs a brokerage and the TreasuryDirect step-by-step guide.
A Treasury bill held to maturity pays face value. A bill transferred in the secondary market before maturity is transferred at a market price that may be above or below the original purchase price. Bills are obligations of the U.S. government. They are not FDIC-insured bank deposits. See FDIC deposit insurance explained and the Treasury secondary market.
Taxes, in brief
Interest on Treasury bills is subject to federal income tax and is exempt from state and local income tax, under 31 U.S.C. 3124 and as described by TreasuryDirect and IRS Topic 403. That interest is generally reported in the year the bill matures or is transferred, which may not be the year it was acquired. The 1099-INT tax guide and T-bill vs CD after tax cover the forms and the after-tax comparison.
Research tools
To follow yields, funds and your own holdings in one place, Stock Rover offers research and portfolio tools.
Affiliate disclosure. The Stock Rover link below is an affiliate link. YieldDocket may earn a commission if you sign up, at no extra cost to you. It never changes the data we publish. How we get paid. Educational data, not investment advice.
Compare Stock Rover plans (affiliate link)
Frequently asked questions
What is a T-bill ladder?
A T-bill ladder is a group of Treasury bills with different maturity dates, so cash comes due on a staggered schedule. This page uses the 4-, 8-, 13-, 26- and 52-week terms Treasury auctions on a regular schedule.
How often is each term auctioned?
In the 12 months to mid-November 2026, the 4-, 8-, 13- and 26-week bills were each auctioned every week, and the 52-week bill every four weeks, according to TreasuryDirect auction results. Upcoming dates are on the auction calendar.
What do the investment rate and the discount rate mean?
The discount rate is the rate used to set the price of a bill, on a 360-day year. The investment rate, also called the bond-equivalent yield, is the annualized return if the bill is held to maturity, on a 365- or 366-day year. Both figures are published on each TreasuryDirect auction results announcement.
Does a ladder have a minimum amount?
TreasuryDirect accepts bids of $100 or more, in $100 increments, for each bill. A five-rung ladder with $100 of face value on each rung is $500 of face value. Brokerages set their own minimums. Noncompetitive bids through TreasuryDirect or a broker are capped at $10 million per auction.
When is the interest on a T-bill reported for taxes?
TreasuryDirect and IRS Publication 550 treat the difference between the purchase price and the amount received at maturity, or on a sale before maturity, as interest in the year the bill matures or is sold, which may not be the year it was acquired. See the 1099-INT tax guide.
Get the weekly YieldDocket email
Treasury auction results, FDIC national rates, and dividend changes from SEC filings. Free. Unsubscribe anytime.
We only collect your email address. Confirm by email; unsubscribe anytime.