Where to park cash right now: T-bills vs CDs vs high‑yield savings
- 13-week T-bill4.195%auctioned Oct 19
- 12-month CD, national avg.1.76%FDIC, Oct 19
- Savings, national avg.0.38%FDIC, Oct 19
- Money market account avg.0.63%FDIC, Oct 19
Treasury bills, CDs, savings and money market deposit accounts side by side, using the latest official auction results and FDIC national averages, rebuilt every week.
Rates as of: Treasury bills from each term's latest auction (4-week bill auctioned Oct 22; 13-week bill auctioned Oct 19; 26-week bill auctioned Oct 19; 52-week bill auctioned Sep 29, 2026; U.S. Treasury auction results); FDIC national averages as of Oct 19, 2026 (FDIC National Rates and Rate Caps).
Official rates side by side
U.S. Treasury securities: not FDIC-insured · not bank deposits · market value can change before maturity
| Option | Rate | Term | Source, as of |
|---|---|---|---|
| Savings account | 0.38% | Any time | FDIC, Oct 19 |
| Money market deposit account | 0.63% | Any time | FDIC, Oct 19 |
| 4-Week T-bill | 4.012% | 1 month | Treasury, Oct 22 |
| 1-month CD | 0.23% | 1 month | FDIC, Oct 19 |
| 13-Week T-bill | 4.195% | 3 months | Treasury, Oct 19 |
| 3-month CD | 1.14% | 3 months | FDIC, Oct 19 |
| 26-Week T-bill | 4.372% | 6 months | Treasury, Oct 19 |
| 6-month CD | 1.39% | 6 months | FDIC, Oct 19 |
| 52-Week T-bill | 4.616% | 12 months | Treasury, Sep 29 |
| 12-month CD | 1.76% | 12 months | FDIC, Oct 19 |
Rates as of: Treasury bills from each term's latest auction (4-week bill auctioned Oct 22; 13-week bill auctioned Oct 19; 26-week bill auctioned Oct 19; 52-week bill auctioned Sep 29, 2026; U.S. Treasury auction results); FDIC national averages as of Oct 19, 2026 (FDIC National Rates and Rate Caps). T-bill figure is the investment rate (bond-equivalent yield) at the most recent auction; source: U.S. Treasury Fiscal Data. Deposit figures: Rates as of Oct 19, 2026. Source: FDIC, National Rates and Rate Caps, Oct 19, 2026, retrieved 2026-10-23 12:06 CDT. National rates are deposit-weighted averages across insured institutions and credit unions computed by the FDIC; savings and interest checking use the $2,500 tier, money market and CDs average the $10,000 and $100,000 tiers. They are averages, not offers from any institution. Change is in percentage points. The rate cap applies to banks that are less than well capitalized. Money market fund yields are not shown: no free official yield series was available to rebuild weekly, and figures are never estimated here.
After-tax yield calculator
Runs in your browser; nothing you type is sent anywhere. Educational illustration, not personalized advice: it applies flat tax rates to interest and ignores deductions, fees, penalties and compounding beyond the stated term.
T-bill interest: federal tax only (state-exempt). CD, savings and money market deposit interest: federal and state tax. Savings and money market rates are variable; the calculator holds today's national average for the whole term.
How the options differ
- Treasury bills are short-term U.S. government debt sold at auction (4 to 52 weeks). Interest is exempt from state and local income tax. Not FDIC-insured; market value can change before maturity.
- CDs lock a rate for a fixed term at a bank or credit union, usually with a penalty for early withdrawal. FDIC- or NCUA-insured up to applicable limits.
- Savings and money market deposit accounts allow withdrawals at any time; rates are variable. FDIC-insured at insured banks up to applicable limits. High-yield online accounts often pay well above the national averages shown here.
- Money market funds are SEC-regulated mutual funds, not deposits and not FDIC-insured; their yields are not covered on this page.
Related: T-bill vs CD state-tax-equivalent table · CD and T-bill ladder calculator · rates this week · FDIC national CD and savings rates · Treasury auction results.
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Frequently asked questions
Which pays more right now: T-bills, CDs or high-yield savings?
The table on this page compares the latest Treasury bill auction yields with FDIC national average CD, savings and money market deposit rates. National averages are typically well below the rates individual online banks advertise, so the comparison shows the official benchmarks, not the highest offer available.
Why are T-bills compared after tax?
Interest on Treasury bills is exempt from state and local income tax under federal law (31 U.S.C. 3124). CD, savings and money market deposit interest is taxable at both the federal and state level, so in states with an income tax a bill keeps more of its yield.
Is a money market account the same as a money market fund?
No. A money market deposit account is a bank deposit and is FDIC-insured up to applicable limits; the FDIC publishes its national average rate, which this page uses. A money market fund is a mutual fund regulated by the SEC; it is not FDIC-insured and its yield is not included here.
Are T-bills FDIC-insured?
No. Treasury bills are backed by the full faith and credit of the U.S. government rather than FDIC insurance. CDs, savings and money market deposit accounts at FDIC-insured banks are insured up to applicable limits.
Does this page tell me what to do with my cash?
No. It is an educational comparison of published rates and simple tax arithmetic. It ignores fees, early-withdrawal penalties, reinvestment rates, liquidity needs and individual tax situations; a tax or financial professional can address specifics.