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Compare what the same amount of money is likely to earn over the same period, after taxes—not just the headline rates. Treasury yields, CD APYs, and savings APYs use different measures, and they differ in rate certainty, access to cash, and tax treatment.
Start with the same time horizon and principal
Choose when you expect to need the money, then compare options that cover that period. Estimate the gross dollar return on the same starting balance before considering taxes, access, and account conditions.
A Treasury bill’s quoted yield and a deposit account’s APY are not interchangeable. Bills are sold at par or at a discount and pay face value at maturity; the difference between the purchase price and face value is the bill’s interest. Bills mature within one year. Treasury lists regular bill terms of 4, 6, 8, 13, 17, 26, and 52 weeks. A bill’s rate is fixed at auction for its term. TreasuryDirect: Treasury bills and TreasuryDirect: Understanding pricing and interest rates explain the mechanics.
APY annualizes interest and compounding under prescribed assumptions. For deposit-account disclosures, the calculation generally assumes the principal and interest stay in the account for the term and that no other transactions occur. For a variable-rate account, the disclosed APY uses the initial rate and assumes it will not change during the calculation; it does not promise that the rate will persist. CFPB Regulation DD, Appendix A defines the measure and its assumptions.
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Do not treat a short-term bill as a year-long guarantee
A 13-week bill’s term is 13 weeks. If you estimate a full-year result by reinvesting at maturity, label that as an assumption: later auction rates are unknown. By contrast, a one-year CD may lock its disclosed terms for its stated maturity, while a variable savings APY can change during the year.
Use a consistent comparison
- Set the cash-needed date. Decide when you may need the money and select a bill term or CD maturity close to that date; savings accounts typically have no stated maturity, but their terms still matter.
- Record each rate’s basis. Note the Treasury maturity and whether you are using an auction yield or another quoted yield; for a CD or savings account, record the APY, balance tier, term, and any introductory conditions.
- Estimate dollars over the shared period. Use the same principal and period. For a bill, account for its purchase price and maturity payment; for a deposit account, use the disclosed APY assumptions and do not treat a variable rate as guaranteed.
- Adjust for your taxes. Apply your own federal, state, and local tax circumstances before comparing the amount you expect to keep.
- Compare access and protections. Check how and when you can withdraw or sell, what restrictions or fees apply, and whether a deposit product and institution qualify for deposit insurance.
Understand which rate you are looking at
Treasury market statistics are reference rates, not bank offers. The Treasury’s daily par yield curve is based on closing bid-price quotations for recently auctioned securities obtained through the Federal Reserve Bank of New York at approximately 3:30 p.m. each business day. U.S. Treasury interest-rate statistics describes the series. Notes and bonds pay interest every six months; their yield to maturity at auction can differ from the coupon rate and the purchase price. Be explicit about which yield and maturity you are comparing.
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For CDs and savings accounts, compare the APY for the balance and product terms you actually qualify for. An advertised rate may depend on a minimum balance, eligibility requirements, or an introductory period. The APY disclosure convention does not make a variable rate certain for the full year.
Account for taxes before choosing a winner
Interest on bank accounts, money-market accounts, and CDs is taxable interest. Interest on Treasury bills, notes, and bonds is subject to federal income tax but exempt from state and local income taxes. The IRS summarizes these rules in Topic No. 403, Interest Received.
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The state and local exemption can affect the comparison, but it does not establish a universal winner. Your after-tax result depends on your applicable tax circumstances and the returns available for the specific products. Compare after-tax dollars using your own situation rather than assuming a Treasury’s quoted yield is directly comparable to a deposit APY.
Compare rate certainty and access to cash
| Feature | Treasury bills | Certificates of deposit | High-yield savings accounts |
|---|---|---|---|
| Rate basis | Rate fixed at auction for the bill’s term; bills are issued at par or at a discount. | Compare the disclosed APY and maturity-specific offer; check whether the terms are fixed or variable. | APY reflects compounding; a variable rate may change. |
| Time horizon | Regular listed terms range from 4 to 52 weeks. | Choose a stated maturity; verify the product term. | Typically no stated maturity; verify account terms. |
| Access | Pays face value at maturity; may be sold earlier at the then-current market price. | Check the agreement for early-withdrawal restrictions and penalties. | Check withdrawal rules, limits, fees, balance tiers, and eligibility. |
| Tax treatment | Federally taxable; exempt from state and local income taxes. | Interest is taxable; state and local treatment depends on applicable rules. | Interest is taxable; state and local treatment depends on applicable rules. |
| Rate certainty | Fixed for the bill term. | Depends on the specific offer and its terms. | A variable rate can change; today’s APY is not a guarantee of future earnings. |
| Issuer or insurance | U.S. Treasury security, not a bank deposit. | Verify the institution and product’s deposit-insurance eligibility. | Verify the institution and account’s deposit-insurance eligibility. |
A bill can be sold before maturity, but the sale price is the market price then available, not a guaranteed return of the original purchase amount. A savings account’s withdrawal access and a CD’s early-withdrawal terms are set by the provider’s current agreement. Read those terms before committing money.
For CDs and savings accounts, verify deposit-insurance eligibility and applicable coverage limits and ownership categories with official FDIC or NCUA guidance. Do not assume that every institution or product is covered on identical terms.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use dated rates, not mismatched snapshots
Rates move, and different sources publish different kinds of figures. Date every rate and identify whether it is a daily Treasury market reference, an auction result, a national deposit-rate average, or an individual institution’s offer. Match the Treasury maturity, CD term, savings balance tier, and any promotional conditions as closely as possible.
Best Value
As a dated illustration—not an October 2026 market snapshot—the FDIC’s national-rate page, revised March 16, 2026, reported averages of 0.39% for savings, 1.28% for 3-month CDs, 1.47% for 6-month CDs, and 1.52% for 12-month CDs. The FDIC says its savings figure uses a $2,500 product tier and its CD averages represent $10,000 and $100,000 product tiers. These are national averages, not the best offers available, and should not be compared as though they were same-day Treasury yields. See the FDIC National Rates and Rate Caps page for the dated series.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
