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Choose based on when you need the money, what happens if you need it sooner, and which protections apply—not by comparing headline yields alone. A CD can fit a known holding period if its rate and early-withdrawal terms work for you. A Treasury bill, note, or bond has a maturity and can be sold earlier, but its market price may be above or below face value. A money market fund generally offers business-day redemptions, but it is a mutual fund, not an insured bank deposit.
“Treasury bonds” means long-term Treasury securities, not every kind of Treasury investment. If you are comparing options for cash or short-term savings, Treasury bills may be the more relevant Treasury security.
First, distinguish the three products
Treasury securities: bills, notes, and bonds
The U.S. Treasury lists five marketable security types: bills, notes, bonds, Treasury Inflation-Protected Securities (TIPS), and floating rate notes. Bills mature in four weeks to 52 weeks; notes mature in 2, 3, 5, 7, or 10 years; Treasury bonds are currently offered in 20- or 30-year terms. Notes and bonds pay interest every six months. See TreasuryDirect’s overview of marketable securities.
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Bills are sold at a discount or at par and pay face value at maturity. You can hold a bill to maturity or sell it earlier. Interest is subject to federal tax and exempt from state and local taxes. Details are available in TreasuryDirect’s bill information.
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For notes and bonds, the market price depends in part on how the security’s yield to maturity compares with its coupon rate. The price can be above or below face value. Selling before maturity can therefore mean receiving more or less than face value; a long-term bond is not automatically a cash equivalent simply because it is a U.S. government security. See TreasuryDirect’s information on notes and bonds.
CDs: time deposits at banks
A certificate of deposit is a bank time deposit with a stated term. Its rate and access rules depend on the institution and the specific CD. Withdrawing early may trigger a penalty, so compare the maturity date and penalty with the date you might need the funds. The exact terms are bank-specific; there is no single penalty schedule that applies to all CDs.
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Money market funds: mutual funds, not bank accounts
A money market fund invests in liquid, short-term debt, cash, and cash equivalents. It is distinct from a money market deposit account, which is a bank deposit and may qualify for FDIC insurance within applicable limits. Similar names do not mean the products have the same legal structure or protections. The SEC explains the distinction in its money market fund investor information.
Most retail and government money market funds seek to keep a stable $1-per-share net asset value (NAV), while institutional prime and institutional tax-exempt money market funds have floating NAVs. A stable-value target is not a guarantee, and investors can lose money. Redemptions are generally available on a business day at the fund’s NAV, but terms and possible liquidity measures vary. Review the fund’s current prospectus and shareholder report. For a plain-language overview, see the SEC’s Money Market Funds: Investor Bulletin, dated November 4, 2024.
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Compare the options against your cash needs
There is no universal winner without knowing your time horizon, amount, liquidity needs, applicable taxes, and the current rates and fees for the products available to you. Use these comparisons to narrow the choice:
| Factor | Treasury bill, note, or bond | CD | Money market fund |
|---|---|---|---|
| Time horizon | Choose a maturity that fits the expected spending date. Bills are short-term; notes and bonds can run for years. | Choose a term that aligns with when you expect to use the money. | No fixed maturity for the investor, but redemption is subject to the fund’s terms. |
| Return behavior | Bills are sold at a discount or at par; notes and bonds pay a coupon every six months. Compare the relevant yield and holding period. | Rate and terms are set by the institution for the CD; check the offered APY and conditions. | Yield generally reflects short-term rates and is reduced by fund expenses; it can change. |
| Access before the planned date | You can sell before maturity, but the market price may be above or below face value. | Early withdrawal may incur a penalty under the CD’s terms. | Generally redeemable on a business day at NAV, subject to fund terms and possible liquidity measures. |
| Protection or backing | Not FDIC insured. Treasury securities are backed by the full faith and credit of the U.S. government. | Eligible deposits at FDIC-insured banks are insured within applicable limits. | Not FDIC insured; fund shares can lose value. |
| Tax detail established here | Bill interest is federally taxable and exempt from state and local taxes. Check the rules applicable to other Treasury securities and your circumstances. | Not stated here; check current tax rules for your situation. | Not stated here; check the fund’s tax information and current rules for your situation. |
Which option fits each situation?
You know when you will need the money
Compare a CD or Treasury security whose maturity is close to that date. Look at the net return for the same holding period, not a longer-term rate against a shorter-term one. A maturity match can reduce the chance that you must accept an early-withdrawal penalty or sell a security at an unfavorable market price.
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You may need access on short notice
Compare the actual access terms of a bank account and a money market fund. A fund generally allows business-day redemptions, but it is not an insured deposit and its NAV and liquidity provisions matter. A CD may be less suitable if early access could trigger a penalty; a Treasury security can be sold early, but its sale price is not assured to equal face value.
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You are considering a long-term Treasury bond for cash
Check the maturity before treating it as a savings substitute. Treasury bonds currently have 20- or 30-year terms. If your cash need arrives sooner, selling may expose you to a market price above or below face value. A short-term bill is a different Treasury security with a much shorter maturity.
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Are money market funds FDIC insured?
No. A money market fund is a mutual fund, and its shares are not FDIC-insured bank deposits. The SEC’s November 4, 2024 investor bulletin states: “Money invested in a money market fund, like money invested in any mutual fund, is not guaranteed by the FDIC like bank accounts are.” The bulletin is staff investor education, not a Commission rule or regulation, and says it has no legal force or effect.
A money market deposit account is different: it is a bank deposit and may be eligible for FDIC insurance within limits. Confirm which product you are opening rather than relying on the words “money market” in its name.
How much CD coverage can FDIC insurance provide?
The FDIC’s standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, per account ownership category. It is not a separate $250,000 allowance for each account. CDs, checking, savings, and money market deposit accounts in the same ownership category at the same bank are aggregated; opening accounts at separate branches does not create separate coverage. Verify that the bank is FDIC-insured and account for all deposits you hold there. See the FDIC’s deposit insurance information and guide to deposit insurance coverage.
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- Set the date. Decide when the money may be needed, and whether that date is fixed or uncertain.
- Match the term. Compare a CD or Treasury maturity that fits the holding period. If considering a Treasury security, distinguish bills from longer-term notes and bonds.
- Check the exit route. Read the CD’s early-withdrawal terms, consider possible market-price changes if selling a Treasury early, and check a fund’s redemption and liquidity provisions.
- Compare net return. Use current rates or yields for the same period and account for fund expenses, account fees, possible CD penalties, and applicable taxes. Rates and fund yields change; the figures must be checked when you make the decision.
- Verify protection. Confirm the bank’s FDIC status and your aggregate balances by ownership category. Do not treat a money market fund as an insured deposit.
Provider rates, fees, product terms, and tax treatment can change. The SEC, FDIC, and TreasuryDirect materials linked above explain general product features; they do not establish the best current yield for a particular investor. Confirm the terms with the provider and consider your own circumstances before deciding.
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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.
