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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteCompare what the same amount of money is likely to earn over the same period, after taxes—not just the headline Treasury yield, CD APY, or savings APY. The rates use different conventions, and the products differ in rate certainty, access to cash, and deposit-insurance status.
Start with the date you may need the money
Choose the date you expect to use the cash, then compare products that fit that horizon. A Treasury bill’s term is fixed at auction; a CD has a stated maturity; a savings account generally has no stated maturity, but its rate and withdrawal terms depend on the account.
For a fair comparison, use the same starting principal and holding period. Estimate gross dollars earned over that period, then account for federal, state, and local taxes that apply to you. Do not treat a short-term Treasury bill’s annualized yield as the amount it will earn over its shorter term, or assume you can reinvest at the same rate when it matures.
Understand what each rate measures
Treasury bill yields
Treasury bills mature in one year or less. Treasury lists regular terms of 4, 6, 8, 13, 17, 26, and 52 weeks. Bills are sold at face value or at a discount and pay face value at maturity; the difference between the purchase price and face value is the interest. The rate is fixed at auction for that bill’s term. See TreasuryDirect’s bill information and its explanation of Treasury pricing and interest rates.
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Make sure you know which Treasury figure you are comparing. A bill’s yield convention is not the same measure as a deposit account’s APY. Treasury notes and bonds pay interest every six months; their yield to maturity can differ from the coupon rate and purchase price. Treasury’s daily par yield curve is a market-derived reference 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. It is not a bank offer or a guaranteed return for a different holding period.
CD and savings APYs
APY annualizes the interest an account would pay, taking its interest rate and compounding frequency into account. Deposit disclosures generally assume the principal and interest stay in the account for the stated term with no other transactions. For a variable-rate account, the disclosed APY is based on the initial rate and assumes it does not change during the calculation; it does not promise that the rate will persist. The CFPB’s APY disclosure rules explain the calculation assumptions.
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A fixed-rate CD may lock a rate for its term, while a variable-rate CD’s terms can differ. Check the actual offer. A high-yield savings APY can change, so projecting today’s APY for a full year is only an illustration—not a guaranteed forecast.
Compare expected dollars over the same period
- Set a principal and a cash-needed date. Use the same starting amount for each option and choose a holding period that matches when you may need the money.
- Match terms as closely as possible. Compare a bill and CD with similar maturity dates. For savings, compare the APY and account terms over that same period, while recognizing the rate may change.
- Estimate gross interest in dollars. Use the Treasury’s quoted yield convention and bill price for the bill’s actual term; use the CD’s disclosed APY and term; use the savings APY only as a stated-rate scenario, not as a promise of future earnings.
- Adjust for taxes. Apply your own federal, state, and local tax circumstances rather than assuming a single tax result for all savers.
- Weigh access and conditions. Review early-sale or withdrawal rules, minimum balances, rate tiers, fees, promotional terms, and deposit-insurance eligibility before deciding.
If a bill matures before your chosen comparison period ends, any estimate that includes reinvestment depends on the rate available when you reinvest. Do not silently extend the bill’s initial yield across the remaining period.
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How the products differ
| Comparison point | Treasury bills | CDs | High-yield savings accounts |
|---|---|---|---|
| Rate basis | Rate fixed at auction for the bill term; sold at par or at a discount. | Compare the disclosed APY, term, balance tier, and offer conditions. | APY reflects compounding; a variable rate can change. |
| Time horizon | Listed regular bill terms run from 4 to 52 weeks. | Use the stated maturity and confirm the product’s terms. | Generally no stated maturity; verify account terms. |
| Access | Pays face value at maturity; can be sold earlier at the then-current market price. | Early-withdrawal restrictions or penalties depend on the product agreement. | Access rules, limits, fees, and minimums depend on the account agreement. |
| Taxes | Interest is federally taxable and exempt from state and local income taxes. | Interest is taxable; state and local treatment follows applicable rules. | Interest is taxable; state and local treatment follows applicable rules. |
| Rate certainty | Fixed for the bill’s term. | Depends on whether the offer is fixed or variable and its stated terms. | Variable rates may change. |
| Issuer and insurance | U.S. Treasury security, not a bank deposit. | Check the institution and whether the account qualifies for deposit insurance. | Check the institution and whether the account qualifies for deposit insurance. |
| Details to record | Maturity, quoted yield convention, purchase price, and whether you plan to sell or reinvest. | Term, APY, balance tier, compounding, and conditions. | APY, balance tier, introductory terms, and rate variability. |
Include taxes in the comparison
Interest on Treasury bills, notes, and bonds is subject to federal income tax but exempt from state and local income taxes. Interest from bank accounts, money-market accounts, and CDs is taxable interest. The IRS guidance on interest income describes these treatments. The state and local tax difference may matter, but it does not establish that a Treasury will leave every saver with more money: the result depends on the rates, holding period, and the individual’s tax circumstances.
Check whether you can access the cash
Treasury bills
A bill can be held to maturity or sold before then. An early sale gets the market price available at the time, which may be different from the purchase price; the ability to sell does not guarantee a particular price.
CDs and savings accounts
Before opening a CD, read its agreement for early-withdrawal restrictions and penalties. For a savings account, check withdrawal rules, fees, minimums, rate tiers, and eligibility. These conditions vary by provider and product, so a headline APY alone does not establish how easily you can get your money.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Verify deposit insurance and provider terms
CDs and savings accounts are deposits, so verify that the institution and specific account are eligible for coverage and consult current FDIC or NCUA guidance for applicable limits and ownership categories. Do not assume that every product marketed as a savings account or CD has the same coverage. Treasury bills are securities issued by the U.S. Treasury, not bank deposits.
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Use dated rates, not a stale market comparison
Rates change, and averages are not the same as the best available offer. 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 the savings average uses a $2,500 product tier, while CD averages represent $10,000 and $100,000 product tiers. These are dated national averages—not top offers or October 7, 2026 market rates—and should not be compared with Treasury yields from a different date as though the figures were aligned. See the FDIC national rates.
When collecting figures for a decision, record the date and source, Treasury maturity and yield convention, CD term and balance tier, and savings-account terms. Label a national average as an average and a bank’s advertised APY as an individual offer. A daily Treasury reference rate, an auction yield, a monthly average, and a promotional account APY describe different things; explain the distinction rather than combining them without qualification.
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.
