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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Choose based first on when you need the money, then compare the return for that same time horizon, the cost of getting out early, and what protection applies. A CD can fit a set holding period if its rate and early-withdrawal terms work for you. A Treasury bill can suit a shorter horizon; notes and bonds can run for years and may sell for more or less than face value before maturity. A money market fund generally offers business-day redemption, but it is an investment—not an FDIC-insured bank deposit.
First, distinguish Treasury bills, notes, and bonds
“Treasury bond” is sometimes used casually to mean any U.S. Treasury security, but the maturities differ substantially. TreasuryDirect lists five marketable types: bills, notes, bonds, Treasury Inflation-Protected Securities (TIPS), and floating rate notes. Bills run from 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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Treasury bills for shorter horizons
Bills are sold at a discount or at par and pay face value at maturity. You can hold one to maturity or sell it earlier. Bill interest is subject to federal tax but exempt from state and local taxes. Details are at TreasuryDirect’s Treasury bill page.
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A note or bond’s market price can be above or below face value, depending in part on how its coupon compares with current yields to maturity. If you sell before maturity, you may receive more or less than face value. A long-term Treasury is therefore not automatically a substitute for short-term cash simply because it is issued by the federal government. TreasuryDirect explains the relationship between price and yield at its Treasury notes page.
#1 Best Overall
- Brand New in box; The product ships with all relevant accessories
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- Specially designed to meet the mathematical needs
How the three choices compare
| Choice | Term and return | Access if plans change | Protection and key risk |
|---|---|---|---|
| Treasury bills, notes, or bonds | Terms range from four weeks for bills to 20 or 30 years for currently offered bonds. Bills pay face value at maturity; notes and bonds pay interest every six months. Rates and terms depend on the security. | You can sell a marketable Treasury before maturity, but its sale price may be above or below face value. | Not FDIC-insured. FDIC materials describe Treasury securities as backed by the full faith and credit of the U.S. government. Early sale exposes you to market-price changes. |
| Bank CD | A time deposit with a stated term and institution-specific rate. | Withdrawing before maturity may trigger a penalty; terms vary by institution. | An eligible CD at an FDIC-insured bank is covered within applicable deposit-insurance limits. Verify the bank and aggregate deposits by ownership category. |
| Money market mutual fund | A fund investing in liquid, short-term debt, cash, and cash equivalents. Its yield generally reflects short-term rates and fund expenses. | Redemption is generally available on a business day at the fund’s net asset value (NAV), subject to fund terms and possible liquidity measures. | Not FDIC-insured. A stable $1 NAV is a target for most retail and government funds, not a guarantee; investors can lose money. |
Current yields are not listed here because they change and depend on the specific maturity, bank, or fund. Compare current figures for the same intended holding period, including costs and taxes.
Are CDs and money market funds FDIC-insured?
An eligible CD is a bank deposit and may qualify for FDIC insurance if the bank is insured and the balance falls within the applicable limits. The standard maximum is $250,000 per depositor, per insured bank, per account ownership category. The FDIC aggregates deposits in the same category at the same bank—including CDs, checking, savings, and money market deposit accounts—so opening accounts at separate branches does not increase coverage. Check the institution and your combined balances; see the FDIC’s deposit-insurance guidance.
Rank #2
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A money market mutual fund is not a money market deposit account. The latter is a bank deposit that may be insured within the limits above; the former is a mutual fund and is not an insured deposit. The SEC’s November 4, 2024 Money Market Funds: 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 investor education, not a Commission rule or regulation, and says it has no legal force or effect.
Can you lose money in a money market fund?
Yes. Most retail and government money market funds seek to maintain a stable $1 per share NAV, but that goal is not a guarantee. Institutional prime and institutional tax-exempt money market funds have floating NAVs. Fund shares are not FDIC-insured, and an investor can lose money. Depending on fund type and circumstances, liquidity fees may apply and a fund may be permitted to suspend redemptions and liquidate. Review the fund’s current prospectus and shareholder report for its terms, expenses, and redemption conditions. The SEC explains these distinctions in its money market fund bulletin.
Rank #3
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How to decide for your situation
- Set the date you may need the cash. Match a CD term or Treasury maturity to that date. For a flexible reserve, consider how quickly you can access a bank account or redeem a fund. Avoid treating a long-dated note or bond as cash you can sell at a predictable price.
- Compare like with like. Compare the current net return for the same period, not a short-term fund yield against a multi-year CD or bond. A CD’s stated term and Treasury coupon or auction terms differ from a money market fund yield, which generally moves with short-term rates.
- Check the exit cost. Read the CD’s early-withdrawal penalty. For a Treasury note or bond, consider the possibility of selling above or below face value. For a money market fund, check its redemption terms and whether liquidity measures could apply.
- Verify applicable protection. Confirm FDIC eligibility and aggregate balances for a CD. Treasury securities are not FDIC-insured; money market mutual fund shares are not insured deposits.
- Calculate net return. Include account fees, fund expenses, any CD withdrawal penalty, and relevant taxes. Treasury bill interest is federally taxable but exempt from state and local taxes. Tax outcomes can depend on individual circumstances, so check current rules before comparing after-tax returns.
Which is better for short-term savings?
There is no universal winner without a specific date, amount, location, tax situation, current rates, fees, and access needs. A CD may work when you can leave the money for its term and accept the withdrawal conditions. A Treasury bill offers a short maturity range, while selling any Treasury before maturity introduces a market price. A money market fund can provide business-day redemption under its terms, but it is not an insured deposit and its yield can change. Compare actual offers and fund disclosures when you are ready to place the money.
Quick Recap
Best Value
- PROFESSIONAL FINANCIAL CALCULATOR : Built-in TVM, IRR, NPV. Engineered for business analysts, real estate investors, accountants, and finance students.
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Rank #4
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- INCLUDES TRAVEL CASE, CLEANING CLOTH & BATTERIES– Slim, durable, and easy to keep on hand or store in a backpack or locker. Includes a protective case, cleaning cloth, and batteries so it’s ready out of the box. Large screen with clear contrast (non-backlit) is easy to read during exams or lectures.
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