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Start with the same amount and time horizon
Choose when you may need the money, then compare options that cover that period. For each, estimate the gross dollars earned on the same starting balance. A short-term Treasury bill’s stated yield is not the same as a full-year return unless you also assume how proceeds will be reinvested after maturity.
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For example, a 13-week bill has a 13-week term. Its quoted annualized yield can help compare rates, but it does not mean the bill pays that annualized amount over 13 weeks. A year-long savings APY, by contrast, is an annualized disclosure based on stated calculation assumptions. Compare estimated dollars over the period you actually intend to hold the money, and make any reinvestment assumption explicit.
Understand what each rate measures
Treasury bill yields
Treasury bills mature within one year and are sold at par or at a discount. At maturity, the holder receives the bill’s face value; the difference between the purchase price and face value is interest. Treasury lists regular bill maturities of 4, 6, 8, 13, 17, 26, and 52 weeks. The bill’s interest rate is fixed at auction for its term. TreasuryDirect: Treasury bills and TreasuryDirect: Understanding Pricing and Interest Rates explain the terms and pricing.
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If you compare Treasury notes or bonds instead, identify the yield measure you are using. They pay interest every six months, and their yield to maturity can differ from their 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 about 3:30 p.m. each business day. It is not a bank deposit offer. See Treasury: Interest Rate Statistics.
CD and savings APYs
APY annualizes interest and compounding under prescribed assumptions. For deposit-account disclosures, the general calculation assumes the principal and interest stay in the account for the term and no other transactions occur. For a variable-rate account, the disclosed APY uses the initial rate and assumes it does not change during the calculation; it is not a promise that the rate will last. The CFPB explains the calculation in Appendix A to Regulation DD.
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A CD offer should be recorded with its term, balance tier, APY, compounding details, and any stated conditions. For a savings account, note whether the rate is variable, any introductory period, balance tiers, minimums, or other eligibility conditions. Those details can change the return a particular depositor receives.
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| Factor | Treasury bills | CDs | High-yield savings accounts |
|---|---|---|---|
| Rate basis | Fixed at auction for the bill term; sold at par or at a discount. | Use the disclosed APY and the offer’s term and conditions. | APY reflects compounding; a variable rate may change. |
| Time horizon | Regular listed maturities range from 4 to 52 weeks. | Use the specific maturity offered by the institution. | Typically no stated maturity; check the account terms. |
| Access | Pays at maturity; may be sold earlier at the market price then available. | Check the contract for early-withdrawal restrictions or penalties. | Check withdrawal rules, limits, fees, and provider terms. |
| Rate certainty | Rate is fixed at auction for the term. | Depends on whether the offer’s rate is fixed or variable. | Variable rates can change; a current APY is not a guarantee of future earnings. |
| Tax treatment | Federal income tax applies; 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. |
| Issuer or insurance | U.S. Treasury security, not a bank deposit. | Verify the institution and deposit-insurance eligibility. | Verify the institution and deposit-insurance eligibility. |
Estimate the after-tax return
Interest on Treasury bills, notes, and bonds is subject to federal income tax but exempt from state and local income taxes. The IRS classifies interest from bank accounts, money-market accounts, and CDs as taxable interest. The tax difference can affect which option leaves you with more, particularly if state or local income tax applies to your deposit interest.
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Your actual after-tax result depends on your tax circumstances. Compare estimated earnings after the taxes that apply to you rather than assuming Treasuries always come out ahead. The IRS summarizes the treatment in Topic no. 403: Interest Received.
Account for access and rate risk
If you may need cash before the end date
A Treasury bill pays at maturity, but you can sell it earlier. The sale price depends on the market price at that time; the ability to sell does not guarantee that you will receive your purchase price or a particular return. Savings-account access, limits, and fees depend on the account agreement. A CD’s early-withdrawal terms are also product-specific, so read the current disclosure before committing money.
If you are relying on a rate to continue
The bill’s rate is fixed for its auction term. A savings APY may change, so projecting today’s rate across a longer period is only a scenario—not a guaranteed outcome. A CD’s rate certainty depends on the offer’s terms; confirm whether the rate is fixed or variable for the full term.
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Check official FDIC or NCUA materials to confirm whether the institution and account qualify for deposit insurance, and review the applicable limits and ownership categories. A Treasury bill is a U.S. Treasury security rather than a bank deposit.
Best Value
Use dated rates, not mismatched snapshots
Rates move, and different sources update on different schedules. Date each figure and identify its type: a Treasury auction yield, a daily market reference, a national CD average, or an individual bank’s APY. Also record the Treasury maturity, CD term, savings balance tier, and any promotional conditions. A daily Treasury quote, an auction result, a monthly average, and a bank’s advertised APY are not automatically comparable.
For context—not as a current market quote—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 and CD averages represent $10,000 and $100,000 product tiers. These are national averages for that date, not the best available offers or rates for October 7, 2026, and they are not aligned same-day comparisons with Treasury yields. See the FDIC national rates and rate caps.
Quick Recap
A practical comparison checklist
- Choose the date you may need the cash. Use a matching bill maturity or CD term; for savings, estimate over the same period while recognizing that the variable rate may change.
- Record the rate and its basis. Note the Treasury maturity and yield convention, or the deposit product’s APY, balance tier, compounding, and conditions.
- Estimate gross dollars on the same principal. Do not treat an annualized short-term bill yield as the return for its shorter term, or assume reinvestment without stating it.
- Adjust for your taxes. Include federal, state, and local treatment that applies to each option.
- Check access, certainty, and protection. Read the relevant product terms and verify deposit-insurance eligibility where applicable.
- Refresh the figures before deciding. Compare dated rates from sources with clearly identified methods and terms.
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.
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