T-bills vs high-yield savings

Updated Nov 3, 2026 · 11 options with a confirmed rate shown on this page

T-bills and high-yield savings accounts both pay close to short-term interest rates. The differences are taxes, access to your money, and how long the rate lasts. Here is how they compare with this week's numbers.

This week's numbers

T-bills (latest auctions): 52-week 4.496%, 26-week 4.298%, 17-week 4.256%, 13-week 4.138%, 8-week 4.101%, 4-week 3.976%.
Top savings rate we list: Western Alliance Bank High-Yield Savings via Raisin at 4.30% APY (New Raisin users: 90-day rate lock, after which the rate can change; held at Western Alliance Bank (Member FDIC) through Raisin, which is not a bank; APY as of 11/04/2026).
Median savings rate we list: 3.65% across 11 accounts.

Name	Type	APY / yield	Risk label	Minimum	Source
US T-Bill 52-weekAuction 2026-10-27; issued 2026-10-29, matures 2027-10-28; high investment rate (bond-equivalent)	T-bill	4.496%	Treasury-backed	$100	source
Western Alliance Bank High-Yield Savings via RaisinNew Raisin users: 90-day rate lock, after which the rate can change; held at Western Alliance Bank (Member FDIC) through Raisin, which is not a bank; APY as of 11/04/2026	Savings	4.30%	FDIC	$1	source
US T-Bill 26-weekAuction 2026-11-02; issued 2026-11-05, matures 2027-05-06; high investment rate (bond-equivalent)	T-bill	4.298%	Treasury-backed	$100	source
US T-Bill 17-weekAuction 2026-10-28; issued 2026-11-03, matures 2027-03-02; high investment rate (bond-equivalent)	T-bill	4.256%	Treasury-backed	$100	source
EverBank Performance SavingsNew accounts	Savings	4.20%	FDIC	—	source
Happen Bank (formerly LendingClub) LevelUp SavingsLendingClub is now Happen Bank; LevelUp Rate APY as of 11/03/2026 with $250+ in deposits per statement cycle, otherwise 3.00% Standard Rate	Savings	4.20%	FDIC	$250 deposits to earn APY	source
US T-Bill 13-weekAuction 2026-11-02; issued 2026-11-05, matures 2027-02-04; high investment rate (bond-equivalent)	T-bill	4.138%	Treasury-backed	$100	source
US T-Bill 8-weekAuction 2026-10-29; issued 2026-11-03, matures 2026-12-29; high investment rate (bond-equivalent)	T-bill	4.101%	Treasury-backed	$100	source
US T-Bill 4-weekAuction 2026-10-29; issued 2026-11-03, matures 2026-12-01; high investment rate (bond-equivalent)	T-bill	3.976%	Treasury-backed	$100	source
Bask Bank SavingsAPY as of 11/03/2026; limited-time 0.40% boost to 4.30% for up to 6 months on new accounts bundled with Bask Interest Checking	Savings	3.90%	FDIC	$0	source
CIT Bank Platinum SavingsTiered	Savings	3.75%	FDIC	$100 to open; $5,000 for 3.75% (0.25% below)	source

Savings and broker cash show APY. Money market funds show 7-day yield. T-bills show the auction high investment rate (bond-equivalent yield). USDC shows a rewards rate, not interest. Rates checked Nov 3, 2026; they change often, so always confirm on the provider's site. Not financial advice.

State tax can tip the balance

T-bill interest is taxed federally but is exempt from state and local income tax. Savings interest is taxed at both levels. If you pay 5% state income tax, the 13-week T-bill at 4.138% matches a savings account paying about 4.36%. In a state with no income tax, there is no tax difference. At this week's rates, the 13-week T-bill's 4.138% works out to about 4.36% in a taxable savings account at a 5% state income tax, above the top savings rate we list (4.30%).

How we get this: T-bill rate ÷ (1 − state tax rate). 5% is an example rate, not your rate. This leaves out federal tax; if you don't deduct state income tax on your federal return, the break-even savings rate is a little higher.

How they differ

	T-bills	High-yield savings
Rate	Fixed until maturity. We show the auction high investment rate (a bond-equivalent yield).	Variable. The bank can change the APY at any time.
Terms	4, 6, 8, 13, 17, 26 and 52 weeks (not every term is in our table; we list the 4-, 8-, 13-, 17-, 26- and 52-week bills); can be set to roll over automatically	No term
Access	Paid at maturity. At a broker you can sell early at the market price. At TreasuryDirect you must hold 45 days before you can move a bill to a broker to sell.	Withdraw any time; transfers usually take 1 to 3 business days
Safety	Backed by the US government, with no dollar limit	FDIC-insured up to $250,000 per depositor, per bank, per ownership category
Minimum	$100	Often $0; see each account
Taxes	Federal only	Federal and state

Which fits

Money you may need any day, such as an emergency fund, is simpler in savings.
Money you can leave for a set number of weeks or months may earn more in T-bills, especially if you pay state income tax. This week the T-bill rates run from 3.976% (4-week) to 4.496% (52-week).
Promotional savings rates can end. Check the notes under each account.

See all T-bill auction rates and savings rates.

Compare: USDC vs high-yield savings Best broker cash rates Best money market fund yields High-yield savings vs money market funds

What the risk labels mean

FDIC: A bank deposit. If the bank fails, the FDIC covers up to $250,000 per depositor, per bank, per ownership category. Broker "cash sweep" accounts spread money across partner banks to raise that limit.
SIPC: A security held at a brokerage, such as a money market fund. SIPC protects you if the brokerage fails and your assets go missing (up to $500,000, including $250,000 cash). It does not protect against the fund losing value. Government money funds aim for a stable $1 share price, which is not guaranteed.
Treasury-backed: A direct loan to the US government (T-bills). There is no insurance, and none is needed in the usual sense: you are paid by the US Treasury. If you sell before maturity the price can move a little.
Not insured: Crypto stablecoin rewards (USDC). There is no FDIC or SIPC coverage. You depend on the exchange, the stablecoin issuer, and rules that are still being written.
FDIC / SIPC: A mix. For example, part of the balance is held as brokerage cash (SIPC) and the rest is swept to banks (FDIC).