Current Treasury bill yields (4–52 weeks)
As of July 10, 2026, U.S. Treasury bills yield between 3.69% (4-week) and 4.06% (52-week) on the investment-rate basis — the number comparable to a CD or savings APY.
Yield table by tenor
As of 2026-07-10 · Source: U.S. Department of the Treasury — Daily Treasury Bill Rates · Refreshed weekly on RungRate.
| Tenor | Term (days) | Bank discount rate (%) | Coupon equivalent / investment rate (%) |
|---|---|---|---|
| 4-week | 28 | 3.63 | 3.69 |
| 6-week | 42 | 3.63 | 3.69 |
| 8-week | 56 | 3.65 | 3.72 |
| 13-week | 91 | 3.71 | 3.80 |
| 17-week | 119 | 3.78 | 3.88 |
| 26-week | 182 | 3.83 | 3.96 |
| 52-week | 364 | 3.89 | 4.06 |
The same figures are available as machine-readable JSON at /data/treasury_yields.json — the file RungRate's ladder tools load.
How to read the two rate columns
T-bills are sold at a discount to face value: you might pay $9,860 today for a bill that pays $10,000 at maturity, and the $140 gap is your interest. The bank discount rate is the market's traditional quoting convention — it divides that gap by the face value and annualizes over a 360-day year. It understates what you actually earn. The coupon equivalent (the Treasury's "investment rate") divides the gap by the price you paid and annualizes over 365 days, which is why it is always a few basis points higher and is the correct column to line up against an APY-quoted CD or savings account.
One caveat when comparing to APY: the investment rate is a simple annualized return for the bill's term, while APY assumes compounding. For a single bill held to maturity the difference is small; for a ladder that reinvests every maturity, the effective annual figure edges closer to true compounding. RungRate's ladder tools handle that reinvestment arithmetic explicitly rather than blending the conventions.
What the current curve shape means for ladders
As of the July 10, 2026 snapshot, the bill curve slopes upward — from 3.69% at 4 weeks to 4.06% at 52 weeks. In this shape, extending maturity is paid: each extra rung of term picks up yield, so a 4/13/26/52-week ladder earns a blended rate above a pure 4-week roll. When the curve is inverted (short bills yielding more than long, as happened during 2023–2024), the trade-off flips and short rolls out-earn long rungs while cutting reinvestment risk in a falling-rate path. A ladder's purpose is to avoid betting everything on either shape: maturities are staggered so a slice of the portfolio reprices at each point on the curve.
Remember that these yields are pre-tax. Because Treasury interest is exempt from state and local income tax, the effective comparison against CDs and savings accounts shifts in your favor in taxed states — see the 50-state after-tax advantage table for how much, and the methodology page for the formula.
Frequently asked questions
What is the difference between the bank discount rate and the coupon equivalent yield?
The bank discount rate expresses the discount as a share of face value over a 360-day year; the coupon equivalent (investment rate) expresses your actual return on the price you paid over a 365-day year. The coupon equivalent is always slightly higher and is the figure to compare against a CD or savings APY.
How often do Treasury bill yields change?
Daily. The Treasury publishes bill rates every business day, and new bills are auctioned weekly (every 4 weeks for the 52-week bill). This table is a dated snapshot refreshed on a weekly cadence; check the as-of date next to the table.
Why do longer T-bills currently yield more than shorter ones?
As of July 10, 2026 the bill curve is gently upward-sloping: 3.69% at 4 weeks rising to 4.06% at 52 weeks (investment-rate basis). That shape reflects market expectations for short-term rates over the coming year and is not fixed — the curve inverts when cuts are expected.
Is T-bill interest taxable?
Federally, yes — the discount you earn is ordinary income in the year the bill matures. At the state and local level it is exempt under 31 U.S.C. § 3124, which is why after-tax comparisons against CDs depend on your state.