The Overnight RateThe Overnight Rate · Live rates
The 13-week T-bill just paid 4.185%
What the government paid to borrow this week, before the press gets to it.
Latest bill auctions
| Bill | Auction | Investment rate | vs. prior | Discount rate | Bid-to-cover |
|---|---|---|---|---|---|
| 4-week | Thu, Oct 15, 2026 | 4.068% | +2 bp | 4.000% | 2.56 |
| 6-week | Tue, Oct 13, 2026 | 4.055% | +4 bp | 3.980% | 2.58 |
| 8-week | Thu, Oct 15, 2026 | 4.132% | +7 bp | 4.050% | 2.26 |
| 13-week | Tue, Oct 13, 2026 | 4.185% | +4 bp | 4.085% | 2.68 |
| 17-week | Wed, Oct 14, 2026 | 4.313% | +9 bp | 4.195% | 2.79 |
| 26-week | Tue, Oct 13, 2026 | 4.351% | +4 bp | 4.200% | 2.76 |
| 52-week | Tue, Sep 29, 2026 | 4.616% | +46 bp | 4.400% | 3.07 |
Data may be stale.The latest observation is 11 days old, longer than this series' usual publishing cycle.
Source: U.S. Treasury, Fiscal Data: Treasury Securities Auctions Data. Latest observation: auctions through Thu, Oct 15, 2026. Pulled Oct 26, 2026, 10:30 AM ET. High (stop-out) rates from each auction's competitive bidding. Official results on TreasuryDirect.
What it means
Bill rates are the cleanest read on where cash pays right now. They track the Fed's target range (3.75% to 4.00%) and what markets expect from the next meetings. See the full Treasury curve for where bills trade between auctions.
A longer bill paying more than a shorter one means buyers want extra to lock money up longer, or expect rates to hold. A shorter bill paying more points the other way. Compare bills with bank rates on savings and CD rates today.
Two ways to buy a bill
| TreasuryDirect | Brokerage account | |
|---|---|---|
| Minimum | $100, in $100 steps | $100 at auction through most brokers; secondary-market minimums vary |
| How you buy | Noncompetitive bid at auction; you get the auction's high rate | At auction (through the broker) or any day on the secondary market |
| Selling early | Not from TreasuryDirect directly; you would transfer the bill to a broker first | Sell any trading day at market price |
| Fees | None from the Treasury | Set by the broker |
Sources: TreasuryDirect: Treasury bills, Buying a marketable security.
Common questions
What is the difference between the discount rate and the investment rate?
Bills are sold below face value. The discount rate is the discount as a share of face value on a 360-day basis. The investment rate (also called the bond-equivalent or coupon-equivalent yield) is the return on the price you actually pay, on a 365-day basis, so it is the better number to compare with a savings APY.
How often does the Treasury auction bills?
4-, 8-, 13-, 17- and 26-week bills, and 6-week bills, auction every week. The 52-week bill auctions every four weeks. Cash management bills are added when the Treasury needs them.
What is the minimum to buy a T-bill?
The minimum purchase is $100, in $100 increments, whether you buy through TreasuryDirect or bid through a bank or broker.
What does bid-to-cover mean?
Total bids divided by the amount sold. A higher ratio means more demand per dollar of bills offered.
Are T-bills taxed?
Bill interest is subject to federal income tax and exempt from state and local income tax.