About the 3-month Treasury bill rate
The 3-month Treasury bill rate is the yield on US government debt that matures in about 13 weeks. It is close to a risk-free cash rate and moves almost one for one with the federal funds rate.
Money market funds, high-yield savings accounts and short-term CDs pay rates near the T-bill rate, so the chart is a good guide to what cash has earned over time. Values are monthly averages of the daily constant-maturity yield.
3-Month Treasury Bill Rate by year
| Year | Average | High | Low | December / latest |
|---|---|---|---|---|
| 2026 (to Oct) | 3.84% | 4.23% | 3.67% | 4.23% |
| 2025 | 4.21% | 4.42% | 3.68% | 3.68% |
| 2024 | 5.18% | 5.51% | 4.39% | 4.39% |
| 2023 | 5.28% | 5.60% | 4.69% | 5.44% |
| 2022 | 2.08% | 4.36% | 0.15% | 4.36% |
| 2021 | 0.04% | 0.08% | 0.02% | 0.06% |
| 2020 | 0.37% | 1.55% | 0.09% | 0.09% |
| 2019 | 2.10% | 2.45% | 1.57% | 1.57% |
| 2018 | 1.97% | 2.41% | 1.43% | 2.41% |
| 2017 | 0.95% | 1.34% | 0.52% | 1.34% |
| 2016 | 0.32% | 0.51% | 0.23% | 0.51% |
| 2015 | 0.05% | 0.23% | 0.02% | 0.23% |
| 2014 | 0.03% | 0.05% | 0.02% | 0.03% |
| 2013 | 0.06% | 0.10% | 0.02% | 0.07% |
| 2012 | 0.09% | 0.11% | 0.03% | 0.07% |
| 2011 | 0.05% | 0.15% | 0.01% | 0.01% |
| 2010 | 0.14% | 0.16% | 0.06% | 0.14% |
| 2009 | 0.15% | 0.30% | 0.05% | 0.05% |
| 2008 | 1.39% | 2.82% | 0.03% | 0.03% |
| 2007 | 4.47% | 5.16% | 3.07% | 3.07% |
| 2006 | 4.85% | 5.09% | 4.34% | 4.97% |
| 2005 | 3.21% | 3.97% | 2.37% | 3.97% |
| 2004 | 1.39% | 2.22% | 0.90% | 2.22% |
| 2003 | 1.03% | 1.19% | 0.91% | 0.91% |
| 2002 | 1.63% | 1.83% | 1.21% | 1.21% |
| 2001 | 3.47% | 5.29% | 1.72% | 1.72% |
| 2000 | 6.00% | 6.36% | 5.50% | 5.94% |
| 1999 | 4.78% | 5.36% | 4.41% | 5.36% |
| 1998 | 4.91% | 5.23% | 4.07% | 4.50% |
| 1997 | 5.20% | 5.30% | 5.07% | 5.30% |
Monthly values. The last 30 years are shown; the chart above has the full history since September 1981.
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Frequently asked questions
What is the current 3-month Treasury bill rate?
The 3-month Treasury bill rate was 4.23% in October 2026, up 0.25 points from a year earlier, according to the Board of Governors of the Federal Reserve System.
What was the highest 3-month Treasury bill rate on record?
Since September 1981, the highest reading was 15.61% in September 1981 and the lowest was 0.01% in September 2011.
Where does this data come from?
The numbers are published by the Board of Governors of the Federal Reserve System and distributed by the Federal Reserve Bank of St. Louis in FRED (series DGS3MO). They are US government statistics in the public domain. Quotelinks checks for new data every day.
Can I put this 3-month Treasury bill rate chart on my website?
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