After reaching a low of 4.624% on September 28th, the rate of the 4-week T-Bill has rebounded a little bit, with the most recent auction on October 10th resulted in a 4.87% APY. While the rate is still lower than what some popular online savings accounts (such as EmigrantDirect and HSBCDirect) currently offer, buying 4-week T-Bill makes sense if you live in a state that has high income taxes as interests earned from T-Bills are exempted from state income tax.
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EverBank Money Market Account 1.25%: Open an EverBank Money Market Account with a minimum balance of $1,500 and earn 1.25% bonus rate for the first six months. The first year APY is 1.01% for account balance up to $50,000. Find out more about this offer.