Treasury Bill Yield Calculator
Convert a T-bill discount price into real yield.
Enter your values
ⓘ Live results
Results
- Bond-equivalent yield
- 3.054%
- Discount yield
- 2.967%
- Interest earned
- $150.00
- Return over holding period
- 1.523%
Quick answer
T-bills are sold at a discount; your return is the gap between purchase price and the $100 face value at maturity.
BEY = (face - price)/price x 365/days
How to use the Treasury Bill Yield Calculator
- 1Enter face value, the price you paid and days until maturity.
- 2Compare bond-equivalent yield against savings APYs.
- 3Remember T-bill interest is exempt from state and local tax in the US.
Worked example
Using the values the calculator loads with:
Inputs
- Face value10000 $
- Purchase price9850 $
- Days to maturity182
Results
- Bond-equivalent yield3.054%
- Discount yield2.967%
- Interest earned$150.00
- Return over holding period1.523%
Frequently asked questions
Why two yields?
Discount yield uses face value and a 360-day year; BEY uses price and 365 days, so it is the comparable figure.
Are T-bills risk free?
They carry effectively no credit risk, but selling before maturity can realise a loss.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.