T-Bill Rolling Ladder Calculator
A rolling T-bill ladder turns illiquid Treasury bills into a weekly-maturing income stream — capturing 5%+ yields with state tax exemption. Calculate ladder rungs and weekly maturing cash.
| Number of rungs | — |
| Amount per rung | — |
| Avg yield gross | — |
| Federal tax (interest) | — |
| State tax (T-bills exempt) | — |
| Net yield after tax | — |
| Annual income on ladder | — |
A rolling T-bill ladder lets you capture short-duration Treasury yields while maintaining weekly access to cash. By splitting your investment across staggered T-bill maturities, you convert an illiquid 4–13 week investment into a portfolio with weekly maturing cash — the ideal structure for emergency funds and short-term cash management.
How a T-Bill Ladder Works
Example: split $52,000 across 13 weekly purchases of 13-week T-bills. After 13 weeks, one bill matures every week. Reinvest each maturing principal into a fresh 13-week bill. Result: $4,000 of cash matures every week — fully liquid weekly access while earning the 13-week yield.
State Tax Advantage
T-bill interest is exempt from state and local income tax (federal tax still applies). For high-tax-state residents (CA 13%, NY 10%, NJ 11%, OR 10%, HI 11%, MN 10%), this adds 0.3–0.7% to effective yield vs HYSA or CDs. Below ~$10K residual state-tax savings shrinks; above ~$25K it materially beats HYSA in high-tax states.
Where to Buy
TreasuryDirect.gov: government-direct, $100 minimum, no fees, but UX is dated. Brokerage (Schwab, Fidelity, Vanguard, Robinhood): same auction with better UI, $1,000 minimums, no fees on new-issue auctions but small markup on secondary trades.
Last updated May 2026. Sources: TreasuryDirect, Federal Reserve T-Bill Data.