CD 还是国库券？ 需要考虑的五个因素2023 年 9 月 27 日 库珀·霍华德存款证 (CD) 和国债都可以提供稳定、可预测的投资收益，但如何在它们之间做出选择？ 这里有五个因素可以帮助您选择。
历史上最安全的两种固定收益投资类型是存款证（CD）和国债。 当您想要稳定、可预测的投资收益时，存款证和国债都是不错的选择，但投资者应该如何在它们之间做出选择？
在选择 CD 或国债之前，我们建议您首先从您的目标开始。 在投资之前不考虑您的目标就像进行公路旅行时只关心汽车的轮胎，而不关心您要去的地方。 CD 和国债的好处在于它们可以产生收入、保护您的本金并帮助您实现投资组合多元化。 此外，与存款证相比，国债可以享受税收优惠。 然而，存款证和国债属于固定收益投资，与其他固定收益投资面临类似的风险。 例如，如果利率上升，存款证或国债的价格就会下跌，如果您在到期前需要投资并必须出售它，您可能会亏损。
在考虑这两种投资选择时，投资者应考虑五个因素。
1. 安全性：存款证和国债都是非常优质的投资。 CD 是在指定期限内支付规定金额利息并承诺在指定日期返还资金的银行存款。 它们由联邦保险并由银行和储蓄贷款机构发行。 CD 受到 FDIC 保险的支持，每家银行每位储户的最高限额为 250,000 美元。 有银行发行的CD和经纪CD。 两者很相似，但也有一些重要的区别。
您可以从不同的银行购买多张 CD，同时仍将它们保存在同一账户类型中，以保护超过 250,000 美元。 例如，如果您的经纪账户中拥有两张 CD，其中一家银行存入 250,000 美元，另一家银行存入 250,000 美元，并且您在这些银行没有其他存款，则即使这些存款存放在同一账户中，您也可以获得 500,000 美元的保障 。 我们建议，如果您在 CD 上的投资超过 250,000 美元，请确保您没有超出每家银行的 FDIC 保险限额。
另一方面，国债由美国财政部发行，并得到美国政府的无限信任和信用支持。 与 CD 一样，它们在指定的时间内支付规定金额的利息，并承诺在指定的日期返还您的资金。 国债的供应量通常充足，而存款证的供应量可能有限，具体取决于银行的资本需求和其他因素。 因此，在某些情况下，可能没有足够的 CD 来承保超过 250,000 美元 FDIC 保险限额的金额。 在这些情况下，国债可能是更合适的选择。
2. 收益率：以 10 年期美国国债为代表的收益率接近约 15 年来的最高水平1，使得存款证和国债都比前几年更具吸引力。 目前，不到一年到期的国债收益率与定期存款大致相同。2 因此，考虑到所有因素，根据您的具体情况，选择国债而不是定期存款可能更有意义，因为在考虑非常多的情况时，考虑到税收优惠和流动性 短期到期日。
国债相对 CD 收益率图表显示了三个月、六个月、两年、三年和五年期国债与定期存款的税前收益率。 三个月和六个月期限的国债收益率高于存款证。资料来源：彭博社的国债收益率和 Schwab BondSource ™ 的定期存款收益率，截至 2023 年 9 月 26 日。
提供的示例仅用于说明目的，并不旨在反映您期望实现的结果。 之所以选择 CD，是因为根据 25,000 美元的购买金额，它们是每个到期日收益率最高的新发行 CD。 新发行的 CD 具有不同的销售优惠。 二级 CD 可能需要支付交易费。 CD 可能并非在所有州都提供，并且 CD 库存的可用性可能会发生变化。 选择国债是因为它们是逃亡国债； “在逃”是指最近发行的特定期限的美国国债或票据。 USGG3M Govt 代表 3 个月国债，USGG6M Govt 代表 6 个月国债，USGG12M 代表 12 个月国债，GT2 Govt 代表 2 年期国债，GT3 Govt 代表 3 年期国债，GT5 Govt 代表 5 年期国债。 过去的表现并不能保证将来的结果。
3. 税收：国库券可以提供存款证所没有的税收优惠。 国库券免征州所得税，而存款证则需缴纳联邦和州所得税。 因此，在这两种选择之间进行选择的投资者应该从他们投资的账户类型开始，然后考虑他们的州税率是多少。 如果投资于个人退休账户 (IRA) 或 401(k) 等避税账户，国债提供的税收优惠就会消失，因为这些类型账户的收入无需缴纳所得税。
然而，如果投资于应税账户（例如经纪账户），州所得税的影响可能会以某种方式倾斜天平。 对于纽约或加利福尼亚等高税收州的投资者来说，在考虑州税的影响后，投资者或许能够通过国债获得更高的税后收益率。
例如，假设两年期 CD 目前的收益率为 5.35%，而两年期国库券的收益率为 5.12%。1 对于加利福尼亚州最高税级的投资者来说，该州的州税率为 13.3%，在受到影响后 扣除税收后，CD 收益率为 4.80%。 在这种情况下，投资者可以通过国债获得比存款证更高的税后收益率。
对于其他州的投资者来说，两年到五年到期的存款证需要大约 4%-6% 的州税率才能与类似期限的国债收益率相当。
由于税收优惠，高税收州的投资者可能会考虑国债而不是定期存款图表根据州所得税税率显示了 50 个州的颜色地图，从无州所得税到所得税为 10% 或更高的州。税务基金会，截至 2023 年 2 月 21 日。
4. 期限：国债的期限从短至 4 周到长至 30 年不等。 事实上，在 2023 年至 2053 年间，唯一无法使用国库券的年份是 2034 年和 2035 年。另一方面，五年以上 CD 的可用性在许多情况下是有限的。 对于希望有更多期限选择的投资者来说，国债可能更有意义。
5. 流动性：我们通常建议持有存款证或国债直至到期，但可能会出现投资者需要在到期前“销毁”存款证或国债的情况。 与直接从银行购买的 CD 不同，经纪发行的 CD 是在二级市场上买卖的。 如果您需要在到期前使用您投资于 CD 的资金，嘉信理财可以通过请求对您的 CD 的出价并与您联系最高的出价来帮助您以当前市场价格出售 CD。 如果您决定出售，您将收到出价加上任何应计利息。 无法保证您会得到购买 CD 时所支付的费用，并且可能需要支付销售 CD 的费用。3
国债也可以在二级市场上买卖； 然而，它是一个比 CD 市场活跃得多的市场，这意味着买卖价差更小。 如果国债投资者必须在到期前出售国债，他们仍然可能会亏损，但国债市场是一个比定期存款市场更具流动性的市场，因此在需要时更容易出售。
我们通常建议，如果您有可能在到期前需要资金，请考虑国债而不是定期存款，因为它们的流动性更强。
需要考虑什么投资存款证或国债时要考虑的一项策略是阶梯策略。 阶梯是在不同日期到期的单个国债或存款证的投资组合。 这有助于最大限度地减少利率波动的风险。 此外，投资者可能需要考虑一个单独管理的账户（SMA），它可以帮助建立和管理阶梯。 如需帮助您选择适合您特定情况的投资，请联系嘉信理财代表。
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CD or Treasury? Five Factors to Consider
September 27, 2023 Cooper Howard
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
Two of the historically safest types of fixed income investments are certificates of deposit (CDs) and Treasury bonds. Both CDs and Treasuries can be a good choice when you want steady, predictable investment income—but how should an investor decide between them?

Before choosing CDs or Treasuries, we suggest you first start with your objectives. Not considering your objectives before investing is like taking a road trip and only being concerned about the tires on the car—not where you're going. The benefits of both CDs and Treasuries are that they can generate income, protect your principal, and help diversify your portfolio. Additionally, Treasuries can have tax benefits when compared to CDs. However, CDs and Treasuries are fixed income investments and subject to similar risks as other fixed income investments. For example, if interest rates rise, the price of a CD or Treasury will fall and if you need the investment prior to maturity and have to sell it, you may lose money.

When considering between the two investment options, there are five factors that investors should consider.

1. Security: Both CDs and Treasuries are very high-quality investments. CDs are bank deposits that pay a stated amount of interest for a specified period of time and promise to return your money on a specific date. They are federally insured and issued by banks and savings-and-loans institutions. CDs are backed by FDIC insurance up to $250,000 per bank per depositor. There are bank-issued CDs and brokered CDs. The two are similar but have some important differences.

You can purchase multiple CDs from different banks while still holding them in the same account type to protect more than $250,000. For example, if you own two CDs in your brokerage account, $250,000 from one bank and $250,000 from a second bank, and you have no other deposits at those banks, you're covered for $500,000 even though they’re held in the same account. We suggest that if you're investing more than $250,000 in CDs, be sure that you're not exceeding the FDIC insurance limits at each individual bank.

Treasuries, on the other hand, are issued by the U.S. Department of the Treasury and are backed by the full faith and credit of the U.S. government to an unlimited amount. Like CDs, they pay a stated amount of interest for a specified period of time and promise to return your money on a specific date. There's generally ample availability of Treasury bonds, whereas the availability of CDs can be limited and depends on the bank's capital needs and other factors. Therefore, there can be instances where there aren't enough CDs to insure an amount greater than the $250,000 FDIC insurance limits. In these instances, Treasuries could be the more appropriate option.

2. Yields: Yields, as represented by the 10-year U.S. Treasury, are near the highest levels in roughly 15 years,1 making both CDs and Treasuries a much more attractive option than in prior years. Currently, Treasuries maturing in less than a year yield about the same as a CD.2 Therefore, all things considered, it likely makes more sense to choose Treasuries over CDs, depending on your situation, because of the tax benefits and liquidity when considering very short-term maturities.
Treasuries relative to CD yields
Source: Bloomberg for Treasury yields and Schwab BondSource ™ for CD yields, as of 9/26/2023.
Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. CDs were chosen because they were the highest yielding, new issue CD for each maturity, based on a $25,000 purchase amount. New issue CDs have a selling concession that varies. Secondary CDs may have a transaction fee. CDs may not be available in all states and the availability of CD inventory may change. Treasury securities were chosen because they are on the run Treasuries; "on the run" means the most recently issued U.S. Treasury bonds or notes of a particular maturity. USGG3M Govt for 3-month Treasury, USGG6M Govt for 6-month Treasury, USGG12M for 12-month Treasury, GT2 Govt for 2-year Treasury, GT3 Govt for 3-year Treasury, and GT5 Govt for 5-year Treasury.  Past performance is no guarantee of future results. 
3. Taxes: Treasuries can offer tax benefits that CDs do not. Treasuries are exempt from state income taxes, whereas CDs are subject to both federal and state income taxes. As a result, investors who are choosing between the two options should start with what account type they are investing in, and then consider what their state tax rate is. If investing in a tax-sheltered account, like an individual retirement account (IRA) or a 401(k), the tax benefits that Treasuries provide disappear, because earnings in these types of accounts are not subject to income taxes.

However, if investing in a taxable account, like a brokerage account, the impact of state income taxes can tip the scales one way or the other. For investors in high-tax states, like New York or California, after considering the impact of state taxes, investors may be able to achieve a higher after-tax yield with Treasuries.

For example, assume a two-year CD currently yields 5.35%, compared to a two-year Treasury that yields 5.12%.1 For an investor in the top tax bracket in California, which has a 13.3% state tax rate, after the impact of taxes, the CD yields 4.80%. In this instance, the investor can achieve a higher after-tax yield with the Treasury versus the CD.

For investors in other states, it takes a roughly 4%-6% state tax rate for a CD that matures between two and five years to equal the yield on a Treasury of similar maturity.
Investors in high-tax states may want to consider Treasuries over CDs due to their tax benefits
Tax Foundation, as of 2/21/2023.
4. Maturities: Treasuries have maturities ranging from as little as four weeks to as long as 30 years. In fact, between 2023 and 2053, the only years where a Treasury is not available is 2034 and 2035. On the other hand, the availability of CDs beyond five years is limited in many instances. For investors that desire a greater selection of maturities, Treasuries can make more sense. 

5. Liquidity: We usually recommend holding a CD or Treasury to maturity, but situations can arise where an investor needs to "break" a CD or Treasury prior to maturity. Unlike CDs purchased directly from a bank, brokered issued CDs are bought and sold on a secondary market. If you need access to the funds you invested in a CD prior to maturity, Schwab can help you sell the CD at the current market rate by requesting bids on your CD and contacting you with the highest one. If you decide to sell, you'll receive the bid price plus any accrued interest. There are no guarantees that you'll get what you originally paid for the CD and there may be a fee to sell the CD.3

Treasuries can also be bought and sold on a secondary market; however, it's a much more active market than the CD market, which means there are tighter bid/ask spreads. A Treasury investor could still lose money if they had to sell a Treasury prior to maturity, but the Treasury market is a much more liquid market than the CD market and therefore much easier to sell if needed.

We generally suggest that if there's the possibility that you may need the money prior to maturity, consider Treasuries over CDs because they're more liquid.
What to consider
One strategy to consider when investing in CDs or Treasuries is a ladder. A ladder is a portfolio of individual Treasuries or CDs that mature on different dates. This can help minimize exposure to interest rate fluctuations. Additionally, investors may want to consider a separately managed account (SMA) that can help build and manage a ladder. For help selecting investments for your particular situation, reach out to a Schwab representative.
What is the highest 10 year Treasury yield in history?
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On October 23, 2023, the 10-year Treasury note topped 5.00% once again for the first time in more than 15 years. However, back in April 2000, the 10-year yield was 6.23%. If you look at the chart below, you'll see that 10-year Treasury yields have fallen dramatically since 1990.
Are Treasury bills better than CDs?
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Currently, Treasuries maturing in less than a year yield about the same as a CD. Therefore, all things considered, it likely makes more sense to choose Treasuries over CDs, depending on your situation, because of the tax benefits and liquidity when considering very short-term maturities.