Rivo vs TreasuryDirect: Automated T-Bill Cash Management vs DIY Treasury Bills

Compare Rivo vs TreasuryDirect for idle checking cash. See how DIY Treasury Bills and automation differ on setup, fees, taxes, liquidity, and fit.

By Anirudh Vasudevan August 5, 2026 24 min read

Rivo vs TreasuryDirect: Automated vs DIY Treasury Bills

Rivo vs TreasuryDirect is not a question of whether Treasury Bills are useful. Both paths can put cash into short-term U.S. Treasury Bills. The real question is whether you want to manage T-bill purchases, maturities, reinvestment, and checking-account timing yourself, or whether you want Rivo to automate idle checking cash above your safe balance.

TreasuryDirect is a direct U.S. Treasury platform for people who want control and do not mind manual operations. Rivo is automated cash management for people who want to keep their existing bank, set a minimum checking balance, and have eligible idle cash moved into short-duration U.S. Treasury Bills through Jiko Securities while bills stay covered.

TL;DR

Choose TreasuryDirect if you want direct DIY control. TreasuryDirect lets individuals buy Treasury Bills in $100 increments and hold them directly with the U.S. Treasury.
Choose Rivo if your real problem is not access to T-bills, but keeping up with cash movement. Rivo works with your existing checking account, watches the cash above your safe balance, and plans around bills and transfers.
TreasuryDirect has no holding fee for marketable securities, but the workflow is manual. TreasuryDirect help materials state there are no fees for holding Treasury marketable securities, while also noting that marketable securities cannot be sold directly from TreasuryDirect.
Rivo charges for automation, not for direct Treasury access. Rivo charges a 0.05% monthly management fee, about 0.60% per year before compounding, based on average daily balance.
Liquidity is different. TreasuryDirect T-bills can be held to maturity or sold before maturity, but an early sale requires transfer to a broker or dealer. Rivo lets users withdraw available funds through the app up to $15,000 per day.
The tax wrapper is similar, but the operating model is different. TreasuryDirect states Treasury marketable security earnings are subject to federal tax and exempt from state and local taxes. Consult a qualified tax advisor for your situation.

Rivo vs TreasuryDirect at a Glance

Decision point	Rivo	TreasuryDirect	What it means
Core job	Automate idle checking cash	Buy Treasury securities directly	Same asset category can have very different workflows
Bank switch required	No	No, but you use a separate Treasury account	Both can keep your existing bank in place
Cash-flow monitoring	Built around checking balance, bills, and safe balance	Not a household bill-monitoring system	Rivo fits people whose issue is timing, not only yield
T-bill purchase workflow	Handled through Jiko Securities	You select and manage purchases yourself	TreasuryDirect gives control; Rivo gives automation
Direct holding fee	Rivo charges 0.05% monthly management fee	TreasuryDirect states no holding fees for marketable securities	DIY can be cheaper if you maintain the process
Minimum purchase / balance	$100 minimum to earn the stated rate	$100 minimum purchase	Both can start small, but small balances may not justify effort
Early cash need	Withdraw available funds in app up to $15,000 per day	Transfer to broker or dealer before selling early	Manual liquidity can be slower and more operationally involved
Best fit	Busy households with idle checking cash and bills to protect	Rate-savvy DIY users who like managing Treasuries	The winner depends on behavior, not only rate

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The simple comparison is this: TreasuryDirect is the cleaner DIY path if you want direct control and can manage maturities. Rivo is the cleaner workflow if your idle cash sits in checking because manual transfers, bill timing, and reinvestment are the reasons you have not acted.

The Core Difference Between Rivo and TreasuryDirect

The core difference is that TreasuryDirect is an access platform, while Rivo is an automation layer.

TreasuryDirect helps you buy Treasury Bills directly from the U.S. Treasury. Rivo helps identify idle cash inside your existing checking account, move eligible cash into short-duration U.S. Treasury Bills through Jiko Securities, and move money back before bills or transfers need it.

The practical difference

Question	If the answer is yes	Better fit
Do you want to choose your own auctions and maturities?	You like direct control and can manage dates	TreasuryDirect
Do you want your checking cash monitored around bills?	You want the idle layer handled in the background	Rivo
Do you want the lowest direct platform cost?	You are willing to do the work yourself	TreasuryDirect
Do you want fewer cash-management chores?	You value automation enough to pay a fee	Rivo
Do you need every dollar ready for bills this week?	The money is not truly idle	Keep it in checking

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This is why the comparison should not be framed as "T-bills or no T-bills." The more useful framing is "DIY T-bill workflow or bill-aware idle-cash automation."

How Does TreasuryDirect Work for Treasury Bills?

TreasuryDirect is the U.S. Treasury platform for buying and holding marketable Treasury securities, including Treasury Bills. TreasuryDirect lists regular T-bill maturities of 4, 6, 8, 13, 17, 26, and 52 weeks.

Treasury Bills are sold at a discount or at par. At maturity, the Treasury pays the face value. The difference between what you paid and the face value is the interest.

TreasuryDirect mechanics

Mechanic	TreasuryDirect detail	Why it matters
Minimum purchase	$100	You can start with a small direct purchase
Increment	$100 increments	Purchases are not every possible dollar amount
Maturities	4 to 52 weeks	Cash timing depends on the selected term
Payment at maturity	Face value	You need to plan where matured cash goes
Tax treatment	Federal tax applies; state and local income tax generally do not	After-tax comparison can differ by state
Direct holding fee	No fee for holding Treasury marketable securities in TreasuryDirect	DIY can have low direct platform cost

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TreasuryDirect works well when you have a defined cash bucket and you are willing to manage timing. For example, a user with $25,000 that will not be needed for 13 weeks can buy 13-week bills, hold to maturity, and repeat the process if the cash is still idle.

The workflow becomes harder when the cash is not a clean bucket. Household checking is messy: credit card autopay, rent, mortgage, utilities, transfers, irregular income, and surprise spending all hit the same account. TreasuryDirect does not decide which dollars are idle in your checking account. You do.

How Does Rivo Work Differently?

Rivo is built for the checking-account layer where most people hesitate. The product works with your existing bank account, lets you set a safe balance, identifies cash above that floor, and moves eligible idle cash into short-duration U.S. Treasury Bills through Jiko Securities.

The product position is narrow: Rivo is not a bank, not a savings account, not TreasuryDirect, not a budgeting app, and not a robo-advisor. It is automated cash management for idle checking cash.

Rivo operating model

Step	What happens	User decision
1	Connect existing checking through Plaid	Keep the current bank account
2	Review balance and cash-flow pattern	Set the safe balance
3	Identify idle cash above the floor	Decide how much checking cushion feels right
4	Move eligible idle cash into short-duration T-bills	Let automation run or pause it
5	Watch bills and transfers	Keep payments covered
6	Move money back when needed	Withdraw available funds if needed

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This matters because the rate gap is not always the hard part. The national average interest checking rate was 0.07% in June 2026, while the Rivo rate table listed 3.65% as of July 1, 2026, before fees and taxes. The math can be obvious, but the behavior can still fail.

Rivo is for that behavioral gap. If you keep $20,000, $50,000, or $100,000 in checking because you do not want a bill-timing mistake, the missing product is not only a Treasury account. It is a system that separates the bill layer from the idle layer and keeps doing the transfers.

Which Is Cheaper: Rivo or TreasuryDirect?

TreasuryDirect is usually cheaper on direct platform cost. Rivo costs more because the product includes automation, safe-balance logic, bill-aware movement, notifications, and app-based withdrawal controls.

That is the cleanest way to compare fees.

Same-balance fee comparison

Scenario	TreasuryDirect direct holding fee	Rivo management fee	What you are paying for
$10,000 idle balance	$0 holding fee	About $60/year at 0.60%	Automation and bill-aware movement
$20,000 idle balance	$0 holding fee	About $120/year at 0.60%	Automation around checking
$50,000 idle balance	$0 holding fee	About $300/year at 0.60%	Reduced manual operations
$100,000 idle balance	$0 holding fee	About $600/year at 0.60%	Continuous cash management

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These Rivo fee examples are simple annualized illustrations based on 0.05% per month, before compounding and before taxes. Actual yield and fees depend on balance, timing, rates, and product terms.

When TreasuryDirect wins on cost

TreasuryDirect can be the lower-cost route when:

you already know how to buy T-bills
you do not need automation around bills
you can track auction dates, maturities, and reinvestment
you are comfortable moving cash manually from checking
you are not likely to abandon the process after 30 to 90 days

When Rivo can justify the fee

Rivo can justify the fee when:

your cash stays in checking because you do not maintain manual systems
you have recurring idle cash above a safe balance
bill timing is the reason you have not moved money
you want to keep your existing bank and not rebuild daily banking
you value a product that runs in the background

The fee decision is not "free versus paid." It is "DIY discipline versus paid automation."

Liquidity for Bills and Surprise Expenses

Checking has the best liquidity for immediate bills. Between Rivo and TreasuryDirect, the answer depends on whether the money is available, whether a T-bill has matured, whether an early sale is needed, and how fast cash must return.

TreasuryDirect notes that marketable securities cannot be sold directly from TreasuryDirect. If you want to sell before maturity, you must transfer the security to a broker or dealer account, and TreasuryDirect also notes that marketable securities in TreasuryDirect are not transferable during the original issue holding period.

Rivo is built around the specific problem of keeping checking funded before bills. Users can withdraw available funds through the app up to $15,000 per day, and the product is designed to move money back before expected bills or transfers.

Movement of funds is not instant. Transfers can take up to 2–5 business days to settle. Rivo plans around known bills but does not guarantee same-day access or specific timing.

Liquidity comparison

Need	TreasuryDirect	Rivo	Practical takeaway
Pay rent tomorrow	Keep cash in checking	Keep cash in checking	Do not move tomorrow's bill money
Use cash in 4 weeks	Buy a 4-week bill if timing fits	Let idle cash move if safe balance allows	Both can fit short-term cash if timing is planned
Sell before maturity	Transfer to broker or dealer before sale	Withdraw available funds in app, subject to limits	Rivo is simpler for app-based access
Handle credit-card autopay	You track due dates and cash needs	Product plans around bills and transfers	Bill timing is the key workflow difference
Avoid any securities workflow	TreasuryDirect does not fit	Rivo still uses T-bills, so understand disclosures	Keep checking or bank deposits if securities are not acceptable

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The most important rule is simple: money needed in the next few days should stay in checking. T-bills can be useful for idle cash, not for cash already assigned to immediate payments.

Which Is Better for a $20,000 Checking Balance?

Start with the safe balance. Do not ask whether all $20,000 should move. Ask how much of the $20,000 is actually idle after bills, spending, and a comfort cushion.

For example, assume:

checking balance: $20,000
next 30 days of bills and card autopay: $7,500
comfort cushion: $2,500
idle cash estimate: $10,000

In that case, only $10,000 is the relevant comparison balance. The first $10,000 has jobs. The second $10,000 may be idle.

$20,000 scenario comparison

Option	What happens to the idle $10,000	Main advantage	Main trade-off
Leave all cash in checking	$10,000 stays near the bank checking rate	Maximum simplicity	Low earning potential
TreasuryDirect	User buys T-bills manually	Direct control and no holding fee	User manages purchase, maturity, reinvestment, and timing
Rivo	Eligible idle cash can move automatically above the safe balance	Bill-aware automation	0.05% monthly management fee

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If the user will reliably manage TreasuryDirect, the DIY path can be attractive. If the user has already left the money idle for months because cash movement feels annoying or risky, Rivo is the more behaviorally realistic option.

Which Is Better for a $50,000 or $100,000 Checking Balance?

Larger balances make the workflow decision more important. The opportunity cost can grow quickly, but so can the cost of a timing mistake.

Use a simple illustration with a 3.65% gross annualized rate and a 0.60% annualized Rivo fee. This is not a promise of future results. It is a same-scenario calculation using the public 3.65% rate table as of July 1, 2026 and the public 0.05% monthly management fee.

Illustrative annual math before taxes

Idle balance	Gross at 3.65%	Rivo fee at about 0.60%/year	Approx. after-fee before-tax amount	Checking at 0.07%
$10,000	$365	$60	$305	$7
$25,000	$913	$150	$763	$18
$50,000	$1,825	$300	$1,525	$35
$100,000	$3,650	$600	$3,050	$70

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The math explains why people care. The workflow explains why many people still do nothing.

For a $100,000 balance, TreasuryDirect may be the rational answer for someone who is organized and rate-focused. Rivo may be the practical answer for someone who wants idle checking cash handled without maintaining a personal T-bill ladder.

How Do Taxes Compare Between Rivo and TreasuryDirect?

Both paths involve Treasury Bill income, so the tax concept is similar at the asset level: Treasury marketable security earnings are federally taxable and generally exempt from state and local income taxes.

TreasuryDirect states that earnings from Treasury marketable securities are subject to federal tax but exempt from state and local taxes. That can matter in states with high income tax, but it is not personal tax advice.

Tax comparison

Tax question	TreasuryDirect	Rivo
Federal tax	Applies to Treasury earnings	Applies to Treasury earnings
State and local income tax	Generally exempt for Treasury marketable security earnings	Generally exempt for Treasury Bill income
Tax form complexity	Depends on TreasuryDirect account activity	Product/account reporting depends on custodial and brokerage setup
Advice needed	Yes, for personal situations	Yes, for personal situations

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If the tax angle is material to the decision, talk to a qualified tax advisor. The blog-level answer can explain the general rule, but it should not tell a user how to file taxes or how to optimize a personal return.

Which Is Safer: Rivo or TreasuryDirect?

The safety comparison has 3 layers: the Treasury Bill, the account wrapper, and the operating workflow.

Treasury Bills are short-term obligations of the U.S. Treasury. That is the asset layer. Rivo also uses short-duration U.S. Treasury Bills through Jiko Securities, so the asset category can overlap.

The account wrapper differs. TreasuryDirect is a direct Treasury account. Rivo is a fintech software layer, with banking services provided by Jiko Bank and securities and investment advisory services provided by Jiko Securities, Inc., a registered broker-dealer, member FINRA and SIPC.

Protection comparison

Layer	TreasuryDirect	Rivo
Underlying asset	U.S. Treasury Bills	U.S. Treasury Bills through Jiko Securities
Bank deposit insurance	Not the core wrapper for T-bills	FDIC applies to cash deposits at Jiko Bank, not T-bill holdings
Brokerage protection	Not a brokerage account	SIPC protection applies through Jiko Securities up to standard SIPC limits
Market value risk	Early sale can affect outcome	Early liquidation can affect value
Operational risk	User manages timing	Automation manages timing, but users should understand limits

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SIPC and FDIC are different. FDIC explains deposit insurance coverage generally protects deposits up to $250,000 per depositor, per insured bank, per ownership category. SIPC explains brokerage protection can be up to $500,000, including a $250,000 cash limit, but SIPC does not protect against market-value changes.

For Rivo content, include the plain disclosure: Investments in T-bills: Not FDIC Insured. No Bank Guarantee. May Lose Value.

What Each Workflow Requires of You

This is the section most comparison tables miss. A cash product is only useful if the workflow survives normal life.

TreasuryDirect requires deliberate cash decisions. Rivo requires a setup decision, then ongoing review and control when needed.

Workflow responsibility map

Task	TreasuryDirect owner	Rivo owner	Why it matters
Decide which checking dollars are idle	You	You set safe balance; product monitors above it	The safe balance is still your decision
Buy T-bills	You	Product workflow through Jiko Securities	Manual vs automated execution
Track maturity	You	Product workflow	Maturity timing can affect cash availability
Reinvest matured cash	You	Product workflow	Repetition is where manual systems often fail
Watch bills	You	Product plans around bills and transfers	Household cash flow is the hard part
Pause or stop	You stop buying or transfer/sell	Pause, stop, or disconnect in settings	Both should remain under user control

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If you enjoy the left column, TreasuryDirect is not a problem. If the left column is why the money has stayed idle, Rivo was designed for that behavior pattern.

When TreasuryDirect Is the Right Fit

TreasuryDirect can be the right fit if you want direct ownership and you are willing to manage the process.

TreasuryDirect is a strong fit when

you want to buy Treasury Bills directly from the U.S. Treasury
you understand T-bill auctions, maturities, and reinvestment
you have a clearly idle cash bucket separate from checking bills
you are comfortable with a separate Treasury account
you value low direct platform cost more than automation
you do not need app-based cash-flow monitoring

TreasuryDirect may not fit when

the cash is mixed with bill money in checking
you need help deciding what is idle
you forget recurring financial chores
you want app-based withdrawal and automation
you want cash movement planned around autopay
you dislike managing separate financial workflows

TreasuryDirect is not bad because it is manual. It is manual because it gives the user direct control. That is useful for the right user and a problem for the wrong user.

When Rivo Is the Right Fit

Rivo can be the right fit if your problem is idle checking cash, not a lack of Treasury access.

Rivo is a strong fit when

you have $5,000+ in checking and meaningful cash above bills
you want to keep your existing bank
you do not want to move direct deposit or rebuild bill pay
you want idle cash above a safe balance handled automatically
you want cash movement planned around bills and transfers
you want T-bill exposure without managing TreasuryDirect yourself

Rivo may not fit when

you want to select every Treasury auction manually
you object to paying 0.05% per month for automation
you need all cash immediately available in checking
you do not want securities exposure
you already maintain a disciplined T-bill ladder
you prefer a pure FDIC-insured bank deposit product

Rivo is not trying to beat TreasuryDirect on direct DIY cost. Rivo is trying to solve the reason idle checking cash stays idle: people are busy, bill timing matters, and the manual process keeps losing to daily life.

The Biggest Mistakes in the Rivo vs TreasuryDirect Decision

Most bad decisions come from comparing only the headline rate or only the fee.

Mistake 1: Moving bill money instead of idle cash

If the money is needed for rent, mortgage, credit card autopay, payroll timing, taxes, tuition, or near-term medical bills, it is not idle. Keep the bill layer in checking.

Mistake 2: Ignoring the manual-work cost

TreasuryDirect can have low direct platform cost, but only if you keep using it correctly. If you buy once, stop reinvesting, or leave matured cash unassigned for months, the theoretical advantage can shrink.

Mistake 3: Treating Rivo like a deposit account

Rivo is not a bank account and not a savings account. It uses short-duration Treasury Bills through Jiko Securities. That means the disclosures, protection model, tax treatment, and value-risk discussion are different from a bank deposit.

Mistake 4: Treating TreasuryDirect like checking

TreasuryDirect is not a checking account. It is not built to watch daily bills. It is not built to decide which dollars can leave checking before autopay hits.

Mistake 5: Forgetting taxes

Treasury income and bank-deposit interest can differ after state and local taxes. Use the general rule as a comparison input, then talk to a tax professional if the balance is meaningful.

Rivo vs TreasuryDirect Decision Tree

Use this sequence before moving money.

Question	If yes	If no
Is the money needed for bills in the next few days?	Keep it in checking	Continue
Is the cash above your safe balance for at least 30 days?	Compare Rivo and TreasuryDirect	Keep it liquid
Do you want to manage auctions and maturities yourself?	TreasuryDirect can fit	Continue
Do you want bill-aware automation around checking?	Rivo can fit	Continue
Do you reject any management fee?	TreasuryDirect or brokerage DIY may fit	Rivo remains in the comparison
Do you reject securities exposure?	Use checking or bank deposits	Compare T-bill workflows

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The decision tree should end with user fit, not a universal winner.

What Should You Check Before Choosing Rivo or TreasuryDirect?

Before choosing either path, run a 10-point check. The goal is not to pick the most impressive product on paper. The goal is to match the cash workflow to the job the money has to do over the next 4 to 52 weeks.

Check	Why it matters	If the answer is unclear
1. What is your current checking balance?	The total balance is not the idle balance	Start with a safe-balance calculation
2. What bills hit in the next 30 days?	Bill money should not be moved casually	Keep that layer in checking
3. What comfort cushion do you need?	A cushion prevents overdraft anxiety	Add it to the safe balance
4. How much is truly idle?	Only idle dollars belong in this comparison	Do not compare all checking dollars
5. Can the cash stay out for at least 4 weeks?	Treasury Bills have maturity timing	Keep shorter-term cash liquid
6. Will you manage auctions and maturities?	TreasuryDirect depends on follow-through	Consider automation if the workflow will slip
7. Do you accept a 0.05% monthly fee?	Rivo charges for automation	Use DIY if fee minimization is the top priority
8. Do you understand FDIC vs SIPC?	Protection terms are different	Read the disclosures before moving money
9. Do taxes matter in your state?	Treasury income can have state/local treatment differences	Ask a qualified tax advisor
10. Do you need direct control or background operation?	This decides the product fit	TreasuryDirect for control, Rivo for automation

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This checklist also prevents a common mistake: optimizing the wrong dollars. If $8,000 is needed for bills, $3,000 is your comfort cushion, and $9,000 is idle, the decision is about the $9,000, not the full $20,000.

Final Verdict: Should You Use Rivo or TreasuryDirect?

Use TreasuryDirect if you are a disciplined DIY user who wants direct Treasury access, low direct platform cost, and control over purchase timing, maturity selection, and reinvestment.

Use Rivo if your idle cash sits in checking because manual movement is the bottleneck. Rivo works with your existing bank, lets you set a safe balance, moves eligible idle cash into short-duration U.S. Treasury Bills through Jiko Securities, and plans around bills and transfers.

The best answer for many households is not "move all cash." It is:

Keep bill money in checking.
Define a safe balance.
Identify the idle layer above that floor.
Decide whether you are a DIY TreasuryDirect user or an automation user.
Review fees, taxes, protection, withdrawal limits, and disclosures before acting.

That is the real Rivo vs TreasuryDirect decision.

FAQ

Is Rivo the same as TreasuryDirect?

No. TreasuryDirect is a direct U.S. Treasury platform for buying and holding Treasury securities. Rivo is automated cash management that works with your existing checking account and uses short-duration U.S. Treasury Bills through Jiko Securities for eligible idle cash.

Does TreasuryDirect charge a fee to hold Treasury Bills?

TreasuryDirect help materials state there are no fees for holding Treasury marketable securities. That does not remove the manual work of choosing purchases, tracking maturity, and managing cash timing.

Can I sell Treasury Bills early from TreasuryDirect?

TreasuryDirect states marketable securities cannot be sold directly from TreasuryDirect. To sell before maturity, the security must be transferred to a broker or dealer account, and transfer restrictions can apply during the original issue holding period.

What does Rivo cost compared with TreasuryDirect?

Rivo charges a 0.05% monthly management fee, about 0.60% per year before compounding, based on average daily balance. TreasuryDirect states no holding fee for Treasury marketable securities, so the direct fee comparison favors DIY if the user maintains the workflow.

Are Treasury Bill earnings exempt from state tax?

TreasuryDirect states Treasury marketable security earnings are subject to federal tax and exempt from state and local taxes. Tax results can depend on personal circumstances, so consult a qualified tax advisor.

Can Rivo cause an overdraft?

Rivo lets users set a safe balance and is built to move money back before bills or transfers. Product materials state that if a Rivo timing error causes an overdraft fee, the fee is covered. Users should still set a realistic safe balance and avoid moving money needed for immediate bills.

External References

Rivo current rate table: https://www.rivofi.com/big-bank-checking-account-rates
Rivo product help materials: https://www.rivofi.com/faqs
TreasuryDirect Treasury Bills: https://www.treasurydirect.gov/marketable-securities/treasury-bills/
TreasuryDirect tax forms and withholding: https://treasurydirect.gov/marketable-securities/tax-forms-and-withholding/
TreasuryDirect help materials: https://www.treasurydirect.gov/indiv/help/treasurydirect-help/faq/
FRED interest checking national rate: https://fred.stlouisfed.org/series/ICNDR
FRED 4-week Treasury Bill rate: https://fred.stlouisfed.org/series/DTB4WK
FDIC deposit insurance overview: https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/
SIPC protection overview: https://www.sipc.org/for-investors/what-sipc-protects

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Anirudh Vasudevan

Founding Engineer of Rivo

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