Rates · updated 7:00am ET
4.21% APY today, after our fee.
The blended yield across every bill in the reserve, net of the 0.15% fee. It moves a little each week as bills mature and new ones are bought at auction.
Blended net yield
4.21% APY
Average maturity
41 days
Next auction
Tuesday, Sep 29
Rungs held
6 maturities, 4 to 26 weeks
01 — The curve
Short bills pay
a little more, for now.
Hover a term to see its yield and how much of the reserve sits in it.
02 — The full ladder
Every maturity, with
its CUSIP and share.
We cap maturities at 26 weeks. The 52-week bill is listed for reference only.
Term
CUSIP
Matures
Yield
Share
4-week
912797NK6
4.28%
22%
6-week
912797NQ3
4.27%
14%
8-week
912797NF7
4.26%
18%
13-week
912797NB6
4.22%
24%
17-week
912797NT7
4.18%
12%
26-week
912797NR1
4.07%
10%
52-week
912797NV8
3.91%
0%
03 — Every week
How the ladder
is rebuilt each week.
Three steps, the same every week, logged and reported to you.
Mon
Bills mature
The week’s maturing bills pay out at face value. Cash lands in your Knurla account overnight.
Settlement · T+0
Tue
We bid at auction
We buy new 4- to 26-week bills at the Treasury’s weekly auctions, keeping the ladder’s shape.
Non-competitive bids
Daily
You see it all
Every morning your dashboard shows each bill, its maturity, its yield and what it earned yesterday.
Statements at 7am ET
04 — Recent months
Net yield paid
to clients, by month.
After fees, averaged across all client reserves. Past yields do not predict future ones.
June 2026
July 2026
August 2026
September 2026, to date
05 — Questions
What moves
the rate?
Mostly the Federal Reserve’s policy rate and demand at each week’s auction. Here is the rest.
01
What does Knurla actually do?
We move the cash your business is not using into short-term US Treasury bills held in your company’s name, and move it back the same day you need it. You see every bill and every cent of interest in your dashboard.
02
Is Knurla a bank account?
No. Knurla is not a bank and your reserve is not a deposit. Your cash buys US Treasury bills held at a qualified custodian. Bills are not FDIC insured; they are backed by the full faith and credit of the United States government.
03
How fast can I get my money back?
Withdrawals approved before 2pm Eastern arrive in your verified bank account the same business day. After 2pm they arrive the next morning. There are no lockups or notice periods.