For companies
Where should a company keep its cash?
Business treasury accounts all buy roughly the same things: Treasury bills and government money funds. What differs is the fee. Here’s what each keeps in a year at your balance, from each provider’s own published yield.
On $1,000,000, buying T-bills yourself keeps $41,900 a year. The cheapest platform, Meow, keeps $40,700.
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Buy T-bills yourself13-week Treasury bills, no platform fee$41,9004.19%
Fees, minimum, protection
- Fee
- None beyond your broker’s; most charge nothing for new-issue T-bills.
- Minimum
- No minimum
- Protection
- Not FDIC-insured; U.S. Treasury bills
- Note
- You place each order and roll each bill yourself.
- Any brokerage’s page
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Meow TreasuryTreasury bills, auto-rolled$40,7004.07% · $1,200 less
Fees, minimum, protection
- Fee
- “1 basis point per month annualized” (0.12% a year), no trading fees.
- Minimum
- $100,000 kept in Meow checking
- Protection
- Not FDIC-insured; U.S. Treasury bills held at BNY Pershing
- The yield
- No yield published; we use the U.S. Treasury 3-month yield minus Meow's fee, as of Nov 6.
- Meow’s page
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Brex TreasuryGovernment money market fund (DGVXX) plus a Brex bonus$36,1003.61% · $5,800 less
Fees, minimum, protection
- Fee
- No account, transaction or maintenance fees.
- Minimum
- No minimum
- Protection
- Not FDIC-insured; a government money fund
- Advertised
- 4.01%–4.36%
- The yield
- The fund's 7-day yield (3.56%, from Brex's footnote) plus the extra return Brex pays by balance tier (0%–0.35%). Brex's table advertises a “total treasury return” of 4.01%–4.36%, which doesn't match its own 3.56% fund yield, so we rank by the stated parts., as of Nov 4.
- Brex’s page
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Rho Treasury13-week Treasury bills$35,3003.53% · $6,600 less
Fees, minimum, protection
- Fee
- 0.60% under $2M, 0.45% $2M–$5M, 0.35% $5M–$10M, 0.25% $10M–$20M, 0.15% at $20M+; already taken out of the yield.
- Minimum
- $50,000
- Protection
- Not FDIC-insured; U.S. Treasury bills, SIPC up to $500,000
- The yield
- 13-week Treasury yield net of Rho's fee, as of Nov 3.
- Rho’s page
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Mercury TreasuryGovernment money market fund (MRGXX)$33,4003.34% · $8,500 less
Fees, minimum, protection
- Fee
- 0.15%–0.60% a year, set by total Mercury balance; already taken out of the yield. Mercury doesn't publish the fee for each tier.
- Minimum
- $250,000 across your Mercury accounts
- Protection
- Not FDIC-insured; a government money fund held in your name
- The yield
- 7-day effective SEC yield, net of fees, as of Oct 30.
- Mercury’s page
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Rho TreasuryTreasury money market fund (IJTXX)$32,4003.24% · $9,500 less
Fees, minimum, protection
- Fee
- Same 0.15%–0.60% tiers as above; already taken out of the yield.
- Minimum
- $50,000
- Protection
- Not FDIC-insured; a Treasury money fund
- The yield
- 7-day SEC yield, net of Rho's fee, as of Nov 3.
- Rho’s page
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Relay Business SavingsFDIC-insured savings · Scale plan$31,0203.21% · $10,880 less
Fees, minimum, protection
- Fee
- Plan fee: Starter $0, Grow $30/month, Scale $90/month ($120 regular).
- Minimum
- No minimum
- Protection
- FDIC-insured up to $3,000,000 through Thread Bank's program banks
- The yield
- Savings APY set by subscription plan; the plan fee is subtracted from what it keeps, as of Sep 17.
- Relay’s page
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Leave it in checkingUninvested cash$0a year
Fees, minimum, protection
- Minimum
- —
- Protection
- FDIC-insured, usually through a sweep program
Yields before tax and net of each provider’s fees, as each publishes them; Relay’s plan fee is subtracted. Rates read Nov 3, 2026 unless dated; Treasury yield Nov 6. Mercury, Rho, Brex and Relay run referral or partner programs; we don’t join them.
At four balances
| Option | $250K | $1M | $5M | $20M |
|---|---|---|---|---|
| Buy T-bills yourself13-week Treasury bills, no platform fee | $10,4754.19% | $41,9004.19% | $209,5004.19% | $838,0004.19% |
| Meow TreasuryTreasury bills, auto-rolled | $10,1754.07% | $40,7004.07% | $203,5004.07% | $814,0004.07% |
| Brex TreasuryGovernment money market fund (DGVXX) plus a Brex bonus | $8,9003.56% | $36,1003.61% | $188,0003.76% | $782,0003.91% |
| Rho Treasury13-week Treasury bills | $8,8253.53% | $35,3003.53% | $189,0003.78% | $796,0003.98% |
| Mercury TreasuryGovernment money market fund (MRGXX) | $8,3503.34% | $33,4003.34% | $179,5003.59% | $758,0003.79% |
| Rho TreasuryTreasury money market fund (IJTXX) | $8,1003.24% | $32,4003.24% | $174,5003.49% | $738,0003.69% |
| Relay Business SavingsFDIC-insured savings | $6,9453.21% | $31,0203.21% | $159,4203.21% | $640,9203.21% |
| Leave it in checkingUninvested cash | $0 | $0 | $0 | $0 |
Higher yields whose price can move
Mercury and Rho also offer short-term bond funds, and Meow a commercial paper account. They can pay more, but they aren’t money market funds or Treasury bills: the value can dip, so we list them apart instead of ranking them.
- Mercury: Ultra-short bond fund (MCRYX) 3.65%, about $36,500 a year. 30-day effective yield, net of fees (not the SEC yield), Oct 30. Source
- Rho: Ultra-short income fund (MULSX) 3.46%, about $34,600 a year. 7-day current yield, subsidized, net of Rho's fee, Nov 3. Source
- Meow: Commercial Paper Account targets 3.77%–4.01%. A target: “seeks to earn net returns from 3.77–4.01%”, by balance; no tier table, Nov 4. Source
The fees, from each provider
- Mercury, Government money market fund (MRGXX): 0.15%–0.60% a year, set by total Mercury balance; already taken out of the yield. Mercury doesn't publish the fee for each tier. Source
- Rho, 13-week Treasury bills: 0.60% under $2M, 0.45% $2M–$5M, 0.35% $5M–$10M, 0.25% $10M–$20M, 0.15% at $20M+; already taken out of the yield. Source
- Rho, Treasury money market fund (IJTXX): Same 0.15%–0.60% tiers as above; already taken out of the yield. Source
- Brex, Government money market fund (DGVXX) plus a Brex bonus: No account, transaction or maintenance fees. Source
- Meow, Treasury bills, auto-rolled: “1 basis point per month annualized” (0.12% a year), no trading fees. Source
- Relay, FDIC-insured savings: Plan fee: Starter $0, Grow $30/month, Scale $90/month ($120 regular). Source
Questions
Where should a company keep its cash?
Ranked by what each option keeps after its fees: on $1 million today, buying 13-week Treasury bills yourself keeps about $41,900 a year; Meow Treasury, the cheapest platform we track, about $40,700; Mercury’s government money fund about $33,400. Platforms charge 0.12% to 0.60% a year for buying, rolling and holding for you.
Is a business treasury account FDIC-insured?
No. Mercury Treasury, Rho Treasury, Brex Treasury and Meow’s T-bills hold money market funds or Treasury bills, not bank deposits, so FDIC insurance doesn’t apply; brokerage accounts carry SIPC protection. Relay’s savings account is FDIC-insured up to $3 million through partner banks, but pays less.
How much do Mercury and Rho charge for treasury?
Both charge 0.15% to 0.60% a year, falling as the balance grows. Rho publishes each tier: 0.60% under $2 million, 0.45% to $5 million, 0.35% to $10 million, 0.25% to $20 million, 0.15% above. Mercury publishes only the range. Both show yields with the fee already taken out.
Is Treasury interest taxable for a company?
It’s taxable federally. Many states exempt U.S. Treasury interest from corporate income tax, but some states’ franchise taxes include it, so the after-tax gap depends on your state and structure. We show yields before tax; check with your accountant.