Updated October 27, 2026 from live rates

Where to keep cash in Florida

Florida has no income tax on interest, so Treasury bills’ state-tax exemption is worth nothing here and the highest rate wins. Today that’s the CFG Bank 1-year CD at 4.65%, keeping about $7,324 a year after federal tax on $250,000.

Option

Rate

Kept a year on $250,000

CFG Bank 1-year CD

4.65%

$7,324

1-year Treasury bill

4.50%

$7,088

3-month Treasury bill

4.22%

$6,647

Marcus by Goldman Sachs 11-month No-Penalty CD

4.00%

$6,300

Treasury-only money fund

3.79%

$5,969

Wealthfront Cash Account

3.55%

$5,591

Municipal money fund (not your state's)

1.45%

$3,625

Merrill Edge

0.01%

$16

Why the highest rate wins in Florida

Treasury bills are free of state income tax everywhere, but in Florida there’s no state tax on interest to save. So compare the rates directly, after federal tax: a CD, savings account or Treasury bill paying more keeps more. Treasury bills still have two advantages: U.S. government backing with no $250,000 limit, and the ability to sell any day.

Florida taxes on cash, in brief

No state income tax on interest.
Interest on U.S. Treasury bills, notes and bonds: exempt from state and local income tax, taxed federally.

Questions

Is Treasury bill interest taxed in Florida?

Florida doesn’t tax interest, so it makes no difference here. Treasury interest is still subject to federal income tax.

Where should I keep cash in Florida?

At Florida’s top rate and 37% federal, the CFG Bank 1-year CD keeps the most after tax today (4.65%). The answer depends on your brackets; the calculator on this page updates for yours.

What rate does a CD need to beat Treasury bills in Florida?

With no state income tax, a CD only needs a higher rate than the Treasury bill of the same term.

Rates: each provider’s own page and the U.S. Treasury, October 27, 2026. State rates: Tax Foundation, 2026 (top single-filer rate; local taxes not included). General information, not tax advice. Other states →