HYSA vs. T-Bills: Where to Keep Your Cash in 2026 for Optimal Returns

In today's dynamic financial landscape, simply letting your cash sit in a traditional savings account is a missed opportunity. With inflation eroding purchasing power, finding a secure yet high-return home for your short-term savings and emergency funds is more critical than ever. As of April 2026, two popular contenders for this role are High-Yield Savings Accounts (HYSAs) and Treasury Bills (T-Bills). Both offer attractive interest rates compared to standard bank accounts, but they differ significantly in accessibility, liquidity, risk, and how their returns are taxed. Understanding these distinctions is crucial for making an informed decision about where to park your money. This article will thoroughly explore HYSAs and T-Bills, comparing their features, benefits, drawbacks, and tax implications to help you determine the best option for your financial goals in 2026.

High-Yield Savings Accounts (HYSA) vs. Treasury Bills Definition: High-Yield Savings Accounts (HYSAs) are deposit accounts offered by banks and credit unions that pay significantly higher interest rates than traditional savings accounts, while Treasury Bills (T-Bills) are short-term debt securities issued by the U.S. government, considered among the safest investments.

Understanding High-Yield Savings Accounts (HYSAs)

High-Yield Savings Accounts (HYSAs) have become a cornerstone for many individuals looking to maximize returns on their readily accessible cash. Unlike standard savings accounts, which often yield negligible interest, HYSAs leverage competitive interest rates, making them an attractive option for emergency funds, short-term savings goals, and idle cash.

What is a High-Yield Savings Account?

A High-Yield Savings Account (HYSA) is a type of savings account that typically offers an annual percentage yield (APY) significantly higher than the national average for traditional savings accounts. These accounts are generally offered by online-only banks or credit unions, which have lower overhead costs than brick-and-mortar institutions, allowing them to pass those savings on to customers in the form of higher interest rates. The primary purpose of an HYSA is to provide a secure place for your money to grow while remaining easily accessible.

For example, while the national average savings account APY hovered around 0.47% as of March 2026, many HYSAs were offering rates between 4.50% and 5.25% APY. This substantial difference can lead to significant growth over time, especially for larger balances. Funds in HYSAs are typically insured by the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions, up to the standard limit of $250,000 per depositor, per institution, per ownership category, providing a high level of safety.

Benefits of HYSAs

HYSAs offer several compelling advantages that make them a popular choice for many savers. Their combination of liquidity, security, and competitive returns is hard to beat for certain financial needs.

One of the most significant benefits is liquidity. Money in an HYSA is generally available for withdrawal or transfer within one to three business days, making it ideal for emergency funds or short-term savings goals like a down payment on a house or a new car. While there are typically limits on the number of outgoing transfers or withdrawals per month (often six, due to Regulation D, though this has been relaxed by some institutions), these limits rarely pose an issue for most savers.

Another key advantage is FDIC/NCUA insurance. This government-backed insurance means that your deposits are protected even if the bank or credit union fails, up to the $250,000 limit. This provides peace of mind, knowing your principal is safe. Furthermore, HYSAs are straightforward to open and manage, often requiring no minimum balance to start and no monthly fees, especially with online banks. The interest earned is also compounded frequently, often daily or monthly, leading to greater overall returns.

Drawbacks and Considerations for HYSAs

Despite their advantages, HYSAs also come with certain drawbacks and considerations that savers should be aware of. Understanding these can help set realistic expectations and avoid potential frustrations.

One common consideration is the variable interest rate. Unlike some fixed-income investments, the APY on an HYSA can fluctuate based on broader economic conditions and the Federal Reserve's monetary policy. If the Fed raises interest rates, HYSA rates typically follow suit, but if rates fall, your earnings will also decrease. This means your future returns are not guaranteed. For instance, after a period of sustained rate hikes in 2022-2024, HYSA rates peaked in late 2024 and early 2025, but could begin to decline if the Federal Reserve cuts its benchmark rate in 2026.

Another point to consider is the taxation of interest. Interest earned from an HYSA is considered ordinary income and is taxable at your federal, state, and local income tax rates. This can reduce your net return, especially for those in higher tax brackets. While online HYSAs offer convenience, some individuals might prefer the option of in-person banking services, which are typically not available with online-only institutions. Finally, while generally offering higher rates than traditional savings, HYSAs might not always keep pace with inflation, meaning your purchasing power could still erode if the inflation rate exceeds your HYSA's APY.

Exploring Treasury Bills (T-Bills)

Treasury Bills (T-Bills) represent a different class of investment, backed by the full faith and credit of the U.S. government. They are considered one of the safest investments available, making them attractive to conservative investors and those seeking short-term capital preservation.

What are Treasury Bills?

Treasury Bills (T-Bills) are short-term debt obligations issued by the U.S. Department of the Treasury to finance government spending. They are characterized by their short maturities, typically 4, 8, 13, 17, 26, or 52 weeks. T-Bills are "discount securities," meaning they do not pay interest periodically. Instead, they are sold at a discount to their face value, and when they mature, the investor receives the full face value. The difference between the purchase price and the face value represents the investor's return.

For example, if you purchase a 26-week T-Bill with a face value of $10,000 for $9,750, you will receive $10,000 when it matures. Your return would be $250. This discount mechanism makes their yield calculation slightly different from interest-bearing accounts. T-Bills are auctioned weekly through TreasuryDirect, the U.S. Treasury's online platform, or through various brokers and financial institutions. They are considered virtually risk-free because they are backed by the U.S. government, which has never defaulted on its debt.

Advantages of Investing in T-Bills

T-Bills offer a unique set of advantages that appeal to investors prioritizing safety, short-term returns, and specific tax benefits. These benefits often make them a suitable choice for a portion of a diversified portfolio.

The paramount advantage of T-Bills is their safety and low risk. As direct obligations of the U.S. government, they carry the highest credit rating and are considered free of default risk. This makes them an excellent choice for preserving capital, especially during periods of economic uncertainty. Another significant benefit is their favorable tax treatment. Interest earned on T-Bills is exempt from state and local income taxes, though it is subject to federal income tax. This exemption can be a substantial advantage for residents of high-tax states or localities, effectively increasing the net yield compared to fully taxable investments.

Furthermore, T-Bills offer predictable returns. Once purchased, the yield is locked in until maturity, providing certainty about your earnings. This contrasts with the variable rates of HYSAs. They also offer a high degree of liquidity in the secondary market. While holding them to maturity is common, investors can sell T-Bills before maturity if they need access to their funds, although the market value may fluctuate based on prevailing interest rates. This secondary market liquidity ensures that T-Bills are not truly "locked up" for their entire term.

Disadvantages and Considerations for T-Bills

While T-Bills are highly secure, they also come with certain disadvantages and considerations that investors should weigh before committing their funds. These factors can influence their suitability for different financial situations.

One primary drawback is lower potential returns compared to some other investment options, especially during periods of low interest rates. While T-Bills offer competitive yields compared to traditional savings accounts, they typically yield less than longer-term Treasury bonds or higher-risk investments like stocks. Their yields are also closely tied to the Federal Reserve's benchmark rates, meaning returns can be modest when rates are low. For instance, in early 2020, T-Bill yields dropped to near zero, making them less attractive.

Another consideration is inflation risk. While T-Bills preserve nominal capital, their fixed returns may not always keep pace with inflation. If the inflation rate exceeds the T-Bill's yield, your purchasing power can still erode over time. This is a common concern for any fixed-income investment. Additionally, T-Bills are less liquid than an HYSA in the sense that you cannot simply withdraw funds on demand. Selling a T-Bill before maturity requires going through the secondary market, which involves a transaction, and the sale price might be slightly lower or higher than your purchase price depending on market conditions. Finally, while buying directly from TreasuryDirect is straightforward, purchasing T-Bills through a broker may involve fees, which can eat into your returns, especially for smaller investments.

HYSA vs. T-Bills: A Direct Comparison

Choosing between an HYSA and T-Bills requires a direct comparison of their features, focusing on what matters most to your financial situation. Both are excellent choices for safe, short-term cash, but their nuances cater to different preferences and needs.

Accessibility and Liquidity

When it comes to accessing your money, HYSAs generally offer superior accessibility and liquidity. Funds in an HYSA can typically be transferred to a linked checking account within 1-3 business days. Many online HYSAs also offer ATM cards or checks, providing direct access, though transaction limits may apply. This makes HYSAs ideal for emergency funds that might need to be tapped quickly and unexpectedly.

T-Bills, on the other hand, are less immediately liquid. While you can sell them on the secondary market before maturity, this process isn't as instantaneous as an electronic transfer from an HYSA. The sale price can also fluctuate, meaning you might receive slightly less than your initial investment if interest rates have risen since your purchase. For funds that absolutely must be available at a moment's notice, an HYSA holds an edge. However, for planned short-term needs where you can align the T-Bill maturity with your cash requirement, T-Bills offer excellent liquidity at maturity.

Risk and Security

Both HYSAs and T-Bills are considered very low-risk options, but their backing differs. HYSAs are insured by the FDIC or NCUA up to $250,000 per depositor, providing protection against bank failure. This means that if your bank goes under, the government will reimburse your deposits up to the limit.

T-Bills carry an even higher level of security, as they are backed by the full faith and credit of the U.S. government. This makes them virtually free of default risk. The U.S. government has never defaulted on its debt, making T-Bills arguably the safest investment in the world. For amounts exceeding the FDIC/NCUA insurance limit, T-Bills can offer a way to secure larger sums of cash without exposing them to bank-specific risks.

Returns and Interest Rates

The returns and interest rates for HYSAs and T-Bills are both competitive and generally higher than traditional savings accounts, but they behave differently. HYSA rates are variable and can change at any time based on market conditions, particularly the Federal Reserve's federal funds rate. This means your APY could increase or decrease over time. As of April 2026, many HYSAs offer APYs in the 4.50% to 5.25% range.

T-Bill yields, however, are fixed at the time of purchase and guaranteed until maturity. This provides certainty of return. T-Bill yields also closely track the federal funds rate and broader market interest rates. For example, in early 2026, 4-week to 52-week T-Bills were yielding between 5.00% and 5.30%, reflecting the current interest rate environment. The choice here depends on whether you prefer a guaranteed return for a set period or the potential for higher (or lower) returns with a variable rate.

Tax Implications

The tax implications are a crucial differentiator between HYSAs and T-Bills, especially for individuals in higher tax brackets or those residing in states with high income taxes.

Interest earned from an HYSA is considered ordinary income and is fully taxable at the federal, state, and local levels. This means that if you are in a 24% federal tax bracket and a 5% state tax bracket, your effective tax rate on HYSA interest would be 29% (ignoring local taxes for simplicity).

In contrast, the income from T-Bills is exempt from state and local income taxes, though it is subject to federal income tax. This tax advantage can significantly boost the net yield of T-Bills, particularly for residents of states like California or New York, where state income taxes can be substantial. For example, if a T-Bill yields 5.00% and you're in a 24% federal tax bracket and a 9% state tax bracket, your effective federal tax on the T-Bill is 24%, while the HYSA interest would be taxed at 33%. This makes T-Bills potentially more attractive on an after-tax basis for many.

Feature	High-Yield Savings Account (HYSA)	Treasury Bills (T-Bills)
Issuer/Provider	Banks and Credit Unions (primarily online)	U.S. Department of the Treasury
Insurance/Backing	FDIC or NCUA insured up to $250,000	Backed by the full faith and credit of the U.S. government
Maturity	No fixed maturity; funds held indefinitely	Short-term: 4, 8, 13, 17, 26, or 52 weeks
Interest Rate	Variable APY; fluctuates with market conditions	Fixed yield at purchase; guaranteed until maturity
Accessibility	High; easy transfers, ATM access (sometimes), quick withdrawals	High at maturity; secondary market for early sale (with potential price fluctuation)
Liquidity	Excellent for emergency funds; 1-3 business days for transfers	Excellent at maturity; can be sold on secondary market before maturity
Minimum Investment	Often $0 or low ($1-$100)	Typically $100 minimum, often purchased in multiples of $100
Taxation	Taxable at federal, state, and local levels (ordinary income)	Exempt from state and local taxes; taxable at federal level
Risk Level	Very low (bank failure risk covered by FDIC/NCUA)	Extremely low (U.S. government default risk is virtually zero)
Best For	Emergency funds, short-term savings goals, easily accessible cash	Capital preservation, short-term fixed income, tax-advantaged savings

Practical Scenarios: When to Choose Which

The decision between an HYSA and T-Bills often boils down to your specific financial goals, risk tolerance, and liquidity needs. There isn't a universally "better" option; rather, the optimal choice depends on your individual circumstances in 2026.

Choosing an HYSA

An HYSA is typically the preferred choice for funds that require maximum flexibility and immediate access. This includes your emergency fund, which financial advisors often recommend keeping in a highly liquid and secure account. If you need to cover an unexpected expense, like a car repair or medical bill, you want to be able to access those funds quickly without any market fluctuations.

HYSAs are also excellent for short-term savings goals where the timeline is less than a year or uncertain. Examples include saving for a down payment on a home, a new car, a vacation, or a large purchase within the next 12-24 months. The variable interest rate means you'll benefit if rates rise, and the ease of deposits and withdrawals makes managing these fluctuating savings goals simple. For instance, if you're saving $20,000 for a down payment over the next 18 months, an HYSA allowing easy contributions and withdrawals as needed, while earning a competitive rate, is often ideal.

Opting for Treasury Bills

T-Bills shine when capital preservation and predictable, tax-advantaged returns are the top priorities. They are particularly well-suited for individuals with larger sums of cash that they don't need immediate access to but want to keep extremely safe for a defined, short period.

Consider T-Bills if you have a large sum of money awaiting deployment for a specific future event, such as a planned home purchase in 6 months, a tuition payment due in 3 months, or a large tax payment. By matching the T-Bill's maturity to your spending date, you lock in a guaranteed return and avoid potential market volatility. The state and local tax exemption also makes T-Bills highly attractive for those in high-tax states or individuals in higher federal income tax brackets. For example, a high-income earner in California might find the after-tax yield of a 26-week T-Bill significantly more appealing than an HYSA, even if the nominal rates are similar. T-Bills can also be a strategic component of a laddering strategy for managing cash flow, where you buy T-Bills with staggered maturities to ensure a continuous stream of maturing funds.

Blending Both Strategies

For many people, the most effective strategy involves using both HYSAs and T-Bills in conjunction. This approach allows you to leverage the strengths of each product to meet different financial needs.

For example, you might keep your primary emergency fund (e.g., 3-6 months of living expenses) in an HYSA for maximum liquidity. Any additional cash reserves or funds earmarked for specific future expenses with a clear timeline could then be allocated to T-Bills. This allows you to capture the tax advantages and guaranteed returns of T-Bills for a portion of your cash, while maintaining instant access to your most critical emergency funds in an HYSA. This blended approach provides both flexibility and optimized returns, especially for those with substantial cash savings. Financial experts at One Percent Finance often recommend a diversified approach to cash management, ensuring that different buckets of money serve their intended purpose effectively.

How to Open and Manage HYSAs and T-Bills

Understanding how to open and manage these accounts is essential for integrating them into your financial strategy. Both HYSAs and T-Bills have relatively straightforward processes, but they differ in their setup and ongoing management.

Opening and Managing an HYSA

Opening an HYSA is typically a quick and easy process, especially with online banks. Most banks allow you to open an account entirely online within minutes.

To open an HYSA, you will generally need:

• Personal identification: Such as a driver's license or state ID.
• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
• Basic personal information: Name, address, date of birth.
• Information for funding the account: Usually, a routing and account number from an existing checking or savings account to initiate the first transfer.

Once opened, managing an HYSA is similar to managing any other bank account. You can typically access your account through online banking portals or mobile apps. You'll be able to view your balance, transfer funds, set up recurring deposits, and track your interest earnings. Most HYSAs do not have monthly maintenance fees, but it's always wise to check the fee schedule. Remember to link your HYSA to a primary checking account for easy transfers. Keep an eye on the APY offered, as rates can change. If your bank's rate drops significantly, it might be worth exploring other HYSAs to ensure you're still getting a competitive return.

Purchasing and Managing T-Bills

Purchasing T-Bills can be done in two primary ways: directly from the U.S. Treasury via TreasuryDirect, or through a brokerage account.

1. Through TreasuryDirect: This is the most direct way to buy T-Bills. You'll need to create an account on the TreasuryDirect website, which requires your SSN, bank account information, and a valid email address. Once your account is set up, you can participate in weekly auctions for T-Bills. You can choose "non-competitive bidding," which means you agree to accept the yield determined by the auction, ensuring you get your desired amount of T-Bills. This is the simplest method for individual investors. You can also set up reinvestments for maturing T-Bills, allowing your money to automatically roll over into new T-Bills.

2. Through a Brokerage Account: Many major brokerage firms (e.g., Fidelity, Schwab, Vanguard) allow you to purchase T-Bills. This might be preferable if you already have an investment account with a broker and want to consolidate your financial holdings. The process is similar to buying other fixed-income securities through your broker's platform. Be aware that some brokers may charge a small commission or fee for T-Bill purchases, which could slightly reduce your net yield.

Managing T-Bills primarily involves monitoring their maturity dates. If you purchase multiple T-Bills with different maturities (a "laddering" strategy), you'll have funds maturing at regular intervals. TreasuryDirect provides statements and account access to track your holdings. When a T-Bill matures, the face value is automatically deposited into your linked bank account or reinvested if you've set up that option. It's important to note that T-Bills are not as "hands-off" as an HYSA, as you need to actively participate in auctions or set up reinvestments to keep your money continuously invested.

The Economic Landscape in 2026 and Your Cash Strategy

The economic environment in 2026 plays a significant role in determining the attractiveness of HYSAs and T-Bills. Understanding prevailing interest rates, inflation, and economic forecasts can help you make the best decision for your cash.

Interest Rate Outlook

As of April 2026, the Federal Reserve's monetary policy continues to be a primary driver of short-term interest rates. Following a period of aggressive rate hikes in 2022-2024 to combat inflation, the federal funds rate has stabilized, and market expectations suggest potential for modest rate cuts later in 2026, depending on inflation trends and economic growth. However, rates are still expected to remain elevated compared to pre-2022 levels.

This means that both HYSA APYs and T-Bill yields are likely to remain competitive throughout 2026. If the Fed does begin to cut rates, HYSA rates will typically follow downward, while T-Bill yields will also decrease for newly issued bills. This makes locking in current T-Bill yields for slightly longer maturities (e.g., 26 or 52 weeks) potentially attractive if you anticipate rate declines. Conversely, if inflation proves stickier than expected and the Fed maintains or even raises rates, HYSAs could see their APYs increase further. Monitoring Federal Reserve announcements and economic data will be key to anticipating rate movements.

Inflation and Purchasing Power

Inflation remains a critical factor in evaluating the real return on cash. While the Consumer Price Index (CPI) has moderated from its peak in 2022, it is still a concern. If inflation runs at, for example, 3.0% annually, an HYSA yielding 5.0% provides a real return of 2.0% (5.0% - 3.0%). However, if inflation unexpectedly surges to 6.0%, that same 5.0% HYSA would result in a negative real return of -1.0%.

Both HYSAs and T-Bills offer nominal returns, meaning they pay a fixed or variable percentage on your money. Neither is explicitly designed to protect against inflation in the way that Treasury Inflation-Protected Securities (TIPS) are. Therefore, while both offer competitive nominal yields, it's crucial to consider the real rate of return (nominal rate minus inflation) to understand how your purchasing power is truly affected. For 2026, the consensus among economists suggests inflation will remain above the Fed's 2% target, hovering in the 2.5%-3.5% range, making it important to seek out the highest possible nominal yields to preserve purchasing power.

Economic Stability and Future Outlook

The overall economic stability of the U.S. in 2026 also influences the choice between HYSAs and T-Bills. During periods of economic uncertainty or recession concerns, the safety and government backing of T-Bills become even more appealing. Investors often flock to "safe haven" assets like T-Bills during such times, which can sometimes drive their yields down as demand increases.

Conversely, a strong economy with robust growth might lead to higher inflation expectations and potentially higher interest rates, benefiting HYSAs. However, even in a strong economy, the fundamental safety of T-Bills makes them a constant for conservative investors. The U.S. economy in 2026 is expected to continue moderate growth, with a tight labor market and ongoing debates about fiscal policy. This environment generally supports competitive rates for both HYSAs and T-Bills, making them viable options for cash management. The key is to align your choice with your personal risk tolerance and specific financial objectives within this broader economic context.

Frequently Asked Questions

What is the main difference between a High-Yield Savings Account and a Treasury Bill?

The main difference lies in their issuer, liquidity, and tax treatment. HYSAs are bank accounts insured by the FDIC/NCUA, offering variable rates and high liquidity, with interest fully taxable. T-Bills are short-term government debt, backed by the U.S. Treasury, offering fixed yields for a set term, and are exempt from state and local taxes.

Are HYSAs and T-Bills safe investments for my money?

Yes, both HYSAs and T-Bills are considered very safe. HYSAs are protected by FDIC or NCUA insurance up to $250,000 per depositor, per institution. T-Bills are backed by the full faith and credit of the U.S. government, making them virtually risk-free from default.

Which offers better returns, HYSAs or T-Bills, in 2026?

The "better" return depends on current market rates and your tax situation. In early 2026, both HYSAs and T-Bills offer competitive yields, often in the 4.5% to 5.3% range. T-Bills might offer a higher after-tax return for residents of high-tax states due to their state and local tax exemption.

Can I lose money with a High-Yield Savings Account or Treasury Bill?

It is highly unlikely to lose your principal with either. For HYSAs, your funds are insured up to $250,000. For T-Bills, the U.S. government guarantees repayment of the face value at maturity. You could theoretically lose a small amount if you sell a T-Bill on the secondary market before maturity when interest rates have risen, causing its market value to drop.

How quickly can I access my money from an HYSA versus a T-Bill?

You can typically access funds from an HYSA within 1-3 business days via electronic transfer. T-Bills provide access to funds at their maturity date. While you can sell T-Bills on the secondary market before maturity, this is not as immediate as an HYSA transfer and the sale price can fluctuate.

Should I choose an HYSA or T-Bills for my emergency fund?

An HYSA is generally recommended for your primary emergency fund due to its superior immediate liquidity and ease of access. T-Bills can be suitable for larger emergency fund components or funds you don't anticipate needing for a specific short period, benefiting from their tax advantages and fixed yield.

What are the tax implications for HYSA interest and T-Bill income?

HYSA interest is taxable at federal, state, and local income tax rates. T-Bill income is subject to federal income tax but is exempt from state and local income taxes, offering a potential advantage for those in high-tax states.

Key Takeaways

• High-Yield Savings Accounts (HYSAs): Offer competitive, variable interest rates, FDIC/NCUA insurance, and excellent liquidity, making them ideal for emergency funds and short-term, flexible savings goals.

• Treasury Bills (T-Bills): Provide fixed, predictable returns, are backed by the U.S. government (virtually risk-free), and offer a significant tax advantage by being exempt from state and local income taxes.

• Liquidity vs. Fixed Returns: HYSAs prioritize immediate access with variable rates, while T-Bills offer guaranteed returns for a set period, with access at maturity or via the secondary market.

• Tax Advantages: T-Bills are particularly attractive for residents of high-tax states due to their state and local tax exemption, potentially yielding higher after-tax returns than HYSAs.

• Blended Strategy: Many individuals benefit from using both; an HYSA for primary emergency funds and T-Bills for larger, less immediate cash reserves to optimize both liquidity and after-tax returns.

• Economic Environment: In 2026, both options remain competitive due to elevated interest rates, but monitoring Federal Reserve policy and inflation is crucial for making informed decisions.

Conclusion

Deciding where to keep your cash in 2026 involves weighing the distinct advantages of High-Yield Savings Accounts (HYSAs) and Treasury Bills (T-Bills). Both are excellent, low-risk options for safeguarding and growing your money, far surpassing the returns of traditional savings accounts. HYSAs offer unparalleled liquidity and flexibility, making them the go-to choice for emergency funds and short-term goals where immediate access is paramount. Their variable rates mean you benefit from rising interest rates, but also face potential decreases.

Treasury Bills, on the other hand, provide predictable, fixed returns for their short maturities and a significant tax advantage by being exempt from state and local income taxes. This makes them particularly appealing for those in high-tax states or for larger sums of cash with a defined future need. Ultimately, the best strategy for your cash in 2026 may involve a combination of both. By understanding your personal liquidity needs, tax situation, and financial goals, you can strategically allocate your funds between HYSAs and T-Bills to maximize your returns while maintaining peace of mind. Don't let your cash sit idle; make an informed decision to optimize its growth.

Disclaimer: This article is for informational and educational purposes only and does not constitute financial, investment, or tax advice. Always consult a qualified financial advisor before making investment decisions.