FRN calculator
Starts at the latest 13-week auction's discount rate. The real index resets every week, so try your own.
| Term | APR | Per year | At maturity | ||||
|---|---|---|---|---|---|---|---|
Estimates from the most recent auction of each term. The next auction will price differently.
FRN rate history
The rate a buyer started at: the 13-week bill rate plus the discount margin at each auction.
| Auction | Term | Margin | Price per $100 |
|---|
How FRNs work
- Term
- 2 years.
- How it pays
- Interest every three months at the 13-week bill rate plus a spread fixed at auction.
- Buying
- From $100, in $100 steps, at auction. A noncompetitive bid takes the auction's rate.
- Taxes
- Federal income tax applies. Exempt from state and local income tax.
How this calculator works
A floating rate note earns the 13-week bill's discount rate plus its spread, counted daily on a 360-day year, and pays every three months. The calculator holds your assumed bill rate for the whole term; per year spreads the total evenly over it.
APR is the total return at maturity, annualized over a 365-day year, so it compares directly with bills and notes.
Ready to buy FRNs?
You can buy FRNs directly from the U.S. government at TreasuryDirect.
Treasury Calculator is an independent site and is not affiliated with the U.S. government.