Re: 4 week T-Bills paying 4.471 and no state taxes
Biggest advantage is it's an ultra-safe investment, and if you're in a state with high income tax, the effective yield is pretty good.
The biggest disadvantage is you can't access your money for up to 28 days, so I wouldn't put all my emergency fund money into it. Also if you're in a state with no income tax, it's not such a great deal compared to a high-yield savings account paying 4.75% or higher.
I think many people don't do it because it's a little more complex to deal with (see goodtosave's note on how to reinvest funds). Also the yield fluctuates more than your typical savings account.
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