What idle business cash actually earnsWhatidlebusinesscashactuallyearns

How this page works. Rho’s numbers are pulled automatically from the same data our product uses — this page re-checks them at least daily and stamps them with the data’s as-of date. They are net of our management fee (0.15%–0.60% depending on deposit tier) and quoted “up to” at the lowest-fee tier. Competitor numbers have no public live feeds, so we verify them by hand against each provider’s own published pages and stamp every figure with the date we checked it and where. If a competitor’s current rate is newer than our stamp, trust their site over ours — and know that’s the standard we hold this page to.

Why you can’t compare these numbers raw

Business “yield” hides four different instruments:

• Bank APY (SVB, Bluevine, Grasshopper, Relay, Axos): interest on FDIC-insured deposits. Insured, but check the conditions — activity requirements, balance caps, and paid plan tiers are how low headline rates get advertised high.

• Money market fund 7-day SEC yield (Brex’s DGVXX, Mercury’s JTCXX, Rho’s MULSX): the industry-standard quote for short-term cash instruments — annualized past-7-day fund income, net of the fund’s expense ratio. Not FDIC — SIPC protects the securities.

• Bond fund 30-day SEC yield (Rho’s Vanguard fund — VFSTX, a short-term investment-grade corporate bond fund — and Mercury’s MCRYX, an ultra-short bond fund): standardized yield for funds whose share price can move. Higher potential yield because it takes credit and duration risk a money market fund doesn’t; some NAV variability. This page’s headline “up to” number is Vanguard-derived — that’s the trade behind it, which is why the allocation is yours to set, down to 100% T-Bills.

• T-Bill yield to maturity (Rho’s T-Bill sleeve): a rate locked when the bill is bought, backed by the U.S. government, realized if held ~13 weeks to maturity.

Then subtract fees. Mercury quotes net of its 0.15%–0.60% fee (so does Rho — every Rho number on this page already has the fee taken out). Brex quotes the fund’s yield plus a Brex-paid bonus with no separate program fee disclosed. Banks quote APY with no fund fee, but gate the rate on plans, balances, or activity. The only honest comparison is net-of-fees to net-of-fees, same instrument to same instrument, with a date on every number.

And one thing we want to be explicit about: the “up to” number at the top of this page — and the biggest number in our tier matrix — assumes your entire balance sits in the Vanguard short-term investment-grade bond fund, an allocation we recommend only for cash you won’t need for a year or more. For cash that has to stay liquid, the conservative baseline is the direct U.S. T-Bill option, with bills maturing every 90 days — its dated benchmark sits in the comparison table above. Any provider quoting you one big number without telling you what allocation — and what liquidity trade — it implies is leaving out the part that matters.

Where the others win

Mercury publishes its full net-yield tier schedule with unusual clarity — the transparency standard this page copies — and its JTCXX option redeems same-day, faster than a T-Bill sale settles at Rho. Brex’s fund ladder starts at 4.01% with no published minimum and no disclosed program fee, and its top published tier is within striking distance of ours (both as displayed 07/31–08/02/2026 — check both live pages today). SVB at 3.30% over $1M, Grasshopper at 3.00% on savings, and Bluevine at 3.0% on Premier are FDIC-insured yields — if your board mandates FDIC coverage on every yielding dollar, those beat any securities product, Rho’s included. And below Rho Treasury’s $100,000 minimum, Rho doesn’t have a yield product to sell you — the accounts above do.

What Rho Treasury is and how it works

What it is. Rho Treasury is an investment account for idle business cash, managed by RBB Treasury LLC, an SEC-registered investment adviser, and available to Rho clients that invest $100,000 or more. Your cash is invested — in your company’s name — in three instruments: 13-week U.S. Treasury Bills, the Morgan Stanley Ultra-Short Income fund (MULSX), and the Vanguard Short-Term Investment-Grade fund (VFSTX).

How it works.

• Set a portfolio around your objectives — liquidity, duration, and risk. Rho helps you build a target mix across the three instruments in 5% increments, matched to when you’ll actually need the cash: from ultra-short-term — 100% U.S. T-Bills, which mature every 90 days — through short-term fund mixes, to longer-term allocations (the Vanguard fund is recommended for cash you can commit for more than a year). Presets by runway profile give you a starting point; the yield you see is the weighted result of your allocation, not a one-size number.

• It runs itself. Deposits, maturities, and dividends auto-allocate and auto-rebalance to your target. No manual bill laddering.

• The number you see is net. Rho charges a management fee of 0.15% (deposits of $20M+) to 0.60% (under $2M); every yield shown in the dashboard — and on this page — already has it deducted.

• Liquidity when you need it. Mutual fund redemptions arrive next business day; T-Bill sales settle in 2–3 business days.

• It sits next to your operating stack. Treasury lives alongside Rho checking, corporate cards, and AP in one platform — moving idle cash to work (and back) doesn’t mean another vendor.

Whose money it stays. Securities are custodied in your company’s name through Apex Clearing Corp. and Interactive Brokers LLC (registered broker-dealers, Members FINRA/SIPC) — protected by SIPC up to $500,000 per client, including $250,000 for cash claims. Rho Treasury is not a bank deposit and is not FDIC-insured; investments may lose value. FDIC insurance lives on Rho’s banking side: checking insured to $250,000 at Webster Bank, N.A., and Business Savings insured up to $75 million via American Deposit Management Co.’s sweep across a network of 400+ FDIC-insured institutions.

†The headline rate is the Vanguard fund option’s net yield at Rho Treasury’s lowest-fee tier ($20M+ in deposits; 0.15% annual fee), based on data as of {{ asOfDate.short }}. It assumes a 100% allocation to the Vanguard Short-Term Investment-Grade Fund (VFSTX), recommended for investment horizons over one year. All Rho yields are quoted “up to,” net of management fees (0.15%–0.60% by total deposit tier), variable, and subject to change. The U.S. T-Bill figure in the comparison table is the trailing 7-day average U.S. T-Bill yield (13-week), source: U.S. Department of the Treasury, as of 08/02/2026. Rho Treasury is offered by RBB Treasury LLC, an SEC-registered investment adviser, to Rho clients investing $100,000 or more; registration does not imply a certain level of skill or training. Securities are custodied through Apex Clearing Corp. and Interactive Brokers LLC, Members FINRA/SIPC. Investments in securities are not FDIC-insured, are not bank deposits or obligations, and may lose value. Competitor rates are drawn from each provider’s published pages, verified on the dates shown, and may have changed since — confirm current rates with each provider. Banking services provided by Webster Bank, N.A., Member FDIC; savings sweep FDIC coverage up to $75M provided through American Deposit Management Co. and its network of 400+ FDIC-insured institutions.

*Free Delaware C-corp incorporation: $400 refundable deposit, fully refunded once you open a Rho account and maintain a $10,000 average checking balance for 60 days.