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It depends on how much you value liquidity, but the Treasuries are currently trading at 5.22% APR = 5.30% APY. With 5% state tax savings, that 5.58% tax equivalent yield.

Yes, indeed, liquidity is what I am buying by accepting a bit less from HSBC. However, I bear in mind that there could be 25 or 50 basis points added to short-term interest rates over the next 6 months. If HSBC respond - perhaps moving their rate to above 5% - then the liquidity they provide will have got cheaper, relative to Treasury Bills.
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