1) The income of certificate-based national debt comes from the interest paid by the government when it is redeemed.

(2) The income of book-entry treasury bonds comes from the bid-ask price difference and interest income.

From the perspective of yield, the yields of three-year treasury bonds and five-year treasury bonds are both higher than.

Money market funds and time deposits.

However, according to the analysis of the head of the marketing department of a fund company, it should be noted that different liquidity and interest rate risks may lead to the inconsistency between investors' final income and expected income. Although the yield of certificate-based government bonds is relatively high, its liquidity is slightly poor. If you pay in advance, there will generally be a handling fee of one thousandth, and the interest will be calculated by grades, so you can't enjoy coupon rate.

For example, in the second year, due to the urgent need to pay three-year treasury bonds, the counter will charge a certain handling fee, and the interest rate paid will be calculated according to the two-year installment interest, which is much lower than the original 3.39% in coupon rate.

The advantages of the money fund are embodied in two aspects. First of all, its liquidity is excellent, and most money market funds can realize T+ 1 redemption, and there is no handling fee for entry and exit. Cash all existing income when redeeming. On the other hand, because its rate of return is affected by the market interest rate, there is no interest rate risk, which is suitable for citizens who often need capital turnover.