Kind of.
The argument is that savings accounts are risk free accounts but they don’t pay as much as T-Bills, which are also risk free.
But that’s if we’re 100% rational and we don’t value our time or convenience. It’s easier to open a high yield savings account and integrate it into your life than it would be to use Treasuries. (which the author acknowledges)
And high yield savings accounts are way better than the pittance some major banks pay (0.01%!!!):
Three Things – Weekend Reading [Discipline Funds] – “My general view is that if you own a cash equivalent you should reap the benefits of cash equivalents. So, when the Federal government is paying 5% in interest on cash I don’t believe banks should be the only ones to benefit from this. In fact, I think banks should be operating purely as intermediaries here who give that cash rate to their customers. But instead of doing this most banks pay absurdly low interest or rates that aren’t as good as the Fed Funds Rate.”