CashRate WatchBest money market fund yields: Vanguard vs Schwab vs Fidelity
Updated Nov 3, 2026 · 8 options with a confirmed rate shown on this page
The money market funds we track from Vanguard, Schwab and Fidelity, ranked by 7-day yield. Yields come from each fund company's own pages and are updated weekly.
Highest yield at each fund company
| Fund company | Highest-yielding fund we track | 7-day yield | Minimum | Funds tracked |
|---|---|---|---|---|
| Vanguard | Vanguard Federal Money Market (VMFXX) | 3.89% | $3,000 | 2 |
| Schwab | Schwab Prime Advantage Money Fund (SWVXX) | 3.77% | $0 | 4 |
| Fidelity | Fidelity Government Money Market (SPAXX) | 3.56% | $0 | 2 |
All money market funds we track
| Name | Type | APY / yield | Risk label | Source |
|---|---|---|---|---|
| Vanguard Federal Money Market (VMFXX)7-day SEC yield as of 11/02/2026; expense 0.11%; not FDIC, SIPC at broker covers custody not value | Money market | 3.89% | SIPC | source |
| Vanguard Treasury Money Market (VUSXX)7-day SEC yield as of 11/02/2026; expense 0.07% | Money market | 3.88% | SIPC | source |
| Schwab Prime Advantage Money Fund (SWVXX)7-day yield (with waivers) as of 11/02/2026 | Money market | 3.77% | SIPC | source |
| Schwab Government Money Fund (SNVXX)7-day yield as of 11/02/2026 | Money market | 3.63% | SIPC | source |
| Schwab U.S. Treasury Money Fund (SNSXX)7-day yield as of 11/02/2026 | Money market | 3.62% | SIPC | source |
| Schwab Treasury Obligations Money Fund (SNOXX)7-day yield as of 11/02/2026 | Money market | 3.60% | SIPC | source |
| Fidelity Government Money Market (SPAXX) | Money market | 3.56% | SIPC | source |
| Fidelity Treasury Money Market (FZFXX)7-day yield as of 11/02/2026; expense 0.42% (gross); not FDIC, SIPC at broker covers custody not value | Money market | 3.55% | SIPC | source |
Savings and broker cash show APY. Money market funds show 7-day yield. T-bills show the auction high investment rate (bond-equivalent yield). USDC shows a rewards rate, not interest. Rates checked Nov 3, 2026; they change often, so always confirm on the provider's site. Not financial advice.
What the gap is worth
This week the spread between the highest and lowest yield on this list is 0.34 percentage points (VMFXX at 3.89% vs FZFXX at 3.55%). On $10,000 held for a year at these yields, that is about $34. Yields change daily, so the ranking can change too.
Things to check before you buy
- Type of fund. Government and Treasury funds hold US government debt and repurchase agreements backed by it. Prime funds can also hold short-term corporate debt, which usually pays a little more and carries a little more credit risk. On this list: Government: VMFXX, SNVXX, SPAXX; Treasury: VUSXX, SNSXX, SNOXX, FZFXX; Prime: SWVXX.
- Minimums. Fidelity: $0; Schwab: $0; Vanguard: $3,000. Vanguard waives the minimum for VMFXX when it is your brokerage settlement fund.
- Costs. A 7-day yield is reported after fund expenses. Expense ratios listed on the fund pages we read: VMFXX 0.11%, VUSXX 0.07%, FZFXX 0.42%.
- Where you hold it. Each company's funds are easiest to buy at its own brokerage. Buying another company's fund may cost a transaction fee or may not be possible.
- State tax. Part or all of the income from government and Treasury funds may be exempt from state income tax. The rules differ by state, so check the fund's annual tax information.
- Risk. Money market funds are not FDIC-insured. They aim to keep a $1 share price, which is not guaranteed. At a brokerage, SIPC covers missing assets if the broker fails, not a drop in the fund's value.
Compare with all money market fund yields and with high-yield savings.
What the risk labels mean
- FDIC
- A bank deposit. If the bank fails, the FDIC covers up to $250,000 per depositor, per bank, per ownership category. Broker "cash sweep" accounts spread money across partner banks to raise that limit.
- SIPC
- A security held at a brokerage, such as a money market fund. SIPC protects you if the brokerage fails and your assets go missing (up to $500,000, including $250,000 cash). It does not protect against the fund losing value. Government money funds aim for a stable $1 share price, which is not guaranteed.
- Treasury-backed
- A direct loan to the US government (T-bills). There is no insurance, and none is needed in the usual sense: you are paid by the US Treasury. If you sell before maturity the price can move a little.
- Not insured
- Crypto stablecoin rewards (USDC). There is no FDIC or SIPC coverage. You depend on the exchange, the stablecoin issuer, and rules that are still being written.
- FDIC / SIPC
- A mix. For example, part of the balance is held as brokerage cash (SIPC) and the rest is swept to banks (FDIC).
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