Best Money Market Funds
A side-by-side look at the most popular money-market funds in 2026: the brokerage funds your cash sweeps into, or that you buy by ticker at Fidelity, Vanguard, and Schwab. The 7-day yield grabs attention, but it moves daily; the durable differences are fund type, expense ratio, minimum, and state-tax treatment.
Last updated: October 2026
A money-market fund is a low-risk mutual fund that holds short-term debt and aims to hold a stable $1.00 share price while paying a yield close to short-term interest rates. Unlike a bank savings account it is not FDIC-insured, though government and Treasury funds carry very low credit risk. The table below compares 13 funds. 7-day yields change daily; the figures here are dated and re-checked regularly, but confirm the current yield on the provider’s official page. Nothing here is financial advice.
Compare money-market funds
| Fund | Type | 7-day yield | Expense ratio | Minimum | Best for |
|---|---|---|---|---|---|
| SPAXX, Fidelity Government Money Market FundFidelityAuto-sweep | Government | 3.48% (7-day yield, Sep 30, 2026, SEC filing) | 0.42% | $0 | Fidelity customers who want their idle cash to earn a yield automatically |
| FDRXX, Fidelity Government Cash ReservesFidelity | Government | 3.55% (7-day yield, Sep 30, 2026, SEC filing) | 0.37% | $0 | Fidelity customers who want a government money fund with a lower expense ratio than SPAXX |
| FDLXX, Fidelity Treasury Only Money Market FundFidelityState-tax edge | Treasury | 3.48% (7-day yield, Sep 30, 2026, SEC filing) | 0.42% | $0 | High-tax-state investors who want to avoid state tax on their cash yield |
| SPRXX, Fidelity Money Market FundFidelity | Prime | 3.56% (7-day yield, Sep 30, 2026, SEC filing) | 0.42% | $0 | Fidelity investors who want a slightly higher prime-fund yield and accept minor extra risk |
| VMFXX, Vanguard Federal Money Market FundVanguardAuto-sweep | Government | 3.79% (7-day yield, Sep 30, 2026, SEC filing) | 0.11% | $0 (as the settlement fund; $3,000 standalone) | Vanguard investors: it is the default settlement fund and very cheap |
| VUSXX, Vanguard Treasury Money Market FundVanguardState-tax edge | Treasury | 3.80% (7-day yield, Sep 30, 2026, SEC filing) | 0.07% | $3,000 | High-tax-state Vanguard investors who want the lowest fee and state-tax savings |
| VMRXX, Vanguard Cash Reserves Federal Money Market Fund Admiral SharesVanguard | Government | 3.80% (7-day yield, Sep 30, 2026, SEC filing) | 0.10% | $3,000 | Vanguard investors who want a cheap government fund and don’t need a sweep |
| SWVXX, Schwab Prime Advantage Money FundSchwab | Prime | 3.71% (7-day yield, Sep 30, 2026, SEC filing) | 0.34% | $0 | Schwab investors who want a higher prime-fund yield on cash |
| SNVXX, Schwab Government Money FundSchwab | Government | 3.58% (7-day yield, Sep 30, 2026, SEC filing) | 0.34% | $0 | Schwab investors who want a government fund with slightly lower risk than prime |
| SNSXX, Schwab U.S. Treasury Money FundSchwabState-tax edge | Treasury | 3.53% (7-day yield, Sep 30, 2026, SEC filing) | 0.34% | $0 | High-tax-state Schwab investors who want state-tax-exempt Treasury income |
| FZFXX, Fidelity Treasury Money Market FundFidelityState-tax edgeAuto-sweep | Treasury | 3.52% (7-day yield, Sep 30, 2026, SEC filing) | 0.42% | $0 | Fidelity customers who want a Treasury-focused core position (61.5% state-tax-exempt income in 2025; residents of CA, CT and NY got no exemption) |
| SGOV, iShares 0-3 Month Treasury Bond ETFiShares (BlackRock)State-tax edge | Treasury | 3.75% (30-day SEC yield, Oct 19, 2026) | 0.09% | One share (about $100) | Taxable investors in high-tax states who will park cash for a while and do not need instant sweep access |
| BIL, State Street SPDR Bloomberg 1-3 Month T-Bill ETFState Street (SPDR)State-tax edge | Treasury | 3.74% (30-day SEC yield, Oct 19, 2026) | 0.1353% | One share (about $92) | Investors who already hold BIL or want the longest-running T-bill ETF, though SGOV does the same job for less |
No funds match those filters.
How to choose a money-market fund
- Want the highest yield? Prime funds (SPRXX, SWVXX) usually pay a bit more, for slightly more credit risk. Sort by 7-day yield.
- Want the lowest fee? Vanguard’s VUSXX (0.09%) and VMRXX/VMFXX (~0.10%) lead; a lower fee means a higher net yield.
- In a high-tax state? A Treasury fund (VUSXX, FDLXX, SNSXX) is largely state-tax-exempt, which can beat a higher gross yield after tax.
- Just want cash to earn automatically? Use your brokerage’s sweep: SPAXX at Fidelity, VMFXX at Vanguard. (Schwab does not auto-sweep to a money fund; you buy SWVXX yourself.)
Comparing cash options more broadly? See our high-yield savings comparison and money market account rates (FDIC-insured bank accounts) and online brokers. Investing longer-term instead? Compare ETFs and index funds.
Popular comparisons
Deciding between two specific funds? These head-to-head breakdowns go deeper:
How we compare
We track each fund’s 7-day SEC yield, expense ratio, minimum investment, fund type (government, Treasury, or prime), and state-tax treatment, and summarize the trade-offs rather than reprinting marketing copy. 7-day yields change daily with short-term rates; figures are dated and re-checked regularly against each provider’s official fund page. Money-market funds are not FDIC-insured and, while low-risk, can lose value in extreme conditions. Some links may be affiliate links; that never changes which funds we include or how we rank them. Nothing here is financial advice.