Here are the 7-day yields as of 9/8/2023 for some popular money market funds available at Fidelity, Vanguard, and Schwab: FMPXX @ 5.30%, VMRXX @ 5.29%, VMFXX @ 5.27%, SWVXX @ 5.24%, VUSXX @ 5.19%, FZDXX @ 5.16%, SNSXX @ 5.05%, SPRXX @ 5.04%, FZFXX @ 4.97%, and SPAXX @ 4.97%.
These funds don’t have FDIC coverage, but they do offer a useful alternative to savings accounts for liquidity. Although money market funds are considered extremely low-risk investments, some may include slightly more risk than others. Money market funds which invest predominantly in Treasuries are generally deemed to be the safest. Depending on the specific composition of the money market fund, redemption gates could be enforced. Before you purchase a money market fund, read the risk profile listed in the fund’s prospectus to determine if it satisfies your investment objectives.
If you are a brokerage client at Fidelity or Vanguard, you are probably already familiar with one or two of the money market funds in this list. For brokerage clients at Vanguard, the standard settlement account (also called sweep account) is typically VMFXX. For brokerage clients at Fidelity, the standard settlement account (also called the core position) is typically selected to be either SPAXX or FZFXX. Except for VMFXX, SPAXX, and FZFXX, the other money market funds in this list would need to be purchased as a separate investment in your brokerage account.
SWVXX and SNSXX are popular choices with Schwab clients. VMRXX and VUSXX are popular selections at Vanguard. SPRXX, FZDXX, and FMPXX are popular picks at Fidelity. FMPXX requires a minimum initial investment of $1 million. FZDXX requires a minimum initial investment of $100,000. VMRXX, VMFXX, and VUSXX each require a minimum initial investment of $3,000. SWVXX, SNSXX, SPRXX, FZFXX, and SPAXX have no minimum initial investment requirements.
If you wish to check the current 7-day yield of a specific fund after 9/8/2023, just use the appropriate link below:
FMPXX: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/316175207
VMRXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vmrxx
VMFXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx
SWVXX: https://www.schwabassetmanagement.com/products/swvxx
VUSXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vusxx
FZDXX: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/31617H805
SNSXX: https://www.schwabassetmanagement.com/products/snsxx
SPRXX: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/31617H201
FZFXX: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/316341304
SPAXX: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/31617H102
