Here are the 7-day yields as of 7/8/2025 for some popular money market funds available at Fidelity, Vanguard, and Schwab: VMRXX @ 4.24%, VMFXX @ 4.23%, VUSXX @ 4.18%, SWVXX @ 4.15%, FZDXX @ 4.13%, SPRXX @ 4.01%, SPAXX @ 3.97%, FZFXX @ 3.94%, FDLXX @ 3.92%, and SNSXX @ 3.86%. As of 7/8/2025 Vanguard lists the compound yield of VMRXX @ 4.32%, VMFXX @ 4.31%, and VUSXX @ 4.26%. When the federal funds rate rises or falls, money market fund rates normally follow.
If you are a brokerage client at Fidelity or Vanguard you are probably familiar with money market funds since your settlement account is typically a money market fund. At Vanguard, the default settlement account is normally VMFXX. At Fidelity, the standard settlement account is usually selected to be either SPAXX or FZFXX. Except for VMFXX, SPAXX, and FZFXX, the other money market funds are normally purchased as a separate investment in your brokerage account.
SWVXX and SNSXX are common choices with Schwab clients. VMRXX and VUSXX are popular selections at Vanguard. SPRXX, FZDXX, and FDLXX are popular picks at Fidelity. FZDXX requires a minimum initial investment of $100,000. VMRXX, VMFXX, and VUSXX each require a minimum initial investment of $3,000. SWVXX, SPRXX, SNSXX, SPAXX, FDLXX, and FZFXX have no minimum initial investment requirements.
Money market funds do not 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 considered to be the safest.
Be aware that the title given to a particular money market fund can be misleading. For example, the “Fidelity Treasury Money Market Fund” (FZFXX) was composed of roughly 50% repurchase agreements and roughly 50% Treasuries as of 6/30/2025. On the other hand, the “Vanguard Treasury Money Market Fund” (VUSXX) was composed of 94.2% Treasuries as of 6/30/2025. Before you purchase a money market fund, examine the composition of the fund’s portfolio, and read the risk profile listed in the fund’s prospectus to determine if it satisfies your investment objectives. Depending on which money market fund you select, a portion of the fund’s dividends may be exempt from state and local taxes.
California, Connecticut, and New York have threshold requirements which require that 50% of the money market fund’s assets at each quarter-end within the tax year consist of U.S. government obligations. If the money market fund does not meet the 50% threshold requirement, then none of the dividends will be state tax exempt.
If you wish to check the current 7-day yield of a specific fund after 7/8/2025, use the appropriate link below:
VMRXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vmrxx
VMFXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx
VUSXX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vusxx
SWVXX: https://www.schwabassetmanagement.com/products/swvxx
FZDXX: https://fundresearch.fidelity.com/mutual-funds/summary/31617H805
SPRXX: https://fundresearch.fidelity.com/mutual-funds/summary/31617H201
SPAXX: https://fundresearch.fidelity.com/mutual-funds/summary/31617H102
FZFXX: https://fundresearch.fidelity.com/mutual-funds/summary/316341304
FDLXX: https://fundresearch.fidelity.com/mutual-funds/summary/31617H300
