Money market fund yields
The cash sitting in your brokerage account is a fund with a yield, and the spread between the best and worst of them is wider than most dividend decisions you'll make this year. These are the 7-day SEC yields on the money funds we track, split by what they actually hold — government, Treasury, prime and municipal — because those four behave very differently after tax.
65 funds from 28 fund families, median 7-day yield 3.41%. Straight from SEC Form N-MFP for the period ending Sep 30, 2026.
54 taxable funds and 11 municipal funds. 61 of the 65 figures come straight from each fund's SEC Form N-MFP filing — the monthly report every US money fund has to file, share class by share class — rather than a data vendor's guess. Every one of them still priced within $0.0006 of $1.00 on the filing date.
Money funds all buy the same short-dated paper, so the fee is most of the difference. The 20 funds here charging 0.20% or less pay a median 3.60%. The 7 charging 0.50% or more pay a median 3.00% — a gap of 60 basis points on money that is supposed to be the boring part of the portfolio. On $50,000 of cash that is about $300 a year.
The 7-day yield is already net of fees, so don't subtract the expense ratio again — it explains the yield rather than reducing it. Cheapest fund on this page: VUSXX. Expense ratios come from each fund's SEC N-CSR shareholder report and cover 43 of the 65 share classes; median 0.34%.
The four kinds of money fund
Same $1.00 share price, very different portfolios — and very different tax treatment. Tap a card to filter the table below to that group.
- 1AAOXXAmerican Beacon3.88%
- 2MAAXXMutual of America3.76%
- 3FGXXXFirst American3.75%
- 4POIXXFederated Hermes3.71%
- 5TMCXXBlackRock3.70%
- 6UPPXXUBS3.69%
- 7VUSXXVanguard3.68%
- 8PIMXXPlan Investment Fund3.68%
- 9UPRXXUBS3.65%
- 10VMFXXVanguard3.62%
- 1SPAXXFidelity$424.8B · 3.32%
- 2VMFXXVanguard$373.1B · 3.62%
- 3SWVXXSchwab$247.3B · 3.52%
- 4VUSXXVanguard$110.8B · 3.68%
- 5FGXXXFirst American$46.2B · 3.75%
- 6SNSXXSchwab$42.6B · 3.42%
- 7FZFXXFidelity$42.0B · 3.35%
- 8FGZXXFirst American$40.6B · 3.54%
- 9SNOXXSchwab$36.3B · 3.41%
- 10SCOXXSchwab$35.2B · 3.56%
All 65 money market funds
65 shown · click any column to sort
Pick your federal bracket to see what each municipal fund's tax-free yield is worth against a taxable fund. At lower brackets the taxable funds usually win; in the top bracket it is often the other way round.
Swipe the table sideways to see yield, fee and fund size →
| Fund | Family | Type | 7-day yield | Expense | Fund size | Weekly liquid |
|---|---|---|---|---|---|---|
| AAOXX American Beacon U.S. Government Money Market Select Fund | American Beacon | Government | 3.88% | 0.16% | $695M | 76% |
| MAAXX Mutual of America Investment Corporation - Money Market Fund | Mutual of America | Prime | 3.76% | — | $526M | — |
| FGXXX Government Obligations Fund — Class X | First American | Government | 3.75% | — | $46.2B | 76% |
| POIXX Federated Hermes Institutional Prime Obligations Fund — Institutional Shares | Federated Hermes | Prime | 3.71% | 0.18% | $16.3B | 55% |
| TMCXX Tempcash — Institutional | BlackRock | Prime | 3.70% | 0.18% | $24.3B | 52% |
| UPPXX UBS Prime Preferred Fund | UBS | Prime | 3.69% | 0.14% | $8.7B | 55% |
| VUSXX Vanguard Treasury Money Market Fund — Investor Shares | Vanguard | Treasury | 3.68% | 0.07% | $110.8B | 100% |
| PIMXX Money Market Portfolio | Plan Investment Fund | Prime | 3.68% | 0.18% | $215M | 51% |
| UPRXX UBS Prime Reserves Fund | UBS | Prime | 3.65% | 0.18% | $14.1B | 55% |
| VMFXX Vanguard Federal Money Market Fund — Investor Shares | Vanguard | Government | 3.62% | 0.11% | $373.1B | 70% |
| PIFXX Government Portfolio | Plan Investment Fund | Government | 3.62% | 0.10% | $1.6B | 80% |
| PGDXX Putnam Government Money Market Fund Class A | Putnam | Government | 3.61% | — | — | — |
| STPXX UBS Select Treasury Preferred Fund | UBS | Treasury | 3.60% | 0.14% | $24.4B | 100% |
| SGPXX UBS Select Government Preferred Fund — Basis A | UBS | Government | 3.60% | 0.14% | $11.8B | 71% |
| TOVXX Federated Hermes Treasury Obligations Fund — Advisor Shares | Federated Hermes | Treasury | 3.59% | 0.15% | $30M | 100% |
| DTLXX BNY Dreyfus Treasury & Agency Liquidity Money Market Fund | BNY Mellon | Treasury | 3.59% | — | $9.1B | 100% |
| SNRXX Schwab Retirement Government Money Fund | Schwab | Government | 3.57% | 0.19% | $957M | 68% |
| SCOXX Schwab Treasury Obligations Money Fund — Ultra Shares | Schwab | Treasury | 3.56% | 0.19% | $35.2B | 97% |
| INFXX Franklin Institutional U.S. Government Money Market Fund | Franklin Templeton | Government | 3.56% | — | $5.6B | 81% |
| FGZXX Government Obligations Fund — Class Z | First American | Government | 3.54% | — | $40.6B | 79% |
| SCPXX SDIT Treasury II Fund — Class F | SEI | Treasury | 3.53% | — | $1.3B | 100% |
| DIPXX BNY Dreyfus Government Securities Cash Management — Class A | BNY Mellon | Government | 3.53% | 0.20% | $3.6B | 85% |
| SWVXX Schwab Prime Advantage Money Fund — Investor Shares | Schwab | Prime | 3.52% | 0.34% | $247.3B | 55% |
| GOIXX Federated Hermes Government Obligations Fund — Institutional Shares | Federated Hermes | Government | 3.52% | 0.20% | $33.6B | 80% |
| TSCXX T. Rowe Price Cash Reserves Fund | T. Rowe Price | Prime | 3.51% | 0.40% | $5.0B | 54% |
| TCGXX SDIT Government II — Class F | SEI | Government | 3.51% | — | $1.0B | 86% |
| BNGXX U.S. Government Portfolio | Northern Trust | Government | 3.49% | — | $21.1B | 71% |
| NOGXX U.S. Government Money Market Fund | Northern Trust | Government | 3.48% | — | $20.2B | 71% |
| NOSXX U.S. Government Select Money Market Fund | Northern Trust | Government | 3.48% | 0.35% | $4.1B | 71% |
| PBHXX Payden Cash Reserves Money Market Fund | Payden & Rygel | Prime | 3.47% | 0.25% | $314M | 91% |
| SNSXX Schwab U.S. Treasury Money Fund — Investor Shares | Schwab | Treasury | 3.42% | 0.34% | $42.6B | 100% |
| SNOXX Schwab Treasury Obligations Money Fund — Investor Shares | Schwab | Treasury | 3.41% | 0.34% | $36.3B | 97% |
| MJAXX Prudential Government Money Market Fund, Inc. - PGIM Government Money Market Fund | PGIM | Government | 3.41% | — | $267M | — |
| SNVXX Schwab Government Money Fund — Investor Shares | Schwab | Government | 3.39% | 0.34% | $31.7B | 70% |
| SPRXX Fidelity Money Market Fund | Fidelity | Prime | 3.36% | 0.42% | $12.1B | 80% |
| FZFXX Fidelity Treasury Money Market Fund | Fidelity | Treasury | 3.35% | 0.42% | $42.0B | 98% |
| UATXX Victory Treasury Money Market Trust | Victory / USAA | Treasury | 3.33% | 0.35% | $1.1B | 100% |
| SPAXX Fidelity Government Money Market Fund | Fidelity | Government | 3.32% | 0.42% | $424.8B | 71% |
| PCSXX Money Market Fund — Class A shares | Principal | Prime | 3.31% | — | $330M | 54% |
| CPFXX Capital Preservation Fund — Investor Class | American Century | Government | 3.30% | — | $2.2B | 100% |
| USAXX Victory Money Market Fund | Victory / USAA | Prime | 3.29% | 0.62% | $2.0B | 61% |
| MCMXX MFS U.S. Government Money Market Fund | MFS | Government | 3.27% | 0.45% | $309M | 87% |
| JHMXX Money Market Fund — Class A | John Hancock | Prime | 3.25% | — | $1.5B | 64% |
| FMFXX Franklin U.S. Government Money Fund — Class A | Franklin Templeton | Government | 3.21% | 0.15% | $4.6B | 81% |
| SMGXX Western Asset Government Money Market Fund | Western Asset | Government | 3.19% | — | $4.4B | 68% |
| RPGXX Davis Government Money Market Fund — Class A | Davis | Government | 3.14% | 0.54% | $103M | 78% |
| ACAXX Prime Money Market Fund — Class A | American Century | Prime | 3.05% | — | $32M | 53% |
| RMGXX UBS RMA Government Money Market Fund — Class A | UBS | Government | 3.04% | 0.68% | $924M | 71% |
| JNSXX Edward Jones Money Market Fund — Investment Shares | Edward Jones | Prime | 3.00% | 0.71% | $22.9B | 81% |
| FAAXX Government Obligations Fund — Class A | First American | Government | 2.98% | — | $408M | 79% |
| UTSXX The United States TreasuryTrust — Investor Shares | Reich & Tang | Treasury | 2.92% | — | $22M | 100% |
| FRFXX Federated Hermes Capital Reserves Fund | Federated Hermes | Prime | 2.91% | 1.02% | $2.7B | 53% |
| TTIXX Federated Hermes Trust for U.S. Treasury Obligations — Cash II Shares | Federated Hermes | Treasury | 2.83% | 0.90% | $638M | 100% |
| RYFXX U.S. Government Money Market Fund | Guggenheim / Rydex | Government | 2.57% | — | $248M | 80% |
| VMSXX Vanguard Municipal Money Market Fund — Investor Shares | Vanguard | Municipal | 2.35% | 0.11% | $18.2B | 90% |
| VYFXX Vanguard New York Municipal Money Market Fund — Investor Shares | Vanguard | MunicipalNew York | 2.32% | 0.11% | $3.5B | 91% |
| LTFXX Western Asset Select Tax Free Reserves | Western Asset | Municipal | 2.31% | — | $50,018 | 100% |
| SWTXX Schwab Municipal Money Fund — Investor Shares | Schwab | Municipal | 2.16% | 0.34% | $4.5B | 72% |
| SWWXX Schwab AMT Tax-Free Money Fund — Investor Shares | Schwab | Municipal | 2.16% | 0.34% | $1.3B | 72% |
| SWYXX Schwab New York Municipal Money Fund — Investor Shares | Schwab | MunicipalNew York | 2.14% | 0.34% | $1.1B | 83% |
| VCTXX Vanguard California Municipal Money Market Fund — Investor Shares | Vanguard | MunicipalCalifornia | 2.13% | 0.12% | $4.0B | 86% |
| BNTXX Tax-Free Money Market Fund — Investor Class | American Century | Municipal | 1.99% | — | $151M | 89% |
| USEXX Victory Tax Exempt Money Market Fund | Victory / USAA | Municipal | 1.96% | 0.56% | $398M | 100% |
| SWKXX Schwab California Municipal Money Fund — Investor Shares | Schwab | MunicipalCalifornia | 1.91% | 0.34% | $2.4B | 68% |
| BCTXX California Tax-Free Money Market Fund — Investor Class | American Century | MunicipalCalifornia | 1.69% | — | $107M | 76% |
The 7-day SEC yield is the standardised measure — annualised income over seven days, net of the fund's fees — so it is the only figure that compares two money funds fairly. It moves with the Fed, not with the fund. Fund size is the share class figure, which is what your ticker actually buys; hover a size to see the whole fund where the two differ. Weekly liquid assets is the share of the portfolio convertible to cash within five business days — SEC Rule 2a-7 sets a 50% floor, and a Treasury-only fund typically runs near 100%. Money funds are not FDIC-insured and are not guaranteed to hold $1.00 a share, though only two US funds ever have not.
Money market ETFs
These 7 are exchange-traded, so everything above changes: they trade intraday at a market price near $100 a share rather than a fixed $1.00, the NAV floats, and no broker will sweep your idle cash into one — you buy them like any ETF. What they publish is a trailing distribution yield, not a 7-day SEC yield, so the numbers below are not directly comparable with the table above. They are listed here because they answer the same question — where does cash sit — and because they settle like a stock, which suits money you may want to move into a position on the same day.
Swipe the table sideways to see price, yield and fee →
| Fund | Price | Distribution yield | Pays | Expense | Fund size |
|---|---|---|---|---|---|
| GMMF iShares Government Money Market ETF | $100.31 | 3.77% | Weekly | 0.20% | $191M |
| PMMF iShares Prime Money Market ETF | $100.32 | 3.72% | Weekly | 0.20% | $725M |
| SBIL Simplify Government Money Market ETF | $100.29 | 3.64% | Monthly | 0.15% | $4.9B |
| MMKT Texas Capital Government Money Market ETF | $100.16 | 3.56% | Weekly | 0.20% | $73M |
| SGVT Schwab Government Money Market ETF | $100.69 | 3.33% | Monthly | 0.28% | $903M |
| JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF | $100.23 | 2.95% | Weekly | 0.16% | $70M |
| MMK State Street Prime Money Market ETF | $100.21 | 2.30% | Monthly | 0.18% | $29M |
Prices as of Oct 20, 2026. A distribution yield looks backwards over the last twelve months of payments, so it lags a change in short rates in the opposite direction to a 7-day yield — one is stale where the other is fresh. Treat the two tables as separate shortlists, not one ranking.
Why the same broker pays two different yields
Brokers auto-sweep uninvested cash into a default fund, and the default is almost never the best-yielding one they offer. Buying a money fund by ticker inside the same account is usually a two-minute trade, and the difference compounds on every dollar of cash you hold between dividend reinvestments.
Treasury funds and state tax
Interest from a Treasury-only fund is generally exempt from state income tax, while a government fund holding repo is only partly exempt. In a 9-13% state that can be worth more than the 5-10 basis points of headline yield you gave up to get it — check the fund's year-end tax letter for the exact percentage.
Municipal funds are not automatically better
Tax-free sounds decisive, but the market prices that exemption in. A municipal fund only wins once your federal bracket is high enough that its tax-equivalent yield clears the taxable funds — use the selector above rather than assuming.
Where cash fits in a dividend portfolio
A money fund is the parking spot between contributions and purchases, not a dividend holding. It pays interest, not qualified dividends, so it is taxed at your ordinary rate and does nothing for dividend growth — which is exactly why holding more of it than your plan calls for is expensive.
Put the cash to work
Frequently asked
What is a 7-day SEC yield?
It is the income the fund earned over the last seven days, net of its fees, annualised — the standardised figure every US money fund has to publish so two funds can be compared on the same basis. It is a snapshot of current conditions, not a projection: when the Fed moves, every money fund yield moves with it within a few weeks.
Which money market fund has the highest yield right now?
AAOXX at 3.88%, against a median of 3.41% across the 65 funds tracked here on the Sep 30, 2026 SEC filings. Money funds all hold the same short-dated paper, so the spread between them is mostly a fee difference — which is why the cheapest share class you can access usually wins.
Government, Treasury, prime or municipal — which should I hold?
Government funds are the default at most brokers (26 here, median 3.49%). Treasury-only funds (12, median 3.47%) give up a little yield for state-tax exemption in most states. Prime funds pay the most because they hold commercial paper and bank CDs, with a floating NAV for institutional share classes. Municipal funds (11, median 2.14%) only win once your federal bracket makes the tax exemption worth more than the yield you gave up.
Are money market ETFs the same as money market funds?
No, and it matters. A money market ETF trades on an exchange at a floating market price around $100 a share, settles like a stock, and quotes a trailing distribution yield rather than a 7-day SEC yield. A money market fund is priced at a stable $1.00, can be your broker's automatic cash sweep, and quotes the standardised 7-day figure. We list the 7 money market ETFs we track in their own section, kept separate on purpose — putting the two yields in one ranking would compare a backward-looking number with a forward-looking one.
Does the expense ratio come off the yield I see?
No — the 7-day SEC yield is already net of fees, so subtracting the expense ratio again double-counts it. What the fee does is explain the yield: these funds hold nearly identical paper, so a fund charging 0.60% simply has less left to pay out than one charging 0.10%. On this page the funds charging 0.20% or less pay a median 3.60% against 3.00% for those charging 0.50% or more — 60 basis points of pure fee difference. Expense ratios here are read from each fund's SEC N-CSR shareholder report.
Is money market fund income a dividend?
It is paid as a dividend and shows up as one on your 1099-DIV, but it is not a qualified dividend — it is interest income in economic terms, and it is taxed at your ordinary income rate. That matters for a dividend portfolio: cash parked in a money fund is the least tax-efficient income you own, so it belongs in a tax-sheltered account if you are holding a lot of it.
Are money market funds safe?
They are not FDIC-insured and not guaranteed. They aim to hold a stable $1.00 share price and government and Treasury funds are required to keep at least 99.5% of assets in cash, Treasuries and government repo, which is why they are treated as cash equivalents. Since the 2023 reforms every money fund must also keep at least 50% of the portfolio convertible to cash within a week — the median fund here reports 79% weekly liquid assets, well clear of the floor. Two US funds have ever broken the buck. Institutional prime funds carry the most risk of the group: floating NAV plus the possibility of a liquidity fee in a stressed market.
How current are these yields, and where do they come from?
Each fund's own SEC Form N-MFP — the report every US money market fund files monthly, listing net assets, the 7-day net yield and the liquidity profile for each individual share class. 61 of the 65 funds here are read straight from that filing for the period ending Sep 30, 2026; the rest fall back to a market data vendor. That distinction matters more than it sounds: the vendor feed had the largest fund on this page sized at $1,000,000 (it holds over $400bn) and four funds yielding 0.01% when they were really paying over 3%. N-MFP is filed within five business days of month end, so the figures step forward monthly — the ranking holds between filings, but your broker's fund page is the authority for a trade today.
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