Schwab Money Market Funds Rating: ★★★★½ (4.5 out of 5)
Charles Schwab Money Market Rates
With high interest rates, money market funds are well worth considering. Charles Schwab offers many of them, and some of these come with very low fees. Here’s a summary of them:
Researching Money Market Funds at Schwab
Finding money market funds on the Charles Schwab website is not a difficult task at all. To locate
these funds, click on the Research tab at the top of the site and then select Money Market Funds from the
drop-down menu.
The next page will have lots of information on the upsides and downsides of investing in these short-term
instruments. Further down the page is a list of money market funds. They are Schwab money funds. The list
is divided into five categories: Prime, Government and Treasury, Municipal, Variable Share Price, and Money Market ETF. Four of them are taxable. Muni funds are tax-advantaged, at least at the federal level.
Here are the funds we found with their current yields and minimum initial investment amounts:
| Prime | 7-day yield | Minimum |
|---|
| Schwab Prime Advantage Money Fund – Investor Shares – SWVXX | 3.49% | $0* |
| Schwab Prime Advantage Money Fund – Ultra Shares – SNAXX | 3.64% | $1,000,000 |
| Government and Treasury | 7-day yield | Minimum |
|---|
| Government Money Fund – SNVXX | 3.38% | $0* |
| Government Money Fund – SGUXX | 3.53% | $1,000,000 |
| Treasury Obligations Money Fund – SNOXX | 3.4% | $0* |
| Treasury Obligations Money Fund – SCOXX | 3.55% | $1,000,000 |
| U.S. Treasury Money Fund – SNSXX | 3.38% | $0* |
| U.S. Treasury Money Fund – SUTXX | 3.53% | $1,000,000 |
| Muni | 7-day yield | Minimum |
|---|
| Municipal Money Fund – SWTXX | 2.91% | $0* |
| Municipal Money Fund – SWOXX | 3.06% | $1,000,000 |
| California Municipal Money Fund – SWKXX | 2.53% | $0* |
| California Municipal Money Fund – SCAXX | 2.68% | $1,000,000 |
| New York Municipal Money Fund – SWYXX | 3.08% | $0* |
| New York Municipal Money Fund – SNYXX | 3.23% | $1,000,000 |
| AMT Tax-Free Money Fund – SWWXX | 2.89% | $0* |
| AMT Tax-Free Money Fund – SCTXX | 3.04% | $1,000,000 |
| Money Market ETF | 7-day yield | Minimum |
|---|
| Schwab Government Money Market ETF – SGVT | 3.43% | No minimum |
*The Investor Shares have no initial investment minimum, although Schwab’s systems require a $1 minimum per trade. Minimums are subject to change.
The variable share price fund is intended for institutional accounts, although we were able to submit an order in our individual account. Despite its name and investment philosophy, it has maintained an NAV of $1.00 over the past few weeks. It is actively managed.
The money market ETF is not a traditional stable-NAV money market mutual fund. It trades on an exchange at market prices and does not seek to maintain a stable $1.00 NAV.
It is not possible to set up a money market mutual fund as the default core position in most brokerage accounts at Schwab. There are a few exceptions, though. There is an FDIC-sweep program that functions as the core position for most accounts.
Although we did find money market funds from other fund families on Schwab’s platform, buy orders were not accepted for them.
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How to Buy a Money Market Fund on Schwab
In the list of money market funds, each fund has a green buy button. Click on this to pull up the web-based order ticket with the fund’s information, including the ticker symbol, populated. Load and transaction fee details will be shown along with the NAV. A dollar amount needs to be specified as the investment amount.
At this point, distribution preferences can be specified. Options include no reinvestment, capital gains only, or dividends and capital gains both.
Schwab’s mobile app can also be used to trade a money market fund. Because there’s no mutual fund screener, the ticker symbol will need to be entered. It’s also possible to add a money market fund to a watchlist and tap on the entry.
After a purchase has been made, it’s easy to place a sell order or another buy order by going to the account’s list of positions and selecting a buy or sell link for the specific fund. Here, it’s also possible to adjust reinvestment choices and set up an automatic investment plan.
Schwab Money Market Funds Pricing
Schwab’s money market mutual funds have no loads and no transaction fees. As money market funds, they have no minimum hold periods. Like other funds, they do have management fees, which are expressed as a percentage of assets under management on an annual basis. Here are a few examples:
| Fund | Expense ratio |
|---|
| Treasury Obligations Money Fund, Investor Shares: SNOXX | 0.34% |
| Treasury Obligations Money Fund, Ultra Shares: SCOXX | 0.19% |
| Municipal Money Fund, Investor Shares: SWTXX | 0.34% |
| Municipal Money Fund, Ultra Shares: SWOXX | 0.19% |
Insurance
Although money market funds are considered cash equivalents, they are nevertheless securities. Money market funds held in a Schwab brokerage account are protected by SIPC, not the FDIC. SIPC coverage applies at the brokerage-account level if a broker-dealer fails and client assets are missing. The standard SIPC limit is $500,000 per customer, including up to $250,000 for cash. Money market funds are not insured or guaranteed by the FDIC or any other government agency.
Other Cash Products at Schwab
Schwab’s website has a very large section devoted to short-term fixed-income assets. This treasure trove can be found under the same Research tab we have already visited. Simply choose the link for bonds, CDs, and fixed income.
On this page, we found details on Treasury auctions, mortgage-backed securities, new issue munis, retail notes, and tax-free bond funds. Here’s a selection of brokered certificates of deposit we found:
Unlike money market funds, brokered CDs do receive FDIC insurance. They could have a markup or markdown in their prices on Schwab’s platform, although during our investigation, we did not see any.
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Reviewed by Andrew Fitzgerald
Updated on 5/7/2026.
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