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Take the next step toward your tomorrow with Schwab.

Schwab Money Funds

Designed to offer stability of capital, liquidity, and income.

  • A convenient way to access potentially higher yields on cash
  • Access to a range of taxable and tax-exempt money funds1
  • No transaction fees to buy or sell2
  • Minimum investment as low as $0*

What is a money market fund?

A Money Market fund is a mutual fund that invests in short-term, higher quality securities. Designed to provide high liquidity with lower risk, stability of capital and typically higher yields than some other cash products.

Prime Money Funds3 (Taxable)

Prime Money Funds3 (Taxable)

These funds invest in high-quality, short-term money market securities issued by U.S. and foreign entities, including corporations, financial institutions, and the U.S. government.

Prime Money Funds³ (Taxable)
  • 7-day yield (with waivers) as of 11/22/20234
  • Minimum Initial Investment
  • Eligible Investors3
  • Next Step
  • Schwab Value Advantage Money Fund® – Investor Shares (SWVXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.25%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab Value Advantage Money Fund® – Ultra Shares (SNAXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.40%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail
  • Next Step
    Buy

Government and Treasury Money Funds (Taxable)

Government and Treasury Money Funds (Taxable)

These funds invest in short-term U.S. government debt securities with holdings in U.S. Treasury obligations or repurchase agreements.

Government and Treasury Money Funds (Taxable)
  • 7-day yield (with waivers) as of 11/22/20234
  • Minimum Initial Investment
  • Eligible Investors3 
  •  Next Step
  • Schwab Government Money Fund – Investor Shares (SNVXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.06%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy
  • Schwab Government Money Fund – Ultra Shares (SGUXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.21%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy
  • Schwab Treasury Obligations Money Fund – Investor Shares (SNOXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.06%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy
  • Schwab Treasury Obligations Money Fund – Ultra Shares (SCOXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.21%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy
  • Schwab U.S. Treasury Money Fund – Investor Shares (SNSXX) 
  • 7-day yield (with waivers) as of 11/22/20234
    5.09%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy
  • Schwab U.S. Treasury Money Fund – Ultra Shares (SUTXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.24%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3 
    Retail/Institutional 
  •  Next Step
    Buy

Municipal Money Funds³ (Tax-Exempt)

Municipal Money Funds3 (Tax-Exempt)

These funds invest in short-term municipal money market securities issued by states, local governments, and other municipal agencies.

Municipal Money Funds³ (Tax-Exempt)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
  • Minimum Initial Investment
  • Eligible Investors3
  • Next Step
  • Schwab Municipal Money Fund - Investor Shares (SWTXX) 
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.34%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab Municipal Money Fund - Ultra Shares (SWOXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.49%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab California Municipal Money Fund – Investor Shares (SWKXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    2.70%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab California Municipal Money Fund – Ultra Shares (SCAXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    2.85%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab New York Municipal Money Fund – Investor Shares (SWYXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.33%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab New York Municipal Money Fund – Ultra Shares (SNYXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.48%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab AMT Tax-Free Money Fund – Investor Shares (SWWXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.30%
  • Minimum Initial Investment
    $0*
  • Eligible Investors3
    Retail
  • Next Step
    Buy
  • Schwab AMT Tax-Free Money Fund – Ultra Shares (SCTXX)
  • 7-day yield (with waivers) as of
    11/22/20234, 5
    3.45%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail
  • Next Step
    Buy

Variable Share Price Money Funds (Taxable)

Variable Share Price Money Funds (Taxable)

Designed primarily for institutional investors. This fund invests in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper.

Variable Share Price Money Funds (Taxable)
  • 7-day yield (with waivers) as of 11/22/20234
  • Minimum Initial Investment
  • Eligible Investors3
  • Next Step
  • Schwab Variable Share Price Money Fund™ – Ultra Shares (SVUXX)
  • 7-day yield (with waivers) as of 11/22/20234
    5.39%
  • Minimum Initial Investment
    $1,000,000
  • Eligible Investors3
    Retail/Institutional 
  • Next Step
    Buy

The Variable Share Price Money Fund is a prime taxable money fund intended for institutional accounts.

Want to learn more?

Distributions

Schwab Money Funds pay dividends on the 15th of each month (or on the next business day, if the 15th is not a business day), except that in December dividends are paid on the last business day of the month.

Schwab Funds® Monthly Distribution Schedule

Explore the details of Schwab Money Funds and Schwab Money Funds Commentary

Schwab Sweep Money Funds

Schwab has eliminated sweep money market funds as a cash feature for most new and existing accounts. Limited accounts and account types may be eligible to have a money market fund as the designated cash feature. More complete information about all of Schwab’s available cash features can be found in the Cash Features Disclosure Statement.

Who can buy what funds?

  • Retail Investors can invest in retail money market funds, which are defined as funds with policies and procedures that limit beneficial ownership to those investors deemed as "natural persons."
  • Institutional Investors are eligible to invest in institutional money market funds with a variable net asset value (VNAV). Retail Investors may also choose to invest in these funds.
  • Both Retail and Institutional Investors are eligible to invest in government money market funds.
  • Designed to provide a convenient way to access potentially higher yields on cash
  • Most have no investment minimums
  • No transaction fees
  • Solutions for both retail and institutional account types
  • Extensive credit research and professional money management

Money market funds can be bought and sold in most brokerage and retirement accounts and are treated similarly to how other mutual funds are traded.

Prime Money Market Funds primarily invest in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper. Prime MMFs are considered retail money funds and are only available to natural persons.

Government and Treasury Money Market Funds primarily invest in short-term U.S. government debt securities. Treasury money market funds typically limit their holdings to only U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury securities. Government and Treasury MMFs are available to all investors.

Municipal Money Market Funds primarily invest in short-term municipal money market securities issued by states, local governments, and other municipal agencies. Municipal MMFs pay interest that is generally exempt from federal income tax. Municipal MMFs are considered retail money funds and are only available to natural persons.

Variable Share Price Prime Money Market Funds are designed for institutional investors but are available to all investors. These funds invest in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper. Daily share price (net asset value, NAV) will fluctuate.

The main differences between the types of money market funds are what each fund is allowed to invest in (i.e., the investible universe), and the corresponding regulatory rules applicable to each sector, which can affect the yield the portfolio generates. A prime money fund invests primarily in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper. Government and Treasury funds invest primarily in short-term U.S. government debt securities. Treasury money market funds typically limit their holdings to only U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury securities. Municipal money market funds invest primarily in short-term, municipal money market securities issued by states, local governments, and other municipal agencies. They pay interest that is generally exempt from federal income tax. Go here for a list of current money market fund options and yields.

Accounts of Charles Schwab & Co., Inc. are insured by SIPC for securities and cash in the event of broker-dealer failure. The Schwab Money Funds are protected as securities by SIPC. Below is a link to information that can be shared with the client at schwab.com.

Additional information on SIPC: SIPC® Account Protection: Charles Schwab: Asset Protection

Schwab Money Funds are quoted with a 7-day yield. A money fund's 7-day yield fluctuates based on several factors, including the current interest rate environment. Go here for a list of current money market fund options and 7-day yields.

Money market fund yields can be affected by multiple variables that may be sector-specific, including supply/demand dynamics, regulatory requirements, and eligibility rules. For more information, go here to see Schwab's current money market fund options and yields.

Yes. Yields often fluctuate based on several factors, including the current interest rate environment and the fund's underlying holdings. Go here for a list of current money market fund options and yields.

The 7-Day Yield represents the annualized fund yield based on the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of all applicable waivers. Absent such waivers, the fund's yield would have been lower.

Take the next step.

*The Funds' Investor Shares have no initial investment minimum; however, Schwab systems require a minimum of $1 per trade. Minimums are subject to change.

  1. May be subject to state, local, and the Federal Alternative Minimum Tax. Capital gains are not exempt from Federal taxes.  
  2. Fund expenses and other fees may apply.
  3. Qualifies as a "retail money market fund," which means it is available for investment by natural persons only. The Fund reserves the right to do the following: involuntarily redeem a shareholder's shares after providing 60 days' written notice if the shareholder does not satisfy the eligibility requirements for a retail money market fund (i.e., the shareholder is not a natural person); and deny purchase of Fund shares to investors who do not satisfy the eligibility requirements to invest in a retail money market fund (i.e., investor is not a natural person).
  4. The 7-Day Yield is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of all applicable waivers. Absent such waivers, the fund's yield would have been lower.
  5. Schwab AMT Tax-Free Money Fund's and Schwab Municipal Money Fund's dividends typically are exempt from federal income tax, but are subject to state and local personal income taxes. Dividends from Schwab California Municipal Money Fund and Schwab New York Municipal Money Fund typically are exempt from federal and the respective state's income taxes. 
    Schwab Municipal Money Fund: Up to 20% of the fund's net assets may be invested in securities subject to federal income tax and/or personal state income tax, such as other state specific municipal obligations, government securities or repurchase agreements. When the fund makes such investments, a higher portion of the fund's distributions will likely be subject to federal income tax and/or state personal income tax.  As a temporary defensive position, the investment adviser may invest any portion of the fund's assets in securities subject to federal income tax and/or state personal income tax, or may hold any portion of the fund's assets in cash. When the fund engages in such activities, it may not achieve its investment goal.
    Schwab AMT Tax-Free Money Fund: Up to 20% of the fund's net assets may be invested in securities subject to federal income tax (including the federal alternative minimum tax (AMT)), such as government securities or repurchase agreements. When the fund makes such investments, a higher portion of the fund's distributions will likely be subject to federal income tax or the federal alternative minimum tax. Up to 20% of the fund's net assets may be invested in securities subject to federal income tax (including the federal alternative minimum tax (AMT)), such as government securities or repurchase agreements. When the fund makes such investments, a higher portion of the fund's distributions will likely be subject to federal income tax or the federal alternative minimum tax.
    Schwab California Municipal Money Fund and Schwab New York Municipal Money Fund: Up to 20% of the fund's net assets may be invested in securities subject to federal income tax and/or the respective state's income tax, such as municipal obligations from states other California or New York, respectively, government securities or repurchase agreements. When the fund makes such investments, a higher portion of the fund's distributions will likely be subject to federal income tax and/or the respective state personal income tax. As a temporary defensive position, the investment adviser may invest any portion of the fund's assets in securities subject to federal income tax and/or the respective state's income tax, or may hold any portion of the fund's assets in cash. When the fund engages in such activities, it may not achieve its investment goal.

Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can view and download a prospectus by visiting Investor Information or by calling 800-435-4000. Please read the prospectus carefully before investing.

You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund's board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

Schwab Variable Share Price Money Fund: You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

Charles Schwab & Co., Inc. ("Schwab") and Charles Schwab Bank are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation ("Charles Schwab"). Brokerage products, including the Schwab One® brokerage account, are offered by Schwab, Member SIPC. Deposit and lending products and services, including the Schwab Bank Investor Checking™ account, are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.

Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab Funds, and Schwab, Member SIPC, the distributor for Schwab Funds, are separate but affiliated companies and subsidiaries of Charles Schwab.

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Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. ("Schwab") (Member SIPC), is registered by the Securities and Exchange Commission ("SEC") in the United States of America and offers investment services and products, including Schwab brokerage accounts, governed by U.S. state law. Schwab is not registered in any other jurisdiction. Neither Schwab nor the products and services it offers may be registered in your jurisdiction. Neither Schwab nor the products and services it offers may be registered in any other jurisdiction. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides deposit and lending services and products. Access to Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrade, maintenance, or for other reasons.

This site is designed for U.S. residents. Non-U.S. residents are subject to country-specific restrictions. Learn more about our services for non-U.S. residents, Charles Schwab Hong Kong clients, Charles Schwab U.K. clients.

© 2023 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Unauthorized access is prohibited. Usage will be monitored.

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