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*Bank Sweep program balances are held at one or more Program Banks, earn a variable rate of interest, and are not covered by SIPC. See the list of participating Program Banks (PDF). Bank Sweep deposits are covered by FDIC insurance up to $250,000 per insurable category of ownership at each Program Bank, when aggregated with all other deposits held by you at such bank and in the same insurable category. Vanguard Brokerage Services (VBS) will aggregate and allocate Bank Sweep deposits to Program Banks across Vanguard Cash Plus and Vanguard Brokerage Accounts with like-registrations to offer maximum FDIC coverage up to $1.25 million for individual accounts and $2.5 million for joint accounts when at least 5 program banks are utilized. VBS will aggregate and allocate Bank Sweep deposits for trust accounts at the account level and not at the beneficiary level. FDIC coverage may be decreased based on Program Bank limits and whether you've opted-out of any Program Banks and is subject to applicable FDIC coverage limits. You are solely responsible for monitoring the aggregate amount that you have on deposit at each Program Bank in connection with FDIC limits, including through other accounts at VBS. See the Bank Sweep Terms of Use (PDF) for more information.

**For the 10-year period ended December 31, 2022, 7 of 7 Vanguard money market funds outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance

Assets swept to the Vanguard Federal Money Market Fund are held by VBS, a division of Vanguard Marketing Corporation, member FINRA and SIPC. These assets are not insured by the FDIC, but are securities eligible for SIPC coverage. See the Vanguard Brokerage Account Agreement (PDF) for more information.

Bank deposits and CDs are guaranteed (within limits) as to principal and interest by an agency of the federal government.

Bank accounts can offer more liquidity, ATM access, and overdraft protection. You should consider all material differences before choosing to invest.

All investing is subject to risk, including the possible loss of the money you invest.

Savings accounts may have characteristics that differentiate them from bank sweep programs offered by Vanguard Cash Plus. For example, they may offer overdraft protection, ATM access (immediate access to your money), and other convenience features. Each company's products differ, so it's important to ask questions to understand account features.

There may be other material differences between products that must be considered prior to investing.

The Vanguard Cash Plus Account is a brokerage account offered by Vanguard Brokerage Services (VBS), a division of Vanguard Marketing Corporation, member FINRA and SIPC. Under the Vanguard Cash Plus program, Eligible Balances are swept to Program Banks. Eligible Balances that are swept to Program Banks are not securities: They are not covered by the Securities Investor Protection Corporation (SIPC) but are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC). Eligible Balances swept to Program Banks are the obligations of each Program Bank and are not cash balances held by VBS. See the Bank Sweep Terms of Use (PDF) for more information. You are responsible for monitoring the total assets you hold at each Program Bank for FDIC coverage and limitations. These total assets will include not only Eligible Balances under the Bank Sweep but also any other deposits you may hold at those banks. For more information about FDIC insurance coverage, please visit fdic.gov

When you are enrolled in the Vanguard Cash Deposit program, Eligible Balances that are swept to Program Banks are not securities: They are not covered by the Securities Investor Protection Corporation (SIPC) but are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC). Eligible Balances swept to Program Banks are the obligations of each Program Bank and are not cash balances held by Vanguard Brokerage Services (VBS). See the Bank Sweep Terms of Use (PDF) for more information. Assets swept to Vanguard Federal Money Market Fund are held by VBS, a division of Vanguard Marketing Corporation, member FINRA and SIPC. These assets are not covered by FDIC insurance. See the Vanguard Brokerage Account Agreement (PDF) for more information. You are responsible for monitoring the total assets you hold at each Program Bank for FDIC coverage and limitations. These total assets will include not only Eligible Balances under the Bank Sweep but also any other deposits you may hold at those banks. For more information about FDIC insurance coverage, please visit fdic.gov.

All brokered CDs may fluctuate in value between purchase date and maturity date. CDs may be sold on the secondary market, which may be limited, prior to maturity subject to market conditions. Any CD sold prior to maturity may be subject to a substantial gain or loss. Vanguard Brokerage does not make a market in brokered CDs. The original face amount of the purchase is not guaranteed if the position is sold prior to maturity. CDs are subject to availability. As of July 21, 2010, all CDs are federally insured up to $250,000 per depositor, per bank. In determining the applicable insurance limits, the FDIC aggregates accounts held at the issuer, including those held through different broker-dealers or other intermediaries. For additional details regarding coverage eligibility, visit fdic.gov. Vanguard Brokerage imposes a $1,000 minimum for CDs purchased through Vanguard Brokerage. Yields are calculated as simple interest, not compounded. Brokered CDs do not need to be held to maturity, charge no penalties for redemption, and have limited liquidity in a secondary market. If a CD has a step rate, the interest rate of the CD may be higher or lower than prevailing market rates. Step-rate CDs are subject to secondary market risk and often will include a call provision by the issuer that would subject the investor to reinvestment risk. The initial rate of a step-rate CD cannot be used to calculate the yield to maturity. If a CD has a call provision, the issuer has sole discretion whether to call the CD. If an issuer calls a CD, there is a risk to the investor that the investor will be forced to reinvest at a less favorable interest rate. Vanguard Brokerage makes no judgment as to the creditworthiness of the issuing institution and does not recommend or endorse CDs in any way.

You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.