Money market funds

Vanguard money market funds

Make your cash work for you with this low-risk investment option.

What’s a money market fund?

A type of fixed income mutual fund that invests only in highly liquid, short-term debt. These funds offer high liquidity with a very low level of risk.

What’s a money market fund?

A type of fixed income mutual fund that invests only in highly liquid, short-term debt. These funds offer high liquidity with a very low level of risk.

A strong track record

Our low-cost funds are crafted to help you reach your goals and achieve investment success. Over the last 10 years, we've had a history of strong performance.

Compare our money market funds

Fund
VMRXX
Vanguard Cash Reserves Federal Money Market Fund

Strategy
Short-term, U.S. government securities

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.10%


Fund
VMFXX
Vanguard Federal Money Market Fund

Strategy
Short-term, U.S. government securities

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.11%


Fund
VUSXX
Vanguard Cash Reserves Federal Money Market Fund

Strategy
Short-term, U.S. treasuries

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.09%


Fund
VMSXX
Vanguard Municipal Money Market Fund

Strategy
Short-term, tax-exempt securities

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.15%


Fund
VCTXX
Vanguard California Municipal Money Market Fund

Strategy
Short-term California municipal securities

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.16%


Fund
VYFXX
Vanguard New York Municipal Money Market Fund

Strategy
Short-term New York municipal securities

Initial investment
$3,000

Average 7-day SEC yield as-of January 14, 2022
0.01%

Expense ratio***
0.16%

*** Expense ratio data are as of the fund’s most recent prospectus.

Compare our money market funds

Fund
 
Strategy
 
Initial investment
 
Average 7-day SEC yield as-of February 23, 2022
 
Expense ratio ***
 
VMRXX
Vanguard Cash Reserves Federal Money Market Fund
Short-term U.S. goverment securities $3,000 0.01% 0.10%
VMFXX
Vanguard Federal Money Market Fund
Short-term U.S. goverment securities $3,000 0.01% 0.11%
VUSXX
Vanguard Treasury Money Market Fund
Short-term, U.S. Treasuries $3,000 0.09% 0.09%
VMSXX
Vanguard Municipal Money Market Fund
Short-term, tax-exempt securities $3,000 0.05% 0.15%
VCTXX
Vanguard California Municipal Money Market Fund
Short-term California municipal securities $3,000 0.01% 0.16%
VYFXX
Vanguard New York Municipal Money Market Fund
Short-term New York municipal securities $3,000 0.02% 0.16%

*** Expense ratio data are as of the fund’s most recent prospectus.

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*For the 10-year period ended December 31, 2021, 7 of 7 Vanguard money market funds, 58 of 74 Vanguard bond funds, 21 of 24 Vanguard balanced funds, and 89 of 131 Vanguard stock funds—for a total of 175 of 236 Vanguard funds—outperformed their Lipper peer-group average. Results will vary for other time periods. Only mutual 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

**Vanguard average expense ratio: 0.12%. Industry average expense ratio: 0.26%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2020.

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

Vanguard Municipal Money Market Fund: The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund 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 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. Vanguard Municipal Money Market Fund is only available to retail investors (natural persons). Vanguard Municipal Money Market Fund 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.

Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 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.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.