Money market funds

Increase your growth potential

Don't miss out on the higher interest rates our money market funds are paying.

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.

100%

of our money market funds outperformed their peer-group averages.*

56%

The average expense ratio of Vanguard's money market funds is 56% less than the industry average.**

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

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

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

Expense ratio***
0.11%


Fund
VUSXX
Vanguard Treasury Money Market Fund

Strategy
Short-term U.S. treasuries

Initial investment
$3,000

Average 7-day SEC yield as-of

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

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

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

Expense ratio***
0.16%

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

See a full overview of our money market funds

Common questions about money market funds

Money market funds are a type of mutual fund that invests in conservative, lower-risk securities like:

  • Cash.
  • Cash-equivalent securities.
  • Debt-based securities with high credit ratings and short-term maturities, such as U.S. Treasury Bills.

Money market funds aim to offer high liquidity—a measure of how quickly an asset can be converted to cash.

Yes. Although money market funds seek to maintain a stable $1 share price, capital preservation is not guaranteed. Industry regulations, including additional SEC money market reforms in 2016, help ensure money market funds maintain their stable values.