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Money Market Fund Thread (Updated Rates - 11/9)
Posted on 10/3/22 at 12:03 pm
Posted on 10/3/22 at 12:03 pm
Hi All,
Last month, I was researching money market rates for my emergency fund. In general, the rates are better than what you can get through savings accounts as they are updated daily. What you see below are the 7-day averages as of November 9, 2022.
Fidelity
SPRXX 3.58% (Prime)
FZFXX 3.32% (Treasury) - thanks Shankopotomus
Schwab
SWVXX 3.60% (Prime)
SNOXX 3.45% (Treasury)
Vanguard
VMRXX 3.57% (Admiral - Min. $3,000)
VMFXX 3.53% (Treasury)
A final one that was surprising is the nice rates on money market funds at Merrill Edge. Through Merrill, you can gain access to these two Blackrock funds:
TMCXX 3.78% (Prime)
TSTXX 3.53% (Treasury)
Merrill also offers a couple of useful Federated Hermes funds:
TOIXX 3.59% (Treasury)
TBIXX 2.03% (Federal tax-free fund) - thanks Slackster
For those who would like to use ETFs, similar rates can be grabbed through the following:
SGOV - iShares 0-3 Month Treasury Bond ETF
TFLO - iShares Treasury Floating Rate Bond ETF
Hope this helps people who are also looking for a place to park cash!
Last month, I was researching money market rates for my emergency fund. In general, the rates are better than what you can get through savings accounts as they are updated daily. What you see below are the 7-day averages as of November 9, 2022.
Fidelity
SPRXX 3.58% (Prime)
FZFXX 3.32% (Treasury) - thanks Shankopotomus
Schwab
SWVXX 3.60% (Prime)
SNOXX 3.45% (Treasury)
Vanguard
VMRXX 3.57% (Admiral - Min. $3,000)
VMFXX 3.53% (Treasury)
A final one that was surprising is the nice rates on money market funds at Merrill Edge. Through Merrill, you can gain access to these two Blackrock funds:
TMCXX 3.78% (Prime)
TSTXX 3.53% (Treasury)
Merrill also offers a couple of useful Federated Hermes funds:
TOIXX 3.59% (Treasury)
TBIXX 2.03% (Federal tax-free fund) - thanks Slackster
For those who would like to use ETFs, similar rates can be grabbed through the following:
SGOV - iShares 0-3 Month Treasury Bond ETF
TFLO - iShares Treasury Floating Rate Bond ETF
Hope this helps people who are also looking for a place to park cash!
This post was edited on 11/9/22 at 11:58 pm
9
Posted on 10/3/22 at 12:13 pm to MikeyFL
Good work. 
ETA- not sure what platforms offer it, but TBIXX is a federally tax free option from Federated Hermes. 7-day is 2.03%.
ETA- not sure what platforms offer it, but TBIXX is a federally tax free option from Federated Hermes. 7-day is 2.03%.
This post was edited on 10/3/22 at 12:45 pm
Posted on 10/3/22 at 12:43 pm to MikeyFL
quote:
Fidelity
SPRXX 2.79% (Prime)
I think this is what my cash contributions default to.
Posted on 10/3/22 at 1:03 pm to slackster
quote:
TBIXX is a federally tax free option from Federated Hermes. 7-day is 2.03%.
Nice addition! I'll add it up front.
Posted on 10/3/22 at 1:33 pm to MikeyFL
I saw today Capital One savings accounts have 2.15% APY
I already have a capital one savings account but I’m only getting 0.8 %, which just when up to that two months ago.
Thinking about opening a new account to get the 2.15
I already have a capital one savings account but I’m only getting 0.8 %, which just when up to that two months ago.
Thinking about opening a new account to get the 2.15
This post was edited on 10/3/22 at 1:34 pm
Posted on 10/3/22 at 1:33 pm to LSUSports247
Might as well add Fidelity Treasury at 2.55% (FZFXX)
Posted on 10/3/22 at 1:36 pm to Aubie Spr96
SPRXX was at 50 bps expense / fee
Fidelity would default to FDRXX not long ago
Need to research - I am an old man and can’t keep up
Fidelity would default to FDRXX not long ago
Need to research - I am an old man and can’t keep up
This post was edited on 10/3/22 at 1:37 pm
Posted on 10/3/22 at 2:14 pm to LSUSports247
quote:
I saw today Capital One savings accounts have 2.15% APY
I already have a capital one savings account but I’m only getting 0.8 %, which just when up to that two months ago.
Make sure you're in their latest and greatest savings product. All of mine are the 360 performance savings and they have automatically scaled to 2.15.
Posted on 10/3/22 at 2:34 pm to thegreatboudini
Just opened one up from the mobile app. Took less than a minute to open and transfer funds from my old 360 savings.
Posted on 10/3/22 at 2:44 pm to LSUSports247
My discover savings account is back to 2.14%
Posted on 10/3/22 at 2:58 pm to MikeyFL
Thank you. Will certainly check these out
Posted on 10/3/22 at 3:11 pm to danilo
AMEX Savings is back to 2% as of end of last week.
Posted on 10/3/22 at 3:57 pm to MikeyFL
Lending Club Founders Savings is 2.67%
Posted on 10/3/22 at 4:24 pm to KillTheGophers
quote:
SPRXX was at 50 bps expense / fee
The expense ratio/fee for Fidelity money market funds are already accounted for in the published yield.
What I like about Fidelity money market funds is that Fidelity treats them as cash. In other words, you don't have to sell any of it beforehand to use. Whether it's buying a stock, check, atm withdraw etc; Fidelity will automatically liquidate enough of the money market fund to cover the debit as it is processed.
Also you can use any Fidelity money market fund in your different accounts. You don't have to stick to the core option choices.
This post was edited on 10/3/22 at 4:25 pm
Posted on 10/3/22 at 6:11 pm to Shankopotomus
quote:
Might as well add Fidelity Treasury at 2.55% (FZFXX)
Thank you - I missed that one! It's now added.
Posted on 10/3/22 at 8:28 pm to MikeyFL
How/when does the yield make it to your account on these money market funds. Is it just increased nightly or does it operate more like a dividend?
Posted on 10/3/22 at 9:30 pm to CrawKing
I’m with Fidelity and get a monthly interest dividend.
Posted on 10/3/22 at 9:35 pm to CrawKing
Typically monthly pay with daily dividend accrual.
Posted on 10/5/22 at 8:06 pm to MikeyFL
quote:
SPRXX 2.79% (Prime)
Just open a fidelity account and you can purchase these?
Posted on 10/6/22 at 9:12 am to Ziggy
quote:
AMEX Savings is back to 2% as of end of last week.
Up again to 2.15% as of this morning.
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