Schwab Prime Advantage Money Fund (SWVXX)
SWVXX pays a 3.47% 7-day yield with no minimum investment, making it an easy place to park idle Schwab cash. As a prime money fund it holds a broader mix than a government fund, and like all money funds it carries SIPC (not FDIC) protection.
Is the Schwab Prime Advantage Money Fund (SWVXX) worth it?
Schwab’s Prime Advantage Money Fund (SWVXX) is the go-to cash fund for Schwab investors. It pays a 3.47% 7-day yield (with waivers, as of 05/29/2026) and — unlike many funds — has no minimum investment for the Investor Shares, so you can start with any amount.
As a prime money fund, SWVXX holds a broader mix of short-term debt than a government fund like Vanguard’s VMFXX, which can mean a slightly different yield and risk profile. And like every money market fund, it is a security rather than a bank deposit — it carries SIPC protection at the brokerage, not FDIC insurance.
The yield is variable and tracks short-term rates. There’s also a higher-yielding Ultra Shares class (SNAXX), but it requires a $1,000,000 minimum, so SWVXX is the practical choice for most. For idle cash inside a Schwab account, it’s a strong, no-minimum option. Yields are variable and can change; this is not financial advice. Confirm the current yield before investing.
How does a brokerage account work?
A brokerage account lets you buy and sell investments yourself — stocks, ETFs, and more. Leading brokers charge $0 commission on U.S. stocks and ETFs. Your money is typically SIPC-protected against the firm failing, but that does not protect against investment losses.
What are the pros and cons of the Schwab Prime Advantage Money Fund (SWVXX)?
The Schwab Prime Advantage Money Fund (SWVXX) stands out for 3.47% 7-day yield, though prime funds hold a broader mix than government funds.
- 3.47% 7-day yield
- $0 minimum investment (Investor Shares)
- Easy to buy and sell within a Schwab account
- Prime funds hold a broader mix than government funds
- Not FDIC-insured (it's a fund — SIPC protection applies)
- Yield is variable and tracks short-term rates
Who should get the Schwab Prime Advantage Money Fund (SWVXX)?
The Schwab Prime Advantage Money Fund (SWVXX) is best for schwab investors who want a strong-yielding cash fund.
- Schwab investors who want a strong-yielding cash fund
- People who want no minimum to start
- Anyone parking idle brokerage cash rather than spending it
How does the Schwab Prime Advantage Money Fund (SWVXX) compare?
Among the 6 money market funds we track, the Schwab Prime Advantage Money Fund (SWVXX) ranks #6 with a money8020 score of 85/100.
| Product | Score | Tier | Provider |
|---|---|---|---|
| Fidelity Government Money Market Fund (SPAXX) | 96 | Essential | Fidelity Investments |
| Vanguard Cash Reserves Federal Money Market Fund (VMRXX) | 96 | Essential | The Vanguard Group |
| Vanguard Federal Money Market Fund (VMFXX) | 96 | Essential | Vanguard |
| Vanguard Treasury Money Market Fund (VUSXX) | 94 | Essential | The Vanguard Group |
| Fidelity Money Market Fund (SPRXX) | 85 | Strong | Fidelity Investments |
See all money market funds, ranked →
Common mistakes to avoid with a brokerage account
- Assuming "$0 commission" means no costs — options, margin, and broker-assisted trades can carry fees.
- Confusing SIPC protection with insurance against investment losses.
- Trading frequently and letting taxes and spreads erode returns.
- Holding uninvested cash that earns little instead of a swept high-yield option.
Key takeaways
- Schwab Prime Advantage Money Fund (SWVXX) earns a money8020 score of 85/100, ranking #6 of 6 money market funds.
- 3.47% 7-day yield
- undefined.
- Best for schwab investors who want a strong-yielding cash fund.
- Rate and FDIC status fetched from Charles Schwab and corroborated against a regulator.
Frequently asked questions about the Schwab Prime Advantage Money Fund (SWVXX)
What is the minimum to invest in Schwab SWVXX?
Per Schwab, the Investor Shares of the Prime Advantage Money Fund (SWVXX) have a $0 minimum initial investment and a 3.47% 7-day yield (with waivers, as of 05/29/2026). A separate Ultra Shares class (SNAXX) has a higher yield but a $1,000,000 minimum.
Is SWVXX FDIC insured?
No. SWVXX is a money market mutual fund — a security, not a bank deposit — so it is not FDIC-insured. It carries SIPC protection at the brokerage. As a prime fund, it holds a broader mix of short-term debt than a government money fund.
Is my money safe in the Schwab Prime Advantage Money Fund (SWVXX)?
Brokerage accounts are typically SIPC-protected against the firm failing, but that does not protect against investment losses — the value of your holdings can fall.
Does the Schwab Prime Advantage Money Fund (SWVXX) really charge $0 commissions?
Leading brokers charge $0 commission on online U.S. stock and ETF trades. Other products — options contracts, broker-assisted trades, or margin — may still carry fees, so check the schedule.
Sources
We fetched these figures from the provider and corroborated them against a regulator, last checked May 30, 2026. Primary sources: