Every major MMF: Fidelity, Vanguard, Schwab, Federated, JPMorgan, BlackRock. 7-day yield mechanics, government-vs-prime, expense ratios, breaking-the-buck history. And the MMF-vs-MYGA math your brokerage won't show you.
I'm an independent licensed insurance producer, admitted to practice before the IRS. I don't sell money market funds and earn no commission on brokerage cash products. Every review here is objective. The recurring question across these pages: when does an MMF beat a MYGA, and when does it lose?
Money market fund vs MYGA, after tax
Rates used: Money market fund 3.76%, the highest 7-day yield we tracked (VUSXX, fund sites, September 23, 2026); yields change daily; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Money market fund, interest taxed every year | $115,550 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the money market fund, after tax | $10,586 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. A MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
The halo pages. Top MMFs ranked by 7-day yield, expense ratio, and tax efficiency.
Top MMFs ranked across Fidelity, Vanguard, Schwab. Refreshed monthly.
Treasury100% Treasury-backed MMFs. State-tax-exempt yield. Highest safety tier.
Individual fund deep-dives. Yield, expense ratio, government vs prime, taxability.
Fidelity Government Money Market: the default core position at Fidelity.
FDLXXFidelity Treasury Only MMF. State-tax-exempt income. $0 min.
FZDXXFidelity Premium MMF. $100K min. Higher yield, prime-grade.
VMFXXVanguard Federal Money Market: the default cash position at Vanguard.
VUSXXVanguard Treasury Money Market. Mostly state-tax-exempt income.
VUSXX DeepA close look at VUSXX composition and state-tax mechanics.
SNSXXSchwab U.S. Treasury Money Fund. Treasury-only, largely state-tax-exempt income.
SNVXXSchwab Government MMF. Government securities + repo.
BlackRockInstitutional-class prime MMF. Higher yield, prime risk.
FederatedPrime money market with floating NAV. Higher institutional yield.
JLAXXJPMorgan Liquid Assets prime MMF. Strong yield, prime risk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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Direct head-to-heads within and across brokerages.
Schwab U.S. Treasury vs Schwab Prime Advantage. Tax + yield comparison.
vsGovernment MMF vs Treasury-leaning MMF inside Fidelity.
TypeSafety vs yield. Gates & fees rule + 2008/2020 history.
The strategic choice: MMF vs CD vs HYSA vs MYGA. When each wins.
Variable 7-day yield vs locked rate. SEC-regulated vs state guaranty. Tax treatment.
DecisionLiquid yield vs locked rate. When CD lock-in beats MMF flexibility.
DecisionSEC-regulated MMF yield vs FDIC-insured HYSA. Tax + access.
StrategyWhen MMF wins on yield, when HYSA wins on simplicity.
7-day vs 30-day yield, breaking the buck, gates & fees, Fed-rate correlation.
The two MMF yield measures. Which is forward-looking, which is backward.
FedMMFs track Fed Funds within days, tighter than HYSAs.
RiskWhen MMFs have failed (Reserve Primary 2008). Today's gates + fees + floating NAV rule.
I can pull live MYGA rates from A-rated carriers and run the side-by-side math on your specific dollar amount, for free. No commission on the MMF side. No retainer.
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Hans Goldstein · Retirement & income planning
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Hans Goldstein is an Enrolled Agent, admitted to practice before the Internal Revenue Service. Not affiliated with or endorsed by the IRS. General education, not tax or legal advice for your situation.