Schwab U.S. Treasury Money Fund (SNSXX): Price, 7-Day Yield and Review
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Yield, NAV and expenses re-checked against Schwab Asset Management on October 3, 2026 · Reviewed
Short answer
SNSXX's price is $1.00 (stable NAV) and its 7-day yield was 3.54% as of October 2, 2026, per Schwab Asset Management, with a 0.34% net expense ratio and no minimum. It is Schwab's U.S. Treasury money fund, so much of its income can be exempt from state tax. Schwab's prime fund SWVXX paid more before tax (3.71%), and the Ultra share class SUTXX paid 3.69% with a $1,000,000 minimum.
Money market fund vs MYGA, after tax
What $100,000 earns in 5 years: 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.
SNSXX at a glance
| SNSXX fact | Value | As of |
|---|---|---|
| NAV (price) | $1.00 | 10/02/2026 |
| Market-based NAV | $0.9998 | 10/01/2026 |
| 7-day yield (with / without waivers) | 3.54% / 3.54% | 10/02/2026 |
| Net / gross expense ratio | 0.34% / 0.35% | current |
| Minimum initial investment | None ($1 per trade) | current |
| Total net assets | $44.1 billion | 10/02/2026 |
| Weighted average maturity / life | 43.8 days / 73.7 days | 10/02/2026 |
| Daily and weekly liquid assets | 100% / 100% | 10/02/2026 |
| Inception | 01/17/2018 |
SNSXX vs other Schwab money funds (yields as of 10/02/26)
| Ticker | Fund | 7-day yield | Net expense | Minimum | NAV |
|---|---|---|---|---|---|
| SNSXX | Schwab U.S. Treasury Money Fund (Investor) | 3.54% | 0.34% | No minimum | $1.00 |
| SUTXX | Schwab U.S. Treasury Money Fund (Ultra) | 3.69% | 0.19% | $1,000,000 | $1.00 |
| SNOXX | Schwab Treasury Obligations Money Fund: Investor | 3.61% | 0.34% | No minimum | $1.00 |
| SNVXX | Schwab Government Money Fund: Investor | 3.58% | 0.34% | No minimum | $1.00 |
| SWVXX | Schwab Prime Advantage Money Fund: Investor | 3.71% | 0.34% | No minimum | $1.00 |
SWVXX pays 0.17% more before tax. SNSXX pays it back after state tax once your state rate is above about 4.6%. Full breakdown: SNSXX vs SWVXX.
How the Schwab U.S. Treasury Money Market Fund works
Schwab makes a lot of money on the spread between what it pays on default sweep cash and what that cash earns in T-bills. Buy SNSXX yourself and that spread comes back to you. If you keep more than $5,000 of idle cash at Schwab for more than a week, you’re leaving money on the table by not using SNSXX or SNVXX.
Every U.S. money market fund runs under SEC Rule 2a-7, which sets portfolio quality, weighted average maturity (60 days max for the WAM, 120 days for the weighted average life) and minimum daily and weekly liquid assets. So the differences between funds are small: which short-term paper they hold, what they charge, and how the dividends are taxed.
Rates expire like milk.
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SNSXX vs a high-yield savings account
Before tax, the best online savings accounts can match or beat SNSXX: on September 24, 2026, top high-yield savings APYs ran about 3.00% to 4.00% (Sallie Mae 3.85%, Marcus 3.50%, Ally 3.00%, from the banks' sites). After state tax the picture changes, because savings interest is fully state-taxable and SNSXX's Treasury income usually is not. Example: for a California resident in the 9.3% bracket, a 3.85% savings APY nets about 3.49% after state tax, below SNSXX's 3.54% (if its income is fully state-exempt). What you give up is FDIC insurance: SNSXX is a fund, not a deposit. The broader comparison is in money market fund vs HYSA.
Is SNSXX safe? The real risks
SNSXX invests in U.S. Treasury securities and Treasury-backed repurchase agreements, and on October 2, 2026 it held 100% daily and weekly liquid assets, per Schwab. The risks are small but real: it is not FDIC insured, its $1.00 price is a target rather than a promise (the market-based NAV was $0.9998 on October 1, 2026), and the yield can fall fast when the Fed cuts. The two funds that ever fell below $1.00 are covered in breaking the buck; for a Schwab government alternative, see the SNVXX review.
From my desk: how I compare this to locked rates
SNSXX is a sensible home for Schwab cash, and people who pick it usually picked it for the state-tax angle. What I ask about is the slice of that balance that has sat for more than a year. That slice is earning a rate that changes daily and is taxed federally every year.
Example: $250,000 held five years at SNSXX’s 3.54% (assumed constant) ends near $285,500 after 24% federal tax. A 5-year MYGA at 5.50% (low end of the A-rated range on October 14, 2026) ends near $308,300, with tax deferred until withdrawal and a surrender charge for early exit. The MYGA rate is backed by the claims-paying ability of the issuing insurer, not the U.S. Treasury. I do not sell or advise on money market funds; this is the insurance side of the comparison.
Who this fund is best for
Cash you may need in the next 6 to 12 months, brokerage cash that would otherwise sit in a low-yield sweep, and emergency reserves. It fits any cash where getting at it quickly and earning the current yield matter more than locking a rate.
SNSXX vs. a 5-year MYGA: $250,000 math
SNSXX is the right place for cash you may need this year. For money that can sit for five years, the yield is variable and falls when the Fed cuts. A multi-year guaranteed annuity (MYGA) fixes the rate for the term; A-rated-or-better insurers paid roughly 5.50% to 6.05% on 5-year MYGAs on October 14, 2026.
| $250,000 for 5 years | SNSXX at 3.54% (held constant) | 5-yr MYGA at 5.50% |
|---|---|---|
| Value after 5 years, after 24% federal tax | ~$285,500 | ~$308,300 (tax paid at the end) |
| Rate | Variable, resets daily | Fixed for the term |
| State tax | Treasury income often exempt | Taxable when withdrawn |
| Access | Daily | Free-withdrawal amount yearly; surrender charge above it; IRS 10% penalty before 59½ |
The SNSXX column assumes today's yield never falls, which flatters it. Federal tax only; SNSXX's state-tax exemption narrows the gap for high-tax-state residents. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on compound-interest MYGAs, per public carrier rate sheets published October 14, 2026. Rates vary by state, premium and carrier.
SNSXX: FAQ
What is the price of SNSXX?
$1.00 per share. SNSXX is a money market fund that seeks to keep a stable $1.00 net asset value; Schwab reported a $1.00 NAV (10/02/2026) and a $0.9998 market-based NAV as of 10/01/2026. It does not trade like a stock, so the 'price' does not move day to day. What changes is the yield.
What is the SNSXX 7-day yield?
3.54% with waivers (3.54% without) as of October 2, 2026, per Schwab Asset Management. Money fund yields change daily with short-term Treasury rates.
What is the SNSXX expense ratio and minimum?
0.34% net (0.35% gross) expense ratio and no minimum initial investment, though Schwab systems require at least $1 per trade.
Is SNSXX exempt from state income tax?
Income from direct U.S. Treasury obligations is generally exempt from state and local income tax, and SNSXX invests in Treasuries, so much of its dividend income may be state-exempt. The fund reports its exempt percentage each year, and some states allow the exemption only if a fund holds a minimum share of Treasuries. Check both before you file.
SNSXX vs SWVXX: which pays more?
On October 2, 2026 SWVXX (Schwab Prime Advantage) yielded 3.71% and SNSXX 3.54%, a 0.17% gap. If SNSXX's income is state-exempt, SNSXX nets more for anyone whose state tax rate is above roughly 4.6%. See the full SNSXX vs SWVXX comparison.
Is SNSXX FDIC insured?
No. SNSXX is a money market fund, not a bank deposit. It is not FDIC insured, and although it seeks to preserve $1.00 per share, it is possible to lose money.
What is the difference between SNSXX and SUTXX?
Same fund, different share class. SUTXX (Ultra Shares) needs $1,000,000, charges 0.19%, and yielded 3.69% on October 2, 2026 versus 3.54% for SNSXX.
More: best money market funds 2026 · VUSXX Vanguard Treasury money market
My take
SNSXX is a clean, low-cost place for Schwab cash: $1.00 NAV, 3.54% 7-day yield, no minimum, and Treasury income that often skips state tax. It is a cash tool. For money with a five-year horizon, a fixed annuity locks a higher rate.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398), is not affiliated with Schwab and does not sell mutual funds. Fund data is copied from Schwab Asset Management as of the date shown. Money market funds are not FDIC insured and can lose value.
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SNSXX yielded 3.54% on October 2, 2026 and floats with the Fed. A-rated 5-year MYGAs were paying about 5.50% to 6.05% on October 14, 2026, fixed for the term.
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Disclosure
This review reflects publicly available fund prospectuses, fact sheets, and approximate 7-day SEC yields as of the date stated above. Money market fund yields change daily and reset roughly in line with the federal funds rate; always confirm current yield, expense ratio, holdings, and weighted average maturity against the most recent fund disclosure document before committing capital. Money market funds are not FDIC-insured. Government and Treasury money market funds historically maintain a stable $1.00 NAV but are not guaranteed to do so. See the "breaking the buck" history. Prime money market funds may impose liquidity fees or redemption gates during market stress. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) and does not sell securities or money market funds; comparisons to multi-year guaranteed annuities (MYGAs) are provided for informational context only. No compensation has been received from any fund company in connection with the publication of this review. Always read the actual fund prospectus and consult a licensed advisor before investing. Past yield does not predict future yield. State income tax treatment of U.S. Treasury obligations varies and is subject to change. Tax discussion reflects federal and California law as of 2026 and is subject to change.