SNSXX vs SWVXX (October 2026): SWVXX Yield 3.70% vs SNSXX 3.57%
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Yields re-checked against Schwab Asset Management on October 13, 2026 (Schwab dates them 10/09/26) · Reviewed
Short answer
SWVXX yields more before tax: 3.70% vs 3.57% for SNSXX (7-day yields as of October 9, 2026, Schwab Asset Management). SNSXX holds Treasuries, whose interest is generally exempt from state tax, so it nets more for anyone paying a state rate above about 3.5%; in California's 9.3% bracket it wins by about 0.21 points. In Texas, Florida, an IRA or any no-state-tax situation, SWVXX wins. Both charge 0.34% with no 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 3.70%, SWVXX 7-day yield (Schwab, October 9, 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 | $115,287 |
|---|---|
| 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 | $10,848 |
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 vs SWVXX side by side
| SNSXX | SWVXX | |
|---|---|---|
| Fund | Schwab U.S. Treasury Money Fund (Investor) | Schwab Prime Advantage Money Fund: Investor |
| Type | Treasury money market fund | Prime money market fund |
| 7-day yield (10/09/26) | 3.57% | 3.70% |
| Net / gross expense ratio | 0.34% / 0.35% | 0.34% / 0.35% |
| Minimum | None | None |
| Total net assets (10/02/26) | $44.1B | $249.3B |
| Weighted average maturity (10/02/26) | 43.8 days | 32.6 days |
| State tax on income | Treasury interest generally exempt | Generally taxable |
After-state-tax yield: the number that matters
The 0.13% pre-tax gap disappears once state tax is applied to SWVXX's income. Break-even is a state rate of 0.13 / 3.70 (1 minus 3.57 / 3.70), about 3.5%.
| State rate | SNSXX after state tax | SWVXX after state tax | Winner |
|---|---|---|---|
| No state income tax (TX, FL, WA, NV) | 3.57% | 3.70% | SWVXX +0.13% |
| 3.5% (break-even) | 3.57% | 3.57% | tie 0.00% |
| 5.0% | 3.57% | 3.52% | SNSXX +0.05% |
| 6.0% | 3.57% | 3.48% | SNSXX +0.09% |
| 9.3% (California, most retirees) | 3.57% | 3.36% | SNSXX +0.21% |
| 10.9% (New York top) | 3.57% | 3.30% | SNSXX +0.27% |
| 13.3% (California top) | 3.57% | 3.21% | SNSXX +0.36% |
Quick answers (October 2026)
What is the SWVXX yield today?
3.70% 7-day yield with waivers, per Schwab Asset Management as of October 9, 2026.
What is the SNSXX yield today?
3.57% 7-day yield with waivers, per Schwab Asset Management as of October 9, 2026.
Which nets more after state tax, SNSXX or SWVXX?
SNSXX holds Treasuries, whose interest is generally exempt from state income tax. At these yields SNSXX nets more for anyone with a state rate above about 3.5%. In a no-tax state, SWVXX pays more.
Do SNSXX and SWVXX have minimums or different fees?
No minimum for either. Both show a 0.34% net expense ratio on Schwab's table dated October 9, 2026.
Related: SNSXX review · SNVXX review · best money market funds 2026 · money market fund vs MYGA · Today's MYGA rates
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
We’ll email you when a rate on this page changes. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
The two-fund switching ritual
The mechanics of moving between Schwab MMFs are simple:
- Sell whichever MMF you're in (T+0 settlement: cash available same day)
- Buy the other MMF (also T+0)
No fees, no tax events on the sale itself (the "$1.00" NAV means there's never a capital gain or loss on principal). All dividend income on both funds is taxed as ordinary income in the year received.
When to switch from SWVXX to SNSXX:
- You moved from a no-income-tax state (TX, FL) to a high-tax state (CA, NY)
- Federal Reserve credit-stress signals are flashing (during 2020 COVID, March 2023 banking crisis, etc.)
- You're parking a very large balance ($500K+) and SEC gate risk concerns you
- Year-end yield rebalance check: pull current SEC yields, recompute after-tax math
When to switch from SNSXX to SWVXX:
- You moved to a no-state-tax state
- Credit spreads are narrow and SWVXX's pre-tax yield advantage is large (50+ bps)
- You're in a federal-only-taxable account (e.g., IRA) where state-tax-exempt has no value
When neither fund is the answer
Both funds are cash tools and both yields float with the Fed. For money you will not touch for 3-5 years, a multi-year guaranteed annuity 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, about 2.1 to 2.4 points above either fund (yields as of October 9, 2026), and the interest is tax-deferred. 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.
Related: SNSXX review: price and 7-day yield · best money market funds 2026
What is the best Schwab money market fund? (October 2026)
For balances under $1 million, SWVXX had the highest pre-tax yield of Schwab's taxable money funds on October 2, 2026, and SNOXX (3.61% on October 2) paid more than SNSXX (3.57% on October 9). With $1 million or more, the Ultra share classes pay about 0.15 points more for the same portfolios because they charge 0.19% instead of 0.34%.
| Ticker | Schwab fund (share class) | Type | 7-day yield | Net expense | Minimum |
|---|---|---|---|---|---|
| SWVXX | Prime Advantage (Investor) | Prime | 3.70% | 0.34% | None |
| SNAXX | Prime Advantage (Ultra) | Prime | 3.86% | 0.19% | $1,000,000 |
| SNVXX | Government (Investor) | Government | 3.58% | 0.34% | None |
| SGUXX | Government (Ultra) | Government | 3.73% | 0.19% | $1,000,000 |
| SNOXX | Treasury Obligations (Investor) | Treasury | 3.61% | 0.34% | None |
| SCOXX | Treasury Obligations (Ultra) | Treasury | 3.76% | 0.19% | $1,000,000 |
| SNSXX | U.S. Treasury (Investor) | Treasury | 3.57% | 0.34% | None |
| SUTXX | U.S. Treasury (Ultra) | Treasury | 3.69% | 0.19% | $1,000,000 |
Which one is "best" depends on your state: in a no-tax state or an IRA, the prime fund; in a high-tax state, a Treasury fund, using the after-state-tax table above. Compare these with Vanguard and Fidelity on the best money market funds page.
SWVXX vs SNVXX
SNVXX is Schwab Government Money Fund. It paid 3.58% as of October 9, 2026, 0.12 points less than SWVXX, at the same 0.34% net expense and no minimum. It holds government securities and repurchase agreements rather than bank and corporate paper, so it carries less credit risk, but repo income is generally state-taxable, so it rarely beats SNSXX in a high-tax state. Details: SNVXX review.
Can you lose money in SWVXX? Is SNSXX safe?
Both seek a stable $1.00 share price, and Schwab's own disclosure says it plainly: you could lose money by investing in the Schwab money funds. SNSXX's risk is the lower of the two because it holds U.S. Treasuries and Treasury-backed repurchase agreements. SWVXX is a prime fund holding bank and corporate short-term debt; under SEC rules a non-government money fund can charge a liquidity fee on redemptions in stressed markets, which government and Treasury funds generally do not. Neither is FDIC insured. The history of funds that fell below $1.00 is in breaking the buck, and the structural difference is in government vs prime money funds.
From my desk: how I compare this to locked rates
The SNSXX-or-SWVXX choice is worth a few tenths of a point, and the table above settles it in a minute. What moves the needle more, in the Schwab accounts I review, is the part of the cash that has not been touched in a year or more.
Example: $250,000 for five years at SWVXX’s 3.70% (October 9, 2026, assumed constant) ends near $287,200 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, a surrender charge for early exit, and the rate backed by the claims-paying ability of the issuing insurer. I do not sell or advise on money market funds; this is the insurance side of the comparison.
SNSXX vs SWVXX: FAQ
Which is better, SNSXX or SWVXX?
Before tax, SWVXX: 3.70% vs 3.57% as of October 9, 2026. After state tax, SNSXX usually wins for residents of states with income tax above roughly 3.5%, assuming its Treasury income is state-exempt. In no-income-tax states or in an IRA, SWVXX's higher yield wins.
What is SWVXX now called?
Schwab now lists SWVXX as Schwab Prime Advantage Money Fund, Investor Shares; older sources call it Schwab Value Advantage Money Fund. It is a prime fund, so it can hold commercial paper and other corporate short-term debt.
What are the SNSXX and SWVXX expense ratios?
Both are 0.34% net as of October 9, 2026 (0.35% gross as of October 2), per Schwab, and neither has a minimum initial investment.
Is SWVXX income state tax-exempt?
Generally no. A prime fund's income is mostly from non-government debt and is taxed by states. SNSXX invests in Treasuries, whose interest is generally state-exempt.
Are SNSXX and SWVXX FDIC insured?
No. Both are money market funds, not bank deposits. They seek a stable $1.00 NAV but can lose value.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398), is not affiliated with Schwab and does not sell mutual funds. This is general information, not tax advice.
Parking cash at Schwab for years? Compare a locked rate
Talk to Hans Goldstein, a licensed independent insurance producer.
SWVXX and SNSXX both float with the Fed. For 3-5 year money, a MYGA fixes the rate for the term.
Send your details. Within one business day you get a written side-by-side sized to your dollar amount and term, and a free 15-minute call if you want one.
Holding this money for 3 years or more? This month's best MYGA rates may pay more than a bank CD, and if you already have an annuity quote, request a free, independent second opinion before you sign.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
Disclosure
This article is general educational information, not personalized financial, tax, or legal advice. All rates, IRS limits, Social Security PIA factors, IRMAA brackets, FDIC/NCUA coverage, and state guaranty fund coverage figures are current as of the publication date and subject to change. IRMAA brackets and Roth/Traditional IRA limits cited reflect IRS guidance for 2026 and may be updated by the IRS or SSA; confirm current figures at irs.gov and ssa.gov before acting. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated annuity carriers; he does not sell bank CDs, money market funds, or Treasury securities and is not affiliated with any bank, brokerage, or government agency discussed. No compensation has been received from any third party in connection with this article. Bank CDs are FDIC-insured deposit products; credit union share certificates are NCUA-insured; money market funds are SEC-regulated investment products with no FDIC coverage; Treasuries are direct obligations of the U.S. government; MYGAs are insurance contracts backed by carrier balance sheets and state guaranty associations. These are different product categories with different protections, tax treatments, and trade-offs. Always confirm current rates and tax law with the issuer or a CPA before acting.