Money-Market Accounts at Schwab Bank
Main Discoveries:
• Schwab Bank does not offer a money-market deposit account (MMDA).
• Savings and checking accounts are available through Schwab Bank.
• The brokerage division of Schwab does offer money-market mutual funds.
If you need cash-management solutions, Schwab is worth considering. Here’s what we know:
Money Products through Schwab Bank
Through its subsidiary Schwab Bank, Charles Schwab offers FDIC-insured checking and savings accounts.
There is no money-market deposit account, which is a sort of hybrid account. Nevertheless, it is
possible to open both the savings and the checking together; the latter comes with an actual checkbook.
Either account will have an ATM card. The savings account pays just 0.15% APY, which is rather low by industry standards.
Money-Market Mutual Funds as a Substitute
If you want a higher yield, a money-market mutual fund may be right up your alley. These products come with much higher yields and have some similarities, and some differences, compared to their FDIC-insured cousins.
First, they attempt to maintain a stable Net Asset Value, meaning, like their MMDA siblings, they don’t fluctuate in value. Keep in mind, though, that money-market funds are securities and they could lose value, although this is rare.
Second, money-market funds are securities and are therefore covered by SIPC, not FDIC, insurance. They don’t get a debit card, either.
Because money-market funds are securities and not bank products, they are held inside brokerage and investment-advisory accounts, not bank accounts. Therefore, Schwab clients who decide to invest in money-market funds will need to opt for a securities account through the investment division of the company.
Finding Money-Market Funds at Schwab
With a self-directed brokerage account at Schwab, it’s really easy to browse Schwab’s lineup of money-market funds. Once logged into the website, click on the Research tab in the main menu at the top. In the drop-down menu that appears, select the link for Money Market Funds; you’ll get a new page with the list of available money funds.
In case you don’t yet have a Schwab account, you can still view
the broker’s money funds at this page.
Schwab offers a total of 17 funds; all of them are Schwab funds. Although in theory anyone can invest in these, approximately half of Schwab’s funds have a $1 million investment amount; the other half carry just a $0 minimum.
For investors with taxable accounts who are in high tax brackets, Schwab has wisely created tax-advantaged money funds; they hold municipal debt.
Here are some example funds from Schwab’s lineup:
| Fund | 7-Day Yield | Minimum Initial Investment |
|---|
| Government Money Fund – SNVXX | 3.39% | $0 |
| Government Money Fund – SGUXX | 3.54% | $1,000,000 |
| Treasury Obligations Money Fund – SNOXX | 3.39% | $0 |
| Treasury Obligations Money Fund – SCOXX | 3.54% | $1,000,000 |
Ultra shares have the $1 million minimum investment amount, although they come with a slightly higher yield.
Schwab also offers SGVT, the Schwab Government Money Market ETF. Yes, this one is an exchange-traded fund, not a mutual fund. It trades intraday.
Free Charles Schwab Account
Visit Schwab Website
Researching Money-Market Funds at Schwab
It’s really easy on the money-market page to scroll through the available choices. If you see one you like, simply click on its ticker symbol, which is hyperlinked; you’ll get a page with much more detail on the specific fund.
A fund’s profile has some really useful data points. During our probing, we found these examples:
- Net expense ratio
- Fact sheet
- Prospectus
- Portfolio holdings
- Performance
- Net flows
It’s really easy to scroll through topics and drill down on the numbers.
For SWVXX, the Schwab Prime Advantage Money Fund, we found these numbers:
- Net expense ratio - 0.34%
- Total net assets - $249 billion
- NAV - $1.00
- Management style - Active
According to its list of portfolio assets, the fund contains short-term debt instruments from a long list of companies, including:
- Barclays Bank PLC
- Victory Receivables Corp.
- Bank of America
- Bank of Nova Scotia
- BNP Paribas
- Commerzbank
- And more...
Buying Money-Market Funds at Schwab
If you’re logged into Schwab’s website and decide that one fund is worth an investment, it’s really easy to place an order. Simply click on the green Buy button in the fund’s row, and you’ll get a trade form with the ticker symbol pre-filled. Select the action, buy or sell, and make your reinvestment choice; Schwab has three options:
- Dividends and capital gains
- Capital gains only
- None
Once the fund is added to your brokerage account, it’s really easy to sell it in the future when it’s time to exit. Simply go to your Positions page; look for the link under the Accounts tab on the website, and find the down arrow next to the fund’s name. Click on the arrow to get a list of possible actions, one of which is sell.
Besides the website, it’s also possible to trade money funds on Schwab’s mobile app. However, the initial list of funds isn’t available this time. You’ll need to add a fund to your watchlist or type in the ticker symbol on the app. Once you have the fund’s profile, Buy and Sell buttons will be at the bottom. If a fund is already in your account, simply tap on the ticker symbol to pull up a menu to sell the fund.
Visit Charles Schwab Website
Visit Schwab Website
Updated on 8/12/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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