Schwab Prime Advantage Money Fund (SWVXX) review

Schwab Prime Advantage Money Fund is the fund on this list for savers who already use Schwab. The Investor Shares, ticker SWVXX, showed a 3.75% 7-day yield with waivers as of November 12, 2026, with a $0 minimum, and Schwab charges no transaction fees to buy or sell its money funds. The fund was renamed from Schwab Value Advantage Money Fund; Schwab says the ticker and team are unchanged. If you prefer government or Treasury holdings, Schwab Government Money Fund (SNVXX) showed 3.61% and Schwab U.S. Treasury Money Fund (SNSXX) 3.68%. It ranks below the bank accounts on experience because check and card access sit outside the fund: Schwab Bank Investor Checking is offered only as a linked account with a Schwab One brokerage account, so you move cash between the two. Money funds are protected by SIPC as securities, not by FDIC insurance, and the yield changes daily.

Who it is for

Schwab clients who want a fund yield on idle cash

Price

$0 minimum and no transaction fees; 3.75% 7-day yield as of 11/12/2026.

Schwab® Prime Advantage Money Fund-Investor Shares (SWVXX)* 3.75% $0*
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 3.75% 7-day yield with waivers as of 11/12/2026 for Investor Shares
• $0 minimum initial investment for Investor Shares
• No transaction fees to buy or sell Schwab money funds
• Government and Treasury funds such as SNVXX at 3.61% and SNSXX at 3.68%
• Ultra Shares pay 3.90% with a $1,000,000 minimum

Strengths and weaknesses

• Strength: Higher yield than Fidelity's SPAXX on the dates we checked
• Strength: Choice of prime, government, Treasury and municipal funds
• Strength: Held as securities protected by SIPC
• Weakness: A mutual fund, not FDIC insured
• Weakness: Checks and card access come from a separate linked Schwab Bank Investor Checking account
• Weakness: Investor Checking is only available linked to a Schwab One brokerage account

Key facts

• Yield: 3.75% 7-day, 11/12/2026
• Minimum: $0 (Investor Shares)
• Transaction fees: None
• Protection: SIPC, not FDIC

Where it ranks

Schwab Prime Advantage Money Fund (SWVXX) is No. 5 in our Best Money Market Accounts verdict.