Vanguard’s money market funds, after tax
Six funds, taxed four ways. Which one leaves you the most turns on your state and your bracket more than on the yield.
Today’s yields
Vanguard’s 7-day SEC yields for October 1, 2026, already after each fund’s expenses. Open a fund for who taxes it.
| Fund | Kind | Yield |
|---|---|---|
| VMFXX Vanguard Federal Money Market Fund | Government | 3.79% |
| VMRXX Vanguard Cash Reserves Federal Money Market Fund | Government | 3.80% |
| VUSXX Vanguard Treasury Money Market Fund | Treasury | 3.80% |
| VMSXX Vanguard Municipal Money Market Fund | National muni | 3.34% |
| VYFXX Vanguard New York Municipal Money Market Fund | New York muni | 3.30% |
| VCTXX Vanguard California Municipal Money Market Fund | California muni | 3.06% |
Which leads where
The fund that leaves the most after every tax, counted across every state, DC and New York City, with $100,000 in cash.
- Single, $60,000
- VUSXX in 42 places and VMRXX in 10.
- Single, $150,000
- VMSXX in 49 places, VYFXX in 2 and VCTXX in 1.
- Married, $400,000
- VMSXX in 49 places, VYFXX in 2 and VCTXX in 1.
Asked about the funds
Which Vanguard money market fund is best?
It depends on where you live and your bracket. On the yields for October 1, 2026, counting every state, DC and New York City, the fund that leaves the most after tax is VUSXX in 42 places and VMRXX in 10 for a single filer earning $60,000 a year; VMSXX in 49 places, VYFXX in 2 and VCTXX in 1 for a single filer earning $150,000 a year; VMSXX in 49 places, VYFXX in 2 and VCTXX in 1 for a married couple filing jointly on $400,000.
Which Vanguard money market funds are free of state tax?
VUSXX, everywhere: its 2025 income was all from U.S. government obligations. VYFXX for New York and VCTXX for California, for people who live there. Every fund is free of state tax in the states with no income tax, and the national muni fund is free of it in Washington, DC and North Dakota.
Checked on September 30, 2026 against Net investment income tax, Vanguard, U.S. government obligations income information for 2025, ICI, state taxation of dividends from federal obligations (2023), ICI, state taxation of state and local obligations (2023), Rev. Proc. 2025-32 and every state's published schedule and Vanguard's daily 7-day SEC yields. An estimate for your records, not tax advice.
Put more back in your pocket.
Four questions find the fund that leaves you the most. Reimburse writes when a different one starts paying you more.