3For the 10-year period ended September 30, 2025, 6 of 6 Vanguard money market funds outperformed their Lipper peer-group erage. Results will vary for other time periods. Only mutual funds with a minimum 10-year history were included in the comparison. Source: LSEG Lipper. The competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance
4Vanguard erage expense ratio for money market funds: 0.11%. Industry erage expense ratio: 0.24%. All erages are asset-weighted. Industry erages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2024.
5Bank accounts can offer more liquidity, ATM access, and overdraft protection. You should consider all material differences before choosing to invest.
Source for 10x yield comparison to bank sings accounts: FDIC National Rates and Rate Caps. For current Vanguard money market fund yields, see above.
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Municipal Money Market Fund is only ailable to retail investors (natural persons). You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.