The quoted rates
Dated snapshot from the 2026-09-06 data review. Each product carries its own source date. Confirm a new quote with the issuer if the live calculator has excluded a stale rate.
| Product | Quoted rate | Rate date | Source |
|---|---|---|---|
| VMFXX | 3.63% 7-day yield | 2026-09-04 | Issuer ↗ |
| VUSXX | 3.70% 7-day yield | 2026-09-04 | Issuer ↗ |
A worked example
Illustration using the 2026-09-06 data review: $50,000 for 12 months, 24% federal tax, 5% state tax in California, no local tax or NIIT, and monthly reinvestment for funds. The example HYSA is 3.5% APY and keeps $1,242.50 after tax. Fund exemptions use 2025 information as a proxy.
| Product | Projected gross income | After taxes and fees |
|---|---|---|
| VMFXX | $1,845.50 | $1,371.77 |
| VUSXX | $1,881.70 | $1,430.09 |
These are dated examples at constant rates, not current recommendations. Ranges are mathematical limits, not likely outcomes. Change the inputs below for your situation.
Start with the dollars after tax
The table above shows the source-dated seven-day yields for VUSXX and VMFXX. These are annualized recent income rates, not guaranteed one-year returns. The calculator uses the same monthly reinvestment convention for both funds.
The state-tax difference
Vanguard’s 2025 supplement reports eligible U.S. government income of 100% for VUSXX and 66.61% for VMFXX. Both meet the special California, Connecticut and New York requirements according to that supplement. We use those prior-year percentages as estimates, not as known 2026 tax facts.
Minimums and settlement use
The standard initial minimum is $3,000 for each. VMFXX can also serve as a Vanguard settlement fund without that minimum; select the settlement setting only if it applies to your account. We verify these funds at Vanguard and do not assume availability or free purchases at other brokerages.
Consider municipal funds too
For a high federal marginal rate, the Vanguard municipal funds may be relevant. California and New York residents can compare their state-specific funds below. A lower quoted yield can still produce a competitive after-tax result. The result depends on your tax rates and the actual income exemptions.
The calculator ranks only products with a complete tax estimate under your inputs. It does not choose investments for you or guarantee future income. Read the methodology and source documents.