Updated November 6, 2026 from live rates
SNSXX vs SWVXX: Schwab’s Treasury fund or its prime fund?
It depends on your taxes. At today's rates, SWVXX keeps more in the 24% bracket with no state income tax, and the 32% bracket with no state income tax, and the 37% bracket with no state income tax. SNSXX keeps more in the other 6 scenarios. The gap is up to $1,280 a year on $500,000.
After-tax yield by tax situation
Yield you keep after federal and state income tax, at today's rates. The last column is the yearly gap between the best and second-best on $500,000. The 3.8% net investment income tax is left out; it lowers every taxable option by the same share.
| Federal bracket, state tax | SNSXX | SWVXX | Yearly gap |
|---|---|---|---|
| 24%, no state tax | 2.75% | 2.87% | $570 |
| 24%, 5% state | 2.75% | 2.68% | $372 |
| 24%, 9.3% state | 2.75% | 2.51% | $1,183 |
| 32%, no state tax | 2.46% | 2.56% | $510 |
| 32%, 5% state | 2.46% | 2.38% | $432 |
| 32%, 9.3% state | 2.46% | 2.21% | $1,243 |
| 37%, no state tax | 2.28% | 2.38% | $473 |
| 37%, 5% state | 2.28% | 2.19% | $470 |
| 37%, 9.3% state | 2.28% | 2.02% | $1,280 |
What's different
| SNSXX | SWVXX | |
|---|---|---|
| What it is | U.S. Treasury money fund (Schwab)SNSXX, Schwab U.S. Treasury Money Fund | Prime money fundSWVXX, Schwab Prime Advantage Money Fund |
| Rate today | 3.62%7-day yieldVerified November 2, 2026 | 3.77%7-day yieldVerified October 30, 2026 |
| Getting your money | Next business day | Next business day |
| Protection | Money market fund, not FDIC-insured | Money market fund, not FDIC-insured |
| State income tax | 100.0% exempt (2025 notice) | Fully taxable |
Both are Schwab money funds with no minimum. SWVXX is a prime fund holding bank and company debt, fully taxable by your state. SNSXX holds U.S. Treasuries: Schwab's 2025 tax information puts 99.99% of its income from U.S. government obligations, and it meets the California, Connecticut and New York 50% test. Watch the name trap: Schwab's Treasury Obligations fund (SNOXX) sounds similar but got only 31.30% of its 2025 income from government obligations, because most of it came from repurchase agreements, which states tax.