I compared 18 high-yield money market accounts to find the highest rates after fees. I look at Vanguard, Fidelity, iShares, Schwab and SPDR. I compared both mutual fund money market accounts as well as money market ETFs.
Vanguard had several winners in various categories. I seperated the categories to Treasury only, Government Obligations and Corp / Govt with the least risky being treasuries only.
These categories were for mutual fund money market funds as well as ETFs. I crowned winners for each.
Vanguard had the highest rate treasury, VUSXX and government obligations money market fund, VMFXX or VMRXX.
For ETFs, Ishares TFLO and Wisdom Tree USFR were basically equal with the same expense ratio and roughly the same APY. They hold the same floating rate treasuries but varying amounts for different periods.
The top Vanguard money market funds were all non-standard sweep account funds meaning they have to be purchased on their own and cannot be used for the default settlement account.
Fidelity has greater flexibility for settlment account options with SPAXX and FZFXX, however, Fidelity has higher fees and a lower APY on these funds when compared against Vanguard.