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According to E*Trade's mutual fund screener, there are 103 MMFs of various types available at E*Trade. Under Fund Category, select Money Market, All Categories.
The last column displayed (you have to scroll to the right) is 7-day current yield. Sorting on this column shows the fund with the highest yield at the moment to be WMPXX.
"The Bank Deposit Program (“BDP”) is the only sweep vehicle available to most clients. Rates for sweep vehicles other than BDP are only for accounts ineligible for BDP. Any deposit balance above $20 million in an account are swept, without limit, to MGPXX."
Below $20M, you can get 0.01% up to 0.15% Bank Deposit Rates, depending upon account size.
Brokerages often have different (usually but not always lower) mins for funds. The Vanguard Treas MMF (VUSXX) has a $3K min (same as at Vanguard) but at ETrade you need only a buck to invest in WMPXX.
Comments
https://www.etrade.wallst.com/research/Screener/MutualFund
The last column displayed (you have to scroll to the right) is 7-day current yield. Sorting on this column shows the fund with the highest yield at the moment to be WMPXX.
Here's its E*Trade profile. $1 min, open to new investors, no transaction fee or redemption fee.
https://www.etrade.wallst.com/v1/stocks/snapshot/snapshot.asp?symbol=WMPXX
And its prospectus
https://www.allspringglobal.com/globalassets/assets/edocs/regulatory/prospectus/retail-money-market-pro-premier.pdf
Not a recommendation. In a taxable account, I'd be more inclined to use VUSXX, since most of its assets are invested in state-tax-exempt treasuries.
Below $20M, you can get 0.01% up to 0.15% Bank Deposit Rates, depending upon account size.
https://us.etrade.com/l/options-uninvested-cash/sweep-rates
However, a quick check on MarketWatch for WMPXX shows a $10M min.
similar to MPFXX !
https://www.marketwatch.com/tools/fund-comparison?tickers=WMPXX,VUSXX,mpfxx,fdrxx&filter=fees
and Returns for MM are great:
https://www.marketwatch.com/tools/fund-comparison?tickers=WMPXX,VUSXX,mpfxx,fdrxx&filter=returns
Thanks.
Majick
https://www.etrade.wallst.com/v1/stocks/snapshot/snapshot.asp?symbol=WMPXX
From the prospectus:
Minimum Initial Investment
Premier Class: $10 million (certain eligible investors may not be subject to a minimum initial investment)
There's your loophole.