Canadian investors are missing out of up to $500 million a year in yields by sticking with money market funds rather than higher-yielding, insured premium savings accounts, according to a 21-page report from Fair Canada (Foundation for Advancement of Investor Rights).

The report, “Canadian Money Market Funds—Zero Returns,” found that Canadians hold $56 billion in money market funds earning an average of two basis points after costs—and that’s before the impact of inflation and taxes. Further, one-quarter of all Canadian money market funds lost money in the last half of 2009.

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