Earning Interest with Float & FAQs – Float Help Centre

Float offers Canadian businesses a straightforward way to earn interest on your CAD and USD cash balances held within your Float Cash accounts. With interest, your earnings scale with your balance.

Directory of Frequently Asked Questions

How can I qualify to earn interest?

Float Interest works as follows:

Every dollar in CAD Cash balances earns a base rate of 2.5%, and every dollar in USD Cash balances earns a base rate of 2.75%.
- Interest accrues daily based on account balance multiplied by the interest rate, then deposits to your Float account on the first day of the following month.

Please note: These interest rates are variables and may be subject to change at any time.

When do I start earning interest?

Float funding balances start earning interest from the first dollar. Interest payouts occur on the first day of every month, reflecting the previous month’s balance per currency.

Who is eligible for interest?

All Canadian entities with balances in their CAD and USD Cash balances are eligible for interest.

Charge customers do not receive interest on their Charge balances.

What is the 1% boost promotion?

Beginning June 1st, qualifying customers can earn an additional 1% on new funds exceeding their established baseline, 3.5% total for CAD and 3.75% total for USD. The baseline equals your average daily balance from April 1-30, 2026, calculated separately per currency and rounded down to the nearest $100. The $25M cap applies per currency for promotional-rate funds only.

Opt-in period for this promotion ends August 31st.

How does it work?

We calculated a baseline, which is a fixed average of your daily balances held in Float between April 1-30, 2026. Every dollar you hold above your baseline qualifies for the additional 1% boost, bringing your total rate to 3.5% on those funds.

You needed to opt in to this promotion by August 31st within the Float web app (app.floatfinancial.com). Once you opt in, the 1% bonus rate is locked in for 12 months. For detailed steps on how to opt in, please see here.

If you joined Float after April 30, 2026, your baseline was $0, so all funds brought into Float will earn 3.5% CAD, as long as you opted in to the promotion before August 31, 2026.

If you joined after April 30th, but didn't opt in to the boost promotion before August 31, 2026, the funds in your Float Cash CAD/USD accounts will earn the base rate of 2.5% CAD / 2.75% USD.

Some Important Considerations:

There is no cap on funds held in Float for the base interest rate of 2.5% CAD / 2.75% USD*
The opt-in period for the 1% boost promotion ends August 31st
There is a $25M cap (both CAD & USD) for funds added above your baseline, earning the 3.5% rate

Example of Baseline & Bonus Rate Structure for Existing Customers:

Date	Account Balance	Baseline (Fixed)	Amount Earning 2.5%*	Amount Earning 3.5%
May 30	$50,000	-	$50,000 (current rate applies)	-
June 1 (opts in)	$50,000	$50,000	$50,000	$0
June 15	$150,000	$50,000	$50,000	$100,000
October 1	$300,000	$50,000	$50,000	$250,000
December 5	$20,000	$50,000	20,000	$0
June 1, 2027 (12 months complete)	$100,000	-	100,000	$0

Example of Baseline & Bonus Rate Structure for Customer who Joined after April 30, 2026:

Date	Account Balance	Baseline (Fixed)	Amount Earning 2.5%*	Amount Earning 3.5%
July 20 (opens account)	$0	-	-	-
July 25	$50,000	$0	-	$50,000
September 15	$150,000	$0	-	$150,000
October 1	$300,000	$0	-	$300,000
December 5	$20,000	$0	-	$20,000
July 20 (12 months complete)	$100,000	-	$100,000	-

How is my baseline calculated?

Your baseline represents your average daily balance during April 2026, rounded down to the nearest $100, calculated separately for CAD and USD. New customers opening accounts after April 30, 2026 receive a $0 baseline, making all deposits eligible for the boosted rate (3.5% CAD / 3.75% USD).

How do I opt in to the 1% boost promotion?

The last day to opt in to the 1% boost promotion was August 31, 2026.

If you didn't opt in before this date, the funds held in your Cash CAD/USD accounts will earn 2.5% CAD / 2.75% USD.

How do I see my baseline?

You need to opt in to the 1% boost promotion to see your baseline.

For detailed steps on opting in to the promotion, please see here.

What happens if my balance drops below the baseline?

You continue earning the base rate (2.5% CAD / 2.75% USD) on your entire balance. The 1% boost only applies to amounts exceeding your baseline and resumes if your balance climbs above it again.

When does my 12-month promotional period start?

Your 12-month promotion period starts on the date you opt in to the promotion on the Float platform. For example, if you opt in on June 15, 2026, your promotional period runs until June 15, 2027.

Can I opt in multiple times or restart the promotion?

No, you can only opt in once during the enrolment window (June 1 to August 31, 2026). Once you've opted in, your 12-month promotion period is locked and cannot be restarted or extended.

What counts as "new funds" for the 1% rate boost?

New funds are net new balances brought into your Float account that are above your baseline amount. This includes funds received into your Float Business Accounts, FX transfers, etc.

Does the boost apply to both CAD and USD?

Yes. The 1% boost applies to both currencies, on top of each currency's base rate; 2.5% for CAD and 2.75% for USD. Baselines and the $25M cap are calculated separately per currency ($25M CAD and $25M USD).

What if I miss the 1% boost opt-in window?

Missing the August 31st deadline disqualifies you from the promotional boost. You'll continue earning the base rate on all funds (2.5% CAD / 2.75% USD) but forgo the additional 1%.

Are there lockups on funds?

No lockups, and this isn’t a GIC. Customers can easily withdraw funds. Withdrawals will take 2-5 business days to arrive in your connected bank account.

See: Withdrawing Funds from Float

How is interest calculated and paid?

Float's interest is calculated based on the previous month's balance.

Interest earned in each month is calculated separately for CAD and USD and added to your Float balance(s) on the first of the following month.

Please note: Businesses must be KYB approved to have interest paid into their Float balances.

Is there a maximum balance that can earn interest?

Balances at or below your baseline earn the base rate (2.5% CAD / 2.75% USD) with no cap. Funds above your baseline with active promotion earn the base rate plus 1% (3.5% CAD / 3.75% USD) up to $25M per currency; amounts exceeding this cap earn nothing.

Monthly balance by currency (previous month)	Interest rate (subsequent month) — CAD	Interest rate (subsequent month) — USD	Maximum balance for interest (by currency)
At or below your baseline balance	2.5%*	2.75%*	No cap
Above baseline (with 1% boost)	3.5%	3.75%	$25M

*Base rate is variable and subject to change.

How can I see my interest rate and payouts?

You can check your earned interest by following these steps:

Go to Accounts > Overview > Rewards last month
From here, you can see how much interest you're earning in the current month for both CAD & USD

Float Interest payouts are automatically added to your cash balance on the 1st of each month.

To view your total payout for a specific month, head to Transactions > Add Filter + > Transaction Type > Interest, and you can use the date range filter to show interest earned in any given month.

Can I receive both Float Interest and Float Cashback rewards?

Yes. Customers earn both interest on cash balances and cashback rewards on card spend, in both CAD and USD.

For more on cashback, see: Float Cashback FAQ

How can Float give better rates than a bank?

We’ve negotiated a great rate, and we believe in passing the interest earned on your card spending back to you. It’s all part of making Float the best financial services solution for your business.

How long will these rates last?

The base rate (2.5% CAD / 2.75% USD) is variable and subject to change anytime. The 1% promotional boost locks in for 12 months after opt-in (deadline: August 31, 2026).

Does Float provide T5s for interest income?

No, Float doesn't provide T5s.

Float provides this amount as a cash reward rather than as interest income, so a T5 is not issued. A T5 is only issued when a financial institution pays interest or certain investment income directly to an account holder. In this case, the amount provided through Float is structured and delivered as a reward or incentive, not as interest on a deposit account. Since it is not characterized as interest income from a deposit or investment, it does not meet the criteria that would require a T5 to be issued. As a result, the payment is treated as a reward from Float rather than interest from a financial institution.

*Rewards may be considered business income. Float does not issue a T5 for these rewards. You should consult your accountant or tax advisor regarding how to report them."

How is my business's money protected?

Float is a registered MSB (Money Services Business) in Canada.

Both CAD and USD funds are in trust under your business's name within dedicated accounts at Tier 1 Canadian banks. This means that in the extremely unlikely event that Float Financial were to go out of business, your funds would remain safe.

In addition, we've partnered with a tier 1 CDIC-member, regulated Canadian financial institution, to offer our customers CDIC insurance of up to $100,000 CAD (combined across both CAD and USD).

Please note: Float is not a bank or CDIC member institution.

For more information, visit our Trust Centre.

How does Float protect my data?

Float’s platform is SOC 2, Type 2 compliant as verified by independent auditors, underscoring our commitment to the highest security standards. To obtain a copy of Float's SOC 2 Type 2 report, email security@floatfinancial.com.

Float’s partners are PCI-DSS Level 1 compliant, ensuring the protection and encryption of sensitive information.

How does interest earned show up in my accounting export?

Interest exports to your accounting system as a refund/credit rather than income; a Credit Note in Xero, and a refund-style journal line in NetSuite and QuickBooks Online, grouped alongside cashback and other refund types. The line is labeled "Interest," though Float treats it as a cash reward for tax purposes, so no T5 is issued. It lands in whatever GL account your own chart of accounts maps it to, as Float doesn't hardcode an "Interest Income" account. Because interest is excluded from AI auto-coding, you'll need to assign the account manually or set up a rule.