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.
Terms and Eligibility
How can I qualify to earn interest?
Float Interest works as follows:
Every dollar in your CAD & USD Cash balances earns a base rate of 3%
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Your rate is calculated monthly for each currency, based on your previous month's Float card spending in that currency
If you spend less than $25,000 (in CAD or USD), you'll earn 3% the next month
If you spend between $25,000-$250,000 (in CAD or USD), you'll earn 3.5% next month
If you spend over $250,000 (in CAD or USD), you'll earn 4% next month
These rates will move automatically with rate changes made by the Bank of Canada and the U.S. Federal Reserve
Interest earned each month is calculated at the end of every day based on the balance held in each account (CAD/USD) x your interest rate, and is added to your Float balance on the first day of the following month.
| Monthly Card Spend by currency (previous month) | Interest rate bonus (subsequent month) | Total Interest |
| >$250K | +1.00% | 4.00% |
| $25K to $250K | +0.50% | 3.50% |
| $0 | +0.00% | 3.00% |
Please note: This Interest structure started on February 1, 2026. See below to learn about the previous Float Interest structure, as your January 2026 interest payout follows the previous rate structure.
How was my January 2026 Interest calculated before the change on February 1, 2026?
Float Interest (before February 1, 2026) worked as follows:
Balances of $50,000 or more (CAD or USD) earned 4% annual interest on your entire balance
Balances below $50,000 (CAD or USD) will earned 2% annual interest on your entire balance
Interest was calculated daily based on your daily closing per-currency, per-account cash balance (as of 10:00 PM Eastern), minus any pending Float card transactions and was paid on February 1, 2026.
Please note: Your February 2026 Interest earned will be calculated following our new structure mentioned above (i.e., based on February's card transactions).
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
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.
Calculations and Payouts
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 card spending.
How is interest calculated and paid?
Float's interest is calculated based on the previous month's card transactions, less any pending transactions, and paid monthly on Float balances.
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?
Interest is paid on the previous month's card transactions up to:
Monthly card spend by currency (previous month) |
Interest rate bonus (subsequent month) |
Total interest |
Maximum balance for interest (by currency) |
>$250K |
+1.00% |
4% |
$5M |
$25K to $250K |
+0.50% |
3.5% |
$1M |
<$25K |
+0.00% |
3% |
$1M |
Balances exceeding these amounts do not earn interest.
How can I see my interest rate and payouts?
You can check your earned interest by following these steps:
Go to Accounts > Overview
From here, you can see how much interest you're earning in the current month for both CAD & USD
You can also check your current interest rate by clicking into in the Overview tab of the Accounts page.
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?
When your card spending balance exceeds $250,000 (CAD or USD), Float will hold the rate of 4% interest, up to $5M.
When your card spending is between $25,000 and $250,000 (CAD or USD), you'll earn interest at a rate of 3.5%, up to $1M
When your card spending is below $25,000 (CAD or USD), you'll earn an interest rate of 3%, up to $1M
These rates will adjust in tandem with rate changes made by the Bank of Canada and the U.S. Federal Reserve
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."
Security
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.