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:
Balances of $50,000 or more (CAD or USD) will earn 4% annual interest on your entire balance
Balances below $50,000 (CAD or USD) will earn 2% annual interest on your entire balance
Interest is 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 paid monthly. Interest earned each month is added to your Float balance on the first day of the following month.
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 daily closing balances.
How is interest calculated and paid?
Float's interest is an annualized rate, calculated daily and paid monthly on Float balances.
Interest is calculated based on the closing daily Cash balance (as of 10:00 pm Eastern), less any pending Float card transactions (non-Charge customers only). 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 balances up to:
- $1,000,000 CAD
- $1,000,000 USD
Funds 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 > Rewards last month
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 each Cash account. To do so, follow these steps:
Go to Accounts > Overview > Cash CAD/USD
In the Overview tab, navigate to Interest > from here, you can see how much interest you're earning this month
Hover over the "i" icon to see your current interest rate
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 funds 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 Cash balance is equal to or exceeds $50,000 (CAD or USD), Float will hold the rate of 4% annualized interest on your entire Cash balance up to $1M. This rate will be held through at least January 31, 2026.
When your Cash balance is under $50,000 (CAD or USD), you'll earn interest at an annualized rate of 2% on every dollar, adjusting in tandem with the Bank of Canada's overnight interest rate.
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.