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 your CAD & USD Cash balances earns a base rate of 2.5%*
- 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.

Please note: The 2.5% interest rate is variable 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?

Starting June 1st, you can earn up to 3.5% interest on new funds you bring to Float.

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 need to opt in to this promotion 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 is $0, so all funds brought into Float will earn 3.5%.

Some Important Considerations:

There is no cap on funds held in Float for the base interest rate of 2.5%*
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 is your average daily balance of funds held in Float between April 1-30, 2026, calculated separately for CAD and USD. This is fixed once and doesn't change.

Your baseline is rounded down to the nearest $100.

If you opened your Float account after April 30, 2026, your baseline is $0, so every dollar brought into Float qualifies for the 3.5% rate.

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

Please follow the steps below to opt in to the 1% interest boost promotion:

Log in to app.floatfinancial.com
Navigate to the Accounts page
You will see an in-app section saying "Earn a 1% interest rate bonus on eligible funds."
Click Get started > This opens the opt-in page
Click Join Campaign
A message saying, "You've successfully joined the campaign," will appear in the bottom-left corner
Once opted in, your baseline will become visible per currency

Please note: Only Administrators of the account can opt in to the 1% boost promotion.

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 will still earn 2.5%* on your entire balance!

The additional 1% boost only applies to funds above your baseline. If your balance later increases above the baseline, the boost resumes on the amount above the baseline.

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 2.5%* base rate and the 1% boost promotion both apply to CAD and USD balances.

Your baseline is calculated separately for each currency, and the $25M cap applies per currency for all funds exceeding your baseline (i.e., $25M CAD and $25M USD)

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

The opt-in window is from June 1 to August 31, 2026. If you don't opt in during this period, you'll continue earning the 2.5%* base rate on all your funds, but you won't be eligible for the additional 1% boost.

Please ensure to opt in before August 31, 2026, to lock in the promotion rate for 12 months.

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?

Interest is paid on the previous month's balance per currency:

Monthly balance by currency (previous month)	Interest rate (subsequent month)	Maximum balance for interest (by currency)
At or below your baseline balance	2.5%*	No cap
Above baseline (with 1% boost)	2.5%* + 1%	25M

Please note: Balances above $25M (CAD & USD) above your baseline don't earn interest. This cap only applies to the promotional rate, not the 2.5% base rate

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 2.5% base rate is a variable rate. Variable rates are subject to change at any time.

The 1% rate boost promotion for funds exceeding your baseline is locked in for 12 months once you opt in.

What was the interest structure before June 1, 2026?

Float Interest works as follows:

Every dollar in your CAD & USD Cash balances earned a base rate of 3%
Your rate was calculated monthly for each currency, based on your previous month's Float card spending in that currency
- If you spent less than $25,000 (in CAD or USD), you earned 3% the next month
- If you spent between $25,000-$250,000 (in CAD or USD), you earned 3.5% next month
- If you spent over $250,000 (in CAD or USD), you earned 4% next 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 was Float's Interest structure from February 1, 2026, to May 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.