Float Yield offers Canadian businesses a straightforward way to earn interest on their CAD and USD cash balances held within your Cash balance. With Float Yield, your earnings scale with your balance.
Terms and Eligibility
How can I qualify to earn interest?
Float Yield works as follows:
- Balances of $25,000: Earn 4% annual interest on your entire balance
- Balances below $25,000: Earn 2.5% annual interest on your entire balance — adjusting in tandem with the Bank of Canada’s overnight interest rate
Interest is calculated daily based on your closing daily per-currency, per-account cash balance (as of 10:00PM 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.help.floatfinancial.com
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 Float Yield?
All Canadian entities with balances in their CAD and USD Cash balances are eligible for Float Yield.
Charge customers do not receive yield on their Charge balances.
Calculations and Payouts
When do I start earning?
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 Yield'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 10:00pm 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 in order 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 current interest rate and see your earned interest by following these steps:
- Go to Banking > Accounts > Cash.
- Look for the current interest rate displayed in blue beside your account balance.
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Hovering over "% Interest" at the top of the Cash balance drop-down allows you to see how much interest you have accrued for the month
Float Yield 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 > Statement > Total Rewards > Yield.
Can I receive both Float Yield interest and Float Cashback rewards?
Yes. Customers earn both interest on cash balances with Float Yield 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.
Security
How is my business' money protected?
Both CAD and USD funds are held in dedicated accounts at Tier 1 Canadian banks.
Float is not a bank or CDIC member institution, and funds aren’t CDIC insured. Float is a registered MSB (Money Services Business) in Canada. We are also SOC2, type 2-certified, ensuring adherence to robust security protocols as verified by independent audits.
For more, visit our Trust Centre at trust.floatfinancial.com.
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.