Your business' CAD and USD cash balances in Float automatically earn 4% interest!
Interest is paid monthly on balances up to CAD $1MM and USD $1MM.
Terms and Eligibility
How long will 4% interest last?
4% is not a promotional rate, and has no predetermined end date.
If the Bank of Canada changes interest rates up or down, banks may follow suit. At any time, for this reason, or otherwise, Float may change Yield rates without notice.
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 a balance in their CAD and USD Cash accounts are eligible for Float Yield.
Please note: Charge customers do not receive yield on their Charge balances.
Do existing Float customers qualify?
Yes! Canadian Float customers with Cash accounts will automatically earn on their cash balances in both CAD and USD. There’s no need to sign up.
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 average daily closing balances.
How is the 4% calculated and paid?
Float Yield's 4% 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.
Is there a maximum balance that can earn interest?
Yes. Each month, $1MM CAD and $1MM USD are eligible to earn interest. Funds in excess of $1MM do not earn interest with Float Yield.
Where are Float Yield payouts displayed?
Float Yield payouts are added to your cash balance and can be found on the Transactions and Accounting pages.
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.