As of December 1st, your Float balances in CAD and USD will automatically start earning 4% interest! Interest is paid monthly on balances up to CAD $1M and USD $1M. This is another way to earn on Float, in addition to cashback rewards on corporate card spend!

Float Yield FAQ

How long will 4% interest last?

4% is not a promotional rate, and there’s no set end!
However, if the Bank of Canada changes rates up or down, banks may follow suit. At any time, for this reason, or otherwise, Float may change Yield rates without notice.

Where can I see my payouts and rewards earned?

Float Yield payouts can be found in your Transactions and Accounting tabs. You will start seeing interest payouts starting January 1st, 2024 - a great way to start the new year!

Are there lockups on funds?

No lockups, and this isn’t a GIC. Customers can easily withdraw funds by contacting our Support team at support@floatcard.com. Funds will take 2-5 business days to arrive back in the bank account you connect to Float.

Related: Withdrawing funds from Float back to your bank account

How is my money protected?

Both CAD and USD funds are held in dedicated accounts at Tier 1 Canadian banks.

Please note: 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.

Related: How are my funds protected?

Do customers get both interest and cashback rewards?

Yes! Your existing Float Account now earns you more with both interest on your Float balance and cashback rewards on card spend, in both CAD and USD. 

Please note: interest is only available to Pre-funded accounts for Canadian entities. 

Who is eligible for Float Yield?

Float offers both Pre-funded and Charge payment models. With Float’s Pre-funded CAD and USD models, your spending power = Float balance. With Float’s Charge Card model, you can apply for up to $1M in unsecured 30-day credit terms that you can automatically pay down throughout the month.
Only Pre-funded customers are eligible for Float Yield.  

How is the 4% calculated and paid?

Float’s 4% interest is an annualized rate, calculated daily, and paid monthly on Float balances  – so you have the opportunity to compound your earnings every month.
We take your closing cash balance in Float each day (as of 10:00pm Eastern), reduced by any pending Float card transactions, as the basis for the calculation. Much like our cashback rewards, interest is paid on the first of the month in CAD and USD to your Float Account. 

When do I start earning?

Any balance in Float on or after December 1 will start earning interest from the first dollar. Interest payments occur on the first day of every month, based on the preceding month’s average daily closing balances (i.e. the first interest payment will occur on January 1, 2024 based on December balances).

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 our hope that you’ll enjoy your experience using Float so much that you start to use Float for your corporate spend as well.

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.
As well, Float’s partners are PCI-DSS Level 1 compliant, ensuring the protection and encryption of sensitive information. 

Is there a maximum on the funds that can earn interest?

Yes. Each month, $1M CAD and $1M USD are eligible to earn interest. Beyond $1M of funds in each currency per month, no interest will be paid.

Do existing Float customers qualify?

Yes! Float customers with pre-funded accounts will automatically earn on their cash balances in both CAD and USD.
There’s no need to sign up - we make saving simple! (This excludes American entities and Charge Card customers).

You can reach out to support@floatcard.com with any further questions! We're available 7 days a week :)