Business accounts with the best interest rates in Canada.

Opening an account takes about 15 minutes online. No branch visits, minimal paperwork and you can start earning interest as soon as your account is approved and funded.

Float Business Accounts let you receive and store business funds with account routing details for EFT, ACH and wire transfers. Your accounts earn up to 4% interest with no minimum balance requirements or lockups. Funds are CDIC insured up to $100,000 and held in trust.

You can hold both CAD and USD, with no transaction fees on incoming payments. Business Accounts work alongside your Float Cards and spend management features in a single platform.

Float’s interest is an annualized rate, calculated daily based on your Float balance (in both CAD or USD) and paid monthly. Any balance in Float will start earning interest from the first dollar.

Your rate is set monthly based on your previous month’s Float Card spending—the more you spend, the higher your rate.
– Spend >$250K/month → Earn 4%
– Spend $25K-$250K/month → Earn 3.5%
– Spend <$25K/month → Earn 3%
Your rate is set at the beginning of each month based on the previous month’s spending. CAD and USD rates are calculated separately.

Interest payments occur on the first day of every month.
Rates, terms, and eligibility criteria are subject to change

Both CAD and USD funds are held in trust under your business’s name within dedicated trust accounts at Scotiabank.

This means that funds are legally separated from Float’s own assets, and 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 Scotiabank to offer our customers CDIC insurance of up to $100,000 CAD (combined across both CAD and USD cash accounts).

Please note: Float is not a bank or CDIC member institution. 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.

No lockups, and this isn’t a GIC. Customers can easily withdraw funds by contacting our Support team, which is available 7 days per week.

Yes, really. We believe in transparent, simple pricing that helps your business grow. That means no monthly account fees, no transaction fees on receiving funds via ACH/EFT or wires, and no fees on sending funds via ACH or EFT.

Float and our partner bank do not charge any fees for receiving funds through SWIFT. However, SWIFT transfers may pass through intermediary banks that can deduct fees before the funds reach your account. The amount you receive can depend on how the sender’s bank instructed the payment (e.g., SHA vs. OUR) and which intermediaries processed the transfer. These fees are outside of Float’s control.

You can receive funds in Float via bank transfer, EFT (CAD), ACH (USD) or wire transfer. Simply share your Float account details with payees or transfer from your existing accounts.

You can then use your Float balance to issue physical and virtual corporate cards in both CAD and USD, or use our bill pay and reimbursement features to transfer money.

You can easily withdraw funds by initiating withdrawals via the Float app. Funds will take 2-5 business days to arrive back in your connected bank account.

Your savings and earnings are calculated as follows:
– Interest: Float’s interest is an annualized rate, calculated daily based on your Float balance (in both CAD or USD) and paid monthly. Any balance in Float will start earning interest from the first dollar.

Your rate is set monthly based on your previous month’s Float Card spending—the more you spend, the higher your rate.
– Spend >$250K/month → Earn 4%
– Spend $25K-$250K/month → Earn 3.5%
– Spend <$25K/month → Earn 3%
Your rate is set at the beginning of each month based on the previous month’s spending. CAD and USD rates are calculated separately.

– Cashback: 1% on every dollar over $25k in monthly spending

– FX savings: We compare Float’s FX fee (0.25%) vs the average FX fee charged by traditional banks (3%)

– Savings from bank fees: We took the monthly fees of commonly available unlimited business banking products from each of the 5 big banks on September 5, 2025 and averaged them.

Float is not a bank or CDIC member institution. Float is a business finance platform here to help save your company time and money. Float is not a bank—we’re a FINTRAC-registered Canadian Money Services Business and registered under the RPAA payment services provider that counts 6000+ Canadian companies as loyal customers.