This is not a bank account. The provider is a registered money services business, not a bank or a credit union. Money held here is not a deposit and is not insured the way a deposit at a CDIC member or a provincially insured credit union is. Read the sourcing note below before comparing it with an insured account.
Float Financial · Business chequing
Business account
Not a bank account
No monthly fee with unlimited transactions, 2.5% interest.
Fees and rates verified 2026-08-19Published fee scheduleWe earn nothing from any institution hereHow we research
What it costs
- Monthly fee
- None
- Extra electronic transaction
- $0.00
What is included
- Transactions each month
- Unlimited transactions
Interest
- Posted rate
- 2.5%
Who can open it
- Minimum to open
- $0
- US dollar account
- Yes
Current offer
- What it requires
- Promotional bonus of an additional 1% for 12 months on new funds, opt-in required by August 31, 2026, taking the rate to up to 3.5%. This is a rate boost, not a cash bonus, so welcome_bonus_value is null.
Deposit protection
- Deposit insurance
- None. Money held here is not an insured deposit.
- What the provider says
- CDIC (indirectly, via trust accounts at Scotiabank)
Where these figures come from
- Figures checked on
- August 19, 2026
- Source page
- floatfinancial.com
- Fees and terms
- Published fee schedule
Notes
NOT A BANK ACCOUNT. Float states plainly: 'Float is not a bank, we're a FINTRAC-registered Canadian Money Services Business' and 'Float is not a bank or CDIC member institution.' Funds are 'held in trust under your business's name within dedicated trust accounts at Scotiabank', which is what produces 'CDIC insurance of up to $100,000 CAD (combined across both CAD and USD cash accounts)'. Note the combined cap: holding both CAD and USD does not double coverage. 2.5% base on CAD and USD balances, annualized, calculated daily, paid monthly. No monthly fee, no minimum balance, zero fees on sending or receiving via ACH/EFT. No cash or teller channel exists.
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Where this came from. Every figure on this page is taken from the institution’s own page or its published fee schedule, never from another comparison site, and a field is left blank rather than guessed at. Rates and fees change without notice, so confirm with the institution before opening anything. We receive no payment from any institution listed here.