For digital or online-only businesses, the Float Business Account could be the business bank account for you. It comes with unlimited digital transactions, which includes ACH, EFT, and wire transfers. Float also offers very low foreign exchange fees of 0.25% on CAD and USD conversions, up to 4% on your CAD and USD balances, and no monthly fees for the base plan. Businesses can hold both Canadian and U.S. dollar accounts that are CDIC-protected up to a total of $100,000 (across both accounts).
But it's not necessarily the right choice for every business. At this time, Float does not support Interac e-Transfers, pre-authorized debits, or cheque cashing. And since you won't have access to a physical branch, this means you can’t use it to manage your business cash deposits.
Float Business Account features
Here are the key features with the Float Business Account.
Why You Want It
Get unlimited electronic fund transfers for no monthly fee.
Special Features
- Earn up to 4% interest on your balance
- Low foreign exchange fees
- Access to both CAD and USD accounts
Provinces
ALL
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
N/A
Monthly Fee
$0.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$500
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
2.5%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Float Business Account product rating: 2.8 stars
There is quite a lot to love about the Float Business Account. Unlimited digital transactions is a big plus, especially when you factor in the fact that Float charges no fees in most cases for sending and receiving funds. And for companies that do a lot of cross-border transacting in CAD and USD, low foreign exchange fees can save you quite a bit. Couple that with an account that has a monthly fee that starts at $0 and high interest on every dollar – up to 4% – and you have a great product for your business needs.
However, the Float Business Account is not without its downsides. You won't be able to cash cheques, send/receive Interac e-Transfers, or even set-up pre-authorized debits at the moment.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of the Float Business Account
There is lots to love about the Float Business Account.
Pros
No monthly fee for the Essential plan
The base version of the account has no monthly fee and only provides access to the account holder alone. If you need to add more people to the account, you’ll need to upgrade to the Professional plan, where you'll pay $10 per month for any additional users.
High interest rate on your balance
This account doubles as a high-interest savings account. If your account balance is more than $50,000, you'll earn a massive 4% interest on your balance. If it's under 50,000, you'll still get a competitive interest rate of 2.25%, which is pegged to the Bank of Canada exchange rate. These are incredible interest rates for a business account, and you won't have to shuffle money to a savings account to earn interest on your balance.
Low foreign exchange fees
While typically not advertised, most banks charge a 3% fee when you go to exchange money in a different currency. Float keeps it low at just 0.25%, which can add up to significant savings for businesses that operate internationally.
Unlimited digital transactions
You’ll get all the electronic funds transfers and automated clearing house transactions (EFT and ACH) you need for free. When it comes to wire transfers, you may receive them for free, but you’ll pay $20 per transfer sent.
Ease of Setup
Quick and fully digital onboarding with deposits insured up to $100,000 by CDIC.
The cons of the Float Business Account
Here are a couple of things to keep in mind for Float Business Account.
Cons
Missing basic transactions of traditional bank accounts
If you’re used to working directly with your local bank or credit union branch for your business account, there are some basic features you may be used to that you can’t get with Float. This includes sending and receiving Interac e-Transfers, cashing cheques, or setting up preauthorized deposits.
This also means that the Float Business Account can’t be used to connect to payment platforms like Stripe and Shopify. However, Float mentions that they are actively working on supporting these types of transactions and will be available at some point in the future.
No branch access
For many business owners, not being able to handle cash could be a deal-breaker. With Float, you can't make cash deposits or withdraw cash, so you’ll need to deal with your traditional bank or credit union to handle your cash deposits and withdrawals.
Float Business Account alternatives
Here's how the Float Business Account compares to other business accounts.
 |  |  | | |
|---|---|---|---|---|
| Account | Float Business Account | RBC Digital Choice Business Account Package | Scotiabank Select Account For Business Plan A | RBC Flex Choice Business Account Package |
| Genius Rating | ||||
| Why You Want It | Get unlimited electronic fund transfers for no monthly fee. |  $100 GeniusCash + Unlimited business banking features for only $6/month | A business account with plenty of free transactions and cash deposits | $100 GeniusCash + Pay-as-you-go approach to transaction fees + Low monthly fee. |
| Minimum Balance To Waive Fee | $0 | N/A | $20,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | 25 | 0 |
| # Of Free Monthly Interac E-Transfers | N/A | 10 | 20 | 0 |
| Monthly Fee | $0.00 | $6.00 | $20.00 | $7.00 |
| Excess Transaction Fee | $0.00 | N/A | $1.50 | $0.75 |
Show More | ||||
| Open an account See more Float products Compare | I Want This Deal See more RBC products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more RBC products Compare |
FAQ
What is the Float Business Account?
Float is a business bank account that's purely digital and designed for digital-first or online-only businesses. It offers unlimited EFT, ACH and wire transfers for no annual fee, and lets you hold both USD and CAD accounts with low FX rates.
What features does the Float Business Account include?
For no monthly fee, the Float Business Account includes unlimited digital transactions, up to 4% interest on your balance, and low foreign exchange fees. They offer CAD accounts and US domiciled USD accounts. Both USD and CAD deposits are CDIC-insured up to $100,000 and you can earn up to 4% interest on the funds in your account.
What features are missing from the Float Business Account?
Float is currently missing some basic features. You won't be able to send/receive Interac e-Transfers, set up pre-authorized debits, manage cash, connect to or deposit cheques.
Can I connect the Float Business Account to payment platforms like Stripe or Shopify?
At this time, Float is working on offering these features in the future, but presently you cannot connect your Float account to online payment platforms.
Does the Float Business Account offer physical card access to my account?
You can use your Float pre-paid Visa Card to access the Canadian and US funds in your account to make purchases just as you would on a regular credit card. The free plan allows for up to 20 physical cards, and unlimited virtual cards.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account + $100 GeniusCash
- Get up to $500 in cash when you open a new account, complete specified actions, and open 2 registered investment accounts.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $100 GeniusCash on approval – ends Dec 31, 2025.*.
- Unlimited transactions + Free identity theft protection + $125 GeniusCash
- Unlimited transactions and Interac e-Transfers.
- Free identity theft protection and access to Coursera online learning.
- $125 GeniusCash on approval – ends Dec 31, 2025.*.
- A low cost online broker with a $2,000 bonus + $80 GeniusCash
- Get $150 when you open and fund your new accounts with at least $1,000.
- No minimum investment requirement.
- Plenty of trade-free ETFs to choose from.
- $80 GeniusCash on approval – ends Dec 31, 2025.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
