Float FinancialBusiness Account · Not a bank

Float Business Account

Our take: the strongest Canadian option for controlling employee spending rather than for banking itself — a genuinely free tier for corporate cards and expense management, wrapped around an account that is not a bank account.

Free tierEssentials costs $0 per user per month, with Professional at $10 per user per month.

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Our review

Float is an expense management platform with a business account and corporate cards attached, rather than a bank account with expense tools bolted on. That framing matters: what Float does better than any bank on this list is issue cards to staff, set limits, capture receipts and close the books. What it does not do is behave like a chartered bank — it states plainly that it is not one, and it holds customer funds in trust at Canadian banks rather than on its own balance sheet.

At a Glance

Essentials plan

per user per month

Professional plan

$10

per user per month

Enterprise

Custom pricing

Interest paid

Advertised

rate not published as a figure

Is it a bank?

FINTRAC-registered money services business

Funds held

In trust

at CDIC member institutions

Plans and terms confirmed on Float’s pricing page on September 25, 2026.

Pros and Cons

What works

A genuinely free tier: Essentials costs nothing per user, which is unusual in corporate expense management.
Built for issuing employee cards with controls and receipt capture, which no big-bank business account matches.
Funds are held in trust at Canadian CDIC member institutions and are eligible for CDIC deposit insurance.
Float states it is registered with FINTRAC as a money services business, so its regulatory status is disclosed plainly.

What to watch

Float’s own pricing page shows an unfilled template placeholder where the yield rate should appear, so the advertised interest rate cannot be confirmed from the page.
Float states it may change yield rates at any time without notice.
It is not a bank, and the account is not a substitute for a business chequing account with cash and cheque handling.
Interac e-Transfer support and limits are not stated on the pricing page.

What It Costs

$0Essentials, per user per month

$10Professional, per user per month

CustomEnterprise pricing on request

Not publishedYield rate — the pricing page shows a placeholder rather than a figure

Because the published yield rate is a placeholder on Float’s own page, treat any interest figure you see quoted elsewhere as unverified until Float states it directly.

How Your Money Is Protected

Float states that Float Financial Solutions Inc. is a financial technology company registered with FINTRAC as a money services business, and that it is not a bank. Funds associated with the Float Visa Card, including funds held in business accounts, are held in trust in one or more segregated accounts at one or more Canadian financial institutions that are CDIC members, and are eligible for CDIC deposit insurance subject to eligibility requirements and coverage limits. In-trust arrangements pass coverage through to the underlying client, which depends on records being maintained as CDIC requires — a materially different arrangement from depositing directly with a bank.

Who It’s For

A good fit if

You need to give staff cards with spending limits and collect receipts automatically.
You want to start with expense management at no per-user cost.
You already have a business bank account and want Float alongside it rather than instead of it.

Look elsewhere if

You need a full operating account with cash deposits, cheques and branch access.
You are choosing primarily on interest — Float does not publish a confirmable rate.
You want a direct relationship with a chartered bank.

Not Sure? Accounts People Compare It With

Venn Business Account

Pick this instead if you want a confirmable 2% on your balance and free e-Transfers rather than expense management.

Fee $0/mo2% interest, free e-Transfers both ways

RBC Digital Choice Business Account

Pick this instead if you need a real operating account with cash handling and branch access.

Fee $6/mo10 free e-Transfers, unlimited electronic

BMO Essential Business Account

Pick this instead if you want the cheapest chartered-bank account to pair with an expense tool.

Fee $5/moCheapest big-bank plan, 6 e-Transfers

Float Business Account

Fees confirmed September 25, 2026

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Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and account term against the institution’s own published material before we publish it, and we re-check on a set schedule.

Fees and account terms in this review were confirmed on the institution’s own site on September 25, 2026. MoneyMint does not currently have an affiliate relationship with this institution. Account fees and features change without notice — confirm current terms on the institution’s own page before you open an account. This is general information, not financial, legal or tax advice.

Frequently Asked Questions

Is Float a bank?

No. Float states that it is a financial technology company registered with FINTRAC as a money services business, and explicitly that it is not a bank.

Is money held with Float protected?

Float states that funds, including those held in business accounts, are held in trust in segregated accounts at Canadian CDIC member institutions and are eligible for CDIC deposit insurance, subject to eligibility and coverage limits. This is pass-through protection through a trust arrangement rather than a direct deposit relationship with a bank.

What interest does Float pay?

We cannot confirm a figure. Float advertises a high-interest yield, but its pricing page displays an unfilled template placeholder where the percentage should be, and Float notes it may change yield rates at any time without notice. We do not publish a rate we cannot verify on the provider’s own page.

Is Float free?

The Essentials plan is $0 per user per month, Professional is $10 per user per month, and Enterprise is custom priced. Card and account features vary by tier.

Can Float replace my business bank account?

For most businesses, no. Float is built around corporate cards and expense management rather than operating banking, and it does not offer the cash deposits, cheque handling or branch access a traditional business chequing account provides. It is usually run alongside a bank account.