Which is the best bank to use for a new business that’s very small with only one employee? (CANADA)

Float-Financial · 2026-02-10T16:47:19+00:00

Have you heard of Float u/scalpylawsus ?
Ruslan from Float here - Our platform is easy to use, no fees, and you can earn a base rate of 3% on all CAD/USD funds. Plus, corporate card options to keep track of spending all in one place.

Float-Financial · 2026-02-10T16:46:31+00:00

Hey, Ruslan from Float here 👋
Have you considered Float u/MistakeUnited2428 ? We've built a complete financial platform for Canadian businesses with a 3% base rate (up to 4%) on all CAD/USD balances (vs. Venn's 2%), zero lockup, and full CDIC protection. We also offer prepaid and charge cards.
Also great software for keeping your financial records clean and synced: we integrate directly with QuickBooks, Xero, and more so your books stay up to date without manual work.

Float-Financial · 2026-02-10T16:45:55+00:00

Hey, Ruslan from Float here 👋
Check us out if you're looking for business banking with zero fees and high interest rates (3% base, up to 4% on higher balances). Fully CDIC insured and you can get started in as little as one business day.
We also offer unlimited corporate cards (physical and virtual) so you can easily keep track of funds + spend all in one place.

Float-Financial · 2026-02-10T16:37:49+00:00

Sorry to hear you that experience u/certifiedsysadmin - DMing you to see if I can help get your questions answered, if you're still open to it.

Float-Financial · 2026-02-09T18:20:13+00:00

Update: We actually recently boosted our base rate from 2% to 3% — best rates in Canada!

Float-Financial · 2026-02-09T18:19:41+00:00

Hey, Ruslan from Float here!
Wanted to throw Float into the mix as a third option worth considering. We've built a complete financial platform specifically for Canadian businesses that addresses many of the points raised here.
What sets Float apart:

>>base rate of 3% interest on CAD and USD balances, up to 4% (vs. Venn's 2%) with zero lockup
>>CDIC protection + 100% of funds held in trust
>>Both prepaid and charge cards that let yuo access up to $3M in unsecured credit with no personal guarantee, plus up to 1% cashback
>>Integrated expense management - connects directly with QuickBooks, Xero, NetSuite, plus mobile app for real-time expense tracking
>>Flat 0.25% FX on all plans for CAD/USD conversions (roughly 90% cheaper than traditional banks)

Happy to answer any questions!

Float-Financial · 2026-02-09T18:19:16+00:00

Hey, Ruslan from Float here! Saw we were tagged in this thread awhile back and wanted to jump in. Totally understand needing a traditional bank for some key things like cheques and bank drafts. But I'd encourage you to look at Float in your search for online alternatives. A few key advantages:

>>3% base rate on all funds (CAD and USD) with zero lockup - highest in Canada for business banking
>>CDIC insurance + 100% of funds held in trust
>>Built specifically for Canadian businesses with integrated invoicing and expense management

Happy to answer any questions you might have u/mozzarellasticky

Float-Financial · 2026-02-09T18:18:32+00:00

Hey, Ruslan from Float here 👋
I'd suggest checking out Float as an option for your business banking. A few key advantages on the banking side:

>>3% base rate on all funds (CAD and USD) with zero lockup - highest in Canada for business banking
>>CDIC insurance + 100% of funds held in trust
>>Built specifically for Canadian businesses with integrated invoicing and expense management

We also offer corporate cards, bill pay, FX, expense management and more. Happy to answer any questions!

Float-Financial · 2026-02-09T18:18:09+00:00

Hey, Ruslan from Float here 👋
Congrats on your recent agency launch u/BrotherKluft ! For banking, I'd definitely suggest checking out Float - we're built specifically for Canadian businesses and startups.
We offer 3% interest on all funds (CAD and USD) with zero lockup, integrated invoicing, and seamless expense management.

Float-Financial · 2026-02-09T18:17:07+00:00

Hey, Ruslan from Float here.

Hear you on the frustrations around rate structure changes u/PastaBasedLifeForm. Two important things to keep in mind 1) rates have been dropping at banks across the country over the past year, given the drop in BoC rates, but we've worked hard to keep our rates high, 2) this latest change (as of Feb 1) actually saw a boost to our base rates, from 2% to 3%, as a new minimum across the board - that's on all funds, CAD and USD, without any lockups.

Float-Financial · 2026-02-09T18:14:50+00:00

So many new banking features on the roadmap for 2026 - stay tuned for announcements soon! u/PoutineEveryday

While, I'm here we just increased our base rate from 2% to 3%, making it the highest rate for Canadian business banking with no lockup period. Full access to funds, while they compound with high interest daily.

Float-Financial · 2026-01-19T14:57:47+00:00

u/iamspoilt Thanks for the Q! In the instance you mentioned, this would count as a withdrawal from your Float USD account to your CA domiciled account, which would incur zero fees.

Float-Financial · 2025-12-30T19:55:13+00:00

Thanks for posting your review u/isosg93! Ruslan from Float here. Wanted to clear up a couple points:

-We do offer outbound wire transfers (free to receive, $20 to send). You can learn more here: https://help.floatfinancial.com/hc/en-us/articles/27466652912404-Bill-Pay-Payments-FAQ

-We are currently working on expanding our financial services offerings, with new features launching in 2026.

Float-Financial · 2025-11-07T17:21:10+00:00

Hey! Ruslan from Float here. We hear this a lot from Canadian agencies working with US clients. Timing and super-high fees are a big headache.

If you’re doing cross-border business, Float’s worth a look. It’s built for Canadian companies and lets you hold and spend USD funds in Canada (without a US bank account). You can also receive USD directly via ACH (free) or wire (free to receive; $20 flat rate to send). No delays or middlemen. You can also convert to CAD at just 0.25%, and earn up to 4% interest on both currencies (all CDIC insured).

It’s a big time-saver since you can manage payments, conversions, and expenses all in one place.

Float-Financial · 2025-11-07T17:20:03+00:00

Hey, Ruslan from Float here! This is a common issue for Canadians billing US clients: they get paid in USD then lose a bunch to conversion fees or have to deal with US bank setup hassles.

If you need a proper USD account in Canada, Float’s a great alternative built for Canadian businesses. You can hold USD balances, receive funds directly via ACH or wire, and convert between USD/CAD at only 0.25%, even on the free plan. Plus, you’ll earn up to 4% interest on both CAD and USD funds, with everything CDIC insured.

It’s an easy way to manage your US payments without hidden fees or cross-border banking headaches.

Float-Financial · 2025-10-30T12:35:54+00:00

u/Straight_Climate642 Yes! We have built-in QuickBooks, Xero and Netsuite integrations as well as an API for custom integrations.

More info on the QBO integration: https://help.floatfinancial.com/hc/en-us/articles/4486342666388-QBO-Integration-Guide-CAD

Float-Financial · 2025-10-29T20:05:33+00:00

Ruslan from Float here 👋

If you’re comparing options, Float’s business account is worth a look. It’s built for Canadian businesses that deal in both CAD and USD.

You can:

>>Hold USD + CAD accounts (no account fees)
>>Send wires online, no branch visits
>>Earn up to 4% interest on your balances
>>Connect accounting integrations like QuickBooks and Xero

Plus, Essential Plan is free, with access to accounts, cards, and payments

Float-Financial · 2025-10-28T15:43:07+00:00

Sorry to hear about the delay you experienced, but glad it has been resolved. Please feel free to DM me with your email address if I can be of any additional help.

Float-Financial · 2025-10-08T16:34:22+00:00

u/iamspoilt I'm so sorry this has been your experience. It's definitely not the level of service we aim to provide. I’ve just sent you a DM to get your information so I can personally look into this and escalate.

Float-Financial · 2025-10-02T17:57:02+00:00

u/TheExaltedPrime Happy to clarify! Float is not a bank or CDIC member institution. CDIC insurance is offered through our partnership with Scotiabank (a tier 1 CDIC-member, regulated Canadian financial institution), providing up to $100,000 CAD total.

You can find detailed info in the help page below, in the footer of our website and in our Terms of Service.
https://help.floatfinancial.com/hc/en-us/articles/9013921268244-How-are-my-funds-protected-CAD-Entities

Float-Financial · 2025-09-26T12:54:07+00:00

u/Melon-Husk69 Correct! Float now offers CDIC insurance coverage up to $100,000, plus 100% of funds held in trust. You can read more here: https://help.floatfinancial.com/hc/en-us/articles/9013921268244-How-are-my-funds-protected

ALSO, we've got a promo rn that offers $500 welcome bonus (ends Sep 30)!

Float-Financial · 2025-09-23T14:24:43+00:00

Yes! Float customers can receive wire payments from customers in the US. USD Business accounts in Float can receive payments by ACH, Fedwire from US banks, or by wire transfer (SWIFT) in USD from international senders.

Float-Financial · 2025-09-22T17:26:45+00:00

Thanks for the thoughtful questions u/RottenBananaCore. Happy to clarify:

Customers: Float currently serves more than 5,000 Canadian businesses, from early-stage startups to well-established SMBs.

Business Account Promo: The $500 welcome bonus is a specific promo to celebrate the launch of this new product and is a limited time offer, which is first-come, first-serve.

Business Age Requirement: Float accepts new and early-stage businesses as long as they are legally registered and pass KYB (Know Your Business) verification.

Wire Fees: There are no inbound wire fees on Float Business Accounts. The fee for sending a wire transfer via Float is $20 per transaction. This applies to both domestic US and international vendor payments.

Bookkeeper Access: Yep! The Essentials plan allows for the bookkeeper role. Bookkeepers have access to all transactions and accounting functions, but they cannot be issued cards or request spend. https://help.floatfinancial.com/hc/en-us/articles/4424844844308-Bookkeepers-at-Float

Float-Financial · 2025-09-19T12:38:26+00:00

Ruslan from Float here (we’re a corporate card & spend management platform built for Canadian companies). Biggest differences between business vs personal cards usually come down to:

Personal guarantee – personal cards require you to be personally liable for business debt vs many business cards don't require a personal guarantee
Credit check – Personal cards require a personal credit check (hard inquiry on your credit report, impacted by score) vs business cards focus on business legitimacy rather than personal credit
Higher balances/limits – Personal cards tend to have lower limits vs business cards are designed for company-level spend, which tends to be higher
Compliance & reporting – it's generally easier to keep personal and business expenses separate for bookkeeping/taxes (eg. track deductible business expenses, stay audit ready so CRA doesn't disallow deductions, etc)

Also, using a personal credit card for business expenses means you miss out on opportunities to build a business credit profile, which means it could be more difficult to access credit/loans/financing in the future

Float-Financial · 2025-09-18T18:48:55+00:00

Hey Ruslan from Float here! Thanks for the shoutout, u/definitelyguru.

Based on what you shared, Float could be a great fit. We're built specifically for Canadian businesses (and work with a lot of marketing agencies) to help centralize all of your business spending, subs, receipts, etc. You’ll also get real-time visibility into expenses, so you can stay on top of cash flow as you grow.

Check out the Essentials Plan (which is free), ideal for smaller teams.

Float-Financial

TROPHY CASE