TORONTO – Canada’s five biggest banks are boosting their prime lending rates by 25 basis points, following an interest rate hike from the central bank.
Royal Bank of Canada, the Bank of Montreal, TD Bank, Scotiabank and CIBC all announced Wednesday they are increasing their prime rates to 2.95 per cent from 2.7 per cent, effective Thursday.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
MORTGAGE CALCULATOR: See how rising interest rates affect your payments
The prime lending rate is the rate that banks use to set interest rates for variable-rate mortgages and other loans.
The moves comes after the Bank of Canada raised its key interest rate for the first time in seven years on Wednesday to 0.75 per cent from 0.5 per cent.
Comments