Big banks raise prime rate after Bank of Canada interest rate increase

Hike prime rates by 25 basis points to 6.7%

Article content

The Royal Bank of Canada, Toronto-Dominion Bank, the Bank of Montreal, the Canadian Imperial Bank of Commerce, Bank of Nova Scotia and the National Bank of Canada have hiked their prime rates by 25 basis points to 6.7 per cent in response to the Bank of Canada’s latest policy rate increase.

Advertisement 2

Article content

RBC, TD, BMO, CIBC, Scotiabank and National Bank announced the change the afternoon of Jan. 25. The central bank boosted its policy rate 25 basis point to 4.5 per cent earlier in the day.

Canada’s big banks have been quick to hike their prime rates following the Bank of Canada’s moves.

RBC’s prime rate stood at 2.45 per cent on March 2, 2022, the day the Bank of Canada embarked on the current rate-hiking cycle.

Advertisement 1

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Leave a Comment