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Canadian banks lower prime rates following BoC cut - YAHOO FINANCE
Canadian banks reduced their prime rates Wednesday afternoon after the Bank of Canada cut its benchmark interest rate by 25 basis points.
RBC, BMO, TD, and CIBC each lowered their prime rates by 25 basis points, from 4.70 per cent to 4.45 per cent. The new rates are effective October 30.
Scotiabank is expected to follow.
The prime rate is the annual interest rate that banks and financial institutions use to set interest rates for variable-rate mortgages, lines of credit, and some other loans.
