sa国际传媒

Skip to content
Join our Newsletter
  1. Home
  2. National Business

Banks lower prime rates to 5.95% after Bank of sa国际传媒 move

TORONTO 鈥� Canadian financial institutions are lowering their prime lending rates to match the decrease announced by the Bank of sa国际传媒. The central bank lowered its key interest rate by half a percentage point Wednesday to 3.75 per cent.
Canadian Press
8dbc5766fec714b62882ca38c9f2e21c85b5d251f8417d5fc95ba2f89726be4d
Bank of sa国际传媒 Governor Tiff Macklem holds a press conference at the Bank of sa国际传媒 in Ottawa on Wednesday, Oct. 23, 2024. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO 鈥� Canadian financial institutions are lowering their prime lending rates to match the decrease announced by the Bank of sa国际传媒.

The central bank lowered its key interest rate by half a percentage point Wednesday to 3.75 per cent.

All of the Big Six banks including RBC, TD, BMO, Scotiabank, CIBC and National Bank say they have lowered their prime rate to 5.95 per cent, down from 6.45 per cent, as have Desjardins, Laurentian and EQ Bank.

It marks the fourth consecutive decrease this year after the Bank of sa国际传媒 started pushing interest rates lower in June.

Bank prime rates help determine the cost of a range of loans including variable-rate mortgages and lines of credit.

The Bank of sa国际传媒's next scheduled interest rate decision is Dec. 11.

This report by The Canadian Press was first published Oct. 23, 2024.

Companies in this story: (TSX:RBC; TSX:BNS; TSX:BMO; TSX:TD; TSX:CM, TSX:NA, TSX:LB, TSX:EQB)

The Canadian Press