Go to Main Content

Advertisement

By Special to MoneySense on July 12, 2017
Estimated reading time: 1 minute

Big banks boost prime lending rates following BoC rate hike

By Special to MoneySense on July 12, 2017
Estimated reading time: 1 minute

Rates rising to 2.95%

Advertisement

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 (TSX:RY), the Bank of Montreal (TSX:BMO), TD Bank (TSX:TD), Scotiabank (TSX:BNS) and CIBC (TSX:CM) all announced Wednesday they are increasing their prime rates to 2.95 per cent from 2.7 per cent, effective Thursday. 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. MORE ABOUT INTEREST RATES:

Comments Cancel reply

Related Articles

Why I’m optimistic about the markets in 2025–tariffs or no

This advisor isn’t losing any sleep over the markets. In fact, looking back at 2024 and forward into 2025,...

Why I’m optimistic about the markets in 2025–tariffs or no

A car steering wheel and a bowl of pasta, as symbols of how to get the best auto loan interest rate.

Car loan interest rates: What’s the best Canadians can get?

Car loan interest rates can be as confusing as a complicated recipe, and just as daunting to navigate. This...

Car loan interest rates: What’s the best Canadians can get?

Newcomer to Canada buying their first car at the dealership asking questions of the sales person about getting a car loan.

Newcomers to Canada

Auto loans for newcomers—questions to ask when buying your first car in Canada

Buying your first car in Canada is like any other major purchase. Ask a lot of questions, not just...

Auto loans for newcomers—questions to ask when buying your first car in Canada

Canadian Crypto Observer

Where is bitcoin headed in 2025?

Bitcoin’s value surpassed the USD$100,000 mark in late 2024. Here’s what could affect bitcoin and other cryptocurrencies in the...

Where is bitcoin headed in 2025?

A woman using the MoneySense Finder tool at her work-from-home desk

Buying ETFs in Canada Tool: The MoneySense ETF Screener

Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...

Buying ETFs in Canada Tool: The MoneySense ETF Screener

types-of-tfsas.img

What types of tax-free savings accounts (TFSAs) exist?

A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay...

What types of tax-free savings accounts (TFSAs) exist?

A woman pumps gas into her sedan

What is the Canada Carbon Rebate? Plus, dates and amounts for 2025 rebates

The Canadian government is sending out the last carbon rebate of 2024. See who’s eligible and how much you...

What is the Canada Carbon Rebate? Plus, dates and amounts for 2025 rebates

Can Santander take on Canada’s Big Six? Why the global bank may face hurdles

A fresh international challenger has the potential to add competition to the country’s banking oligopoly, though experts warn it...

Can Santander take on Canada’s Big Six? Why the global bank may face hurdles

Canadian retiree looking at the 2025 tax brackets adjusted for inflation

What retirees need to know about tax brackets for 2025

Those at or near retirement need to account for slightly higher tax brackets, as well as higher Basic Personal...

What retirees need to know about tax brackets for 2025

A woman gives another woman a wrapped holiday gift

Cash Allocation

Planning holiday spending and cash gifts? Here’s how to boost your budget

Planning holiday spending and cash gifts? Here’s how to boost your budget