Big banks raise prime rate to 7.2% after Bank of Canada hike
RBC and TD first to announce increase
Canada’s big banks have started to increase their prime rate after the Bank of Canada raised its benchmark interest rate to five per cent.
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Royal Bank of Canada, TD Canada Trust, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada and Bank of Nova Scotia announced that they are increasing their prime rate by 25 basis points to 7.2 per cent from 6.95 per cent, effective on July 13.
Equitable Bank and Laurentian Bank of Canada also announced they would raise their prime rate by the same amount.
More to come …
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