Bank buildings in Toronto’s Financial District. (Credit: Wikimedia Commons)
Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Desjardins Group, National Bank of Canada, Laurentian Bank of Canada, Equitable Bank and Bank of Nova Scotia announced Wednesday they would cut their prime rate, following the lead of the Bank of Canada.
The banks said they would decrease their prime rate by 25 basis points from 4.95 per cent to 4.70 per cent just hours after Canada’s central bank cut its interest rate by a quarter point to 2.5 per cent.
The lower rate is effective Sept. 18.
Bank of Canada cuts interest rate to 2.5% in first trim since March
What economists are saying about the Bank of Canada decision and the chance of further rate cuts