{"id":151360,"date":"2025-09-17T22:49:13","date_gmt":"2025-09-17T22:49:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/151360\/"},"modified":"2025-09-17T22:49:13","modified_gmt":"2025-09-17T22:49:13","slug":"banks-cut-prime-rate-to-4-70-following-bank-of-canadas-lead","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/151360\/","title":{"rendered":"Banks cut prime rate to 4.70%, following Bank of Canada&#8217;s lead"},"content":{"rendered":"<p>    <img fetchpriority=\"high\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"0301 tj banks.jpg\" loading=\"eager\" height=\"719\" width=\"960\" class=\"yf-1gfnohs loader\"\/> Bank buildings in Toronto&#8217;s Financial District. (Credit: Wikimedia Commons)            <\/p>\n<p class=\"yf-1090901\"><a href=\"https:\/\/financialpost.com\/tag\/royal-bank-of-canada\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Royal Bank of Canada;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Royal Bank of Canada<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/toronto-dominion-bank\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Toronto-Dominion Bank;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Toronto-Dominion Bank<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/canadian-imperial-bank-of-commerce\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Canadian Imperial Bank of Commerce;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Canadian Imperial Bank of Commerce<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/bank-of-montreal\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Bank of Montreal;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Bank of Montreal<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/desjardins-group\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Desjardins Group;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Desjardins Group<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/national-bank-of-canada\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:National Bank of Canada;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">National Bank of Canada<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/laurentian-bank-of-canada\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Laurentian Bank of Canada;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Laurentian Bank of Canada<\/a>, <a href=\"https:\/\/financialpost.com\/tag\/equitable-bank\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Equitable Bank;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Equitable Bank<\/a> and <a href=\"https:\/\/financialpost.com\/tag\/bank-of-nova-scotia\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Bank of Nova Scotia;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Bank of Nova Scotia<\/a> announced Wednesday they would cut their prime rate, following the lead of the <a href=\"https:\/\/financialpost.com\/tag\/bank-of-canada\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Bank of Canada;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Bank of Canada<\/a>.<\/p>\n<p class=\"yf-1090901\">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\u2019s central bank <a href=\"https:\/\/financialpost.com\/news\/economy\/bank-of-canada-cuts-interest-rate-to-2-5-per-cent-march?itm_source=index\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:cut its interest rate;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">cut its interest rate<\/a> by a quarter point to 2.5 per cent.<\/p>\n<p class=\"yf-1090901\">The lower rate is effective Sept. 18.<\/p>\n<p class=\"yf-1090901\"><a href=\"https:\/\/financialpost.com\/news\/economy\/bank-of-canada-cuts-interest-rate-to-2-5-per-cent-march?itm_source=index\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Bank of Canada cuts interest rate to 2.5% in first trim since March;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Bank of Canada cuts interest rate to 2.5% in first trim since March<\/a><\/p>\n<p class=\"yf-1090901\"><a href=\"https:\/\/financialpost.com\/news\/economists-bank-of-canada-decision-rate-cuts?itm_source=index\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:What economists are saying about the Bank of Canada decision and the chance of further rate cuts;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">What economists are saying about the Bank of Canada decision and the chance of further rate cuts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Bank buildings in Toronto&#8217;s Financial District. (Credit: Wikimedia Commons) Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank&hellip;\n","protected":false},"author":2,"featured_media":151361,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[52,58360,23842,49,48,58644,80166,80165,13740,44,3916,80167],"class_list":["post-151360","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-of-canada","tag-bank-of-montreal","tag-bank-of-nova-scotia","tag-ca","tag-canada","tag-desjardins-group","tag-equitable-bank","tag-laurentian-bank-of-canada","tag-national-bank-of-canada","tag-news","tag-royal-bank-of-canada","tag-toronto-dominion-bank"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/151360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=151360"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/151360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/151361"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=151360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=151360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=151360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}