Banks cut prime rate to 4.95%, following Bank of Canada's lead
Reduction takes effect March 13
Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, Desjardins Group, National Bank of Canada and Equitable Bank announced Wednesday they would cut their prime rate, following the lead of the Bank of Canada.
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The banks said they would decrease the prime rate by 25 basis points from 5.20 per cent to 4.95 per cent just hours after Canada’s central bank cut its interest rate by a quarter point to 2.75 per cent.
The lower rate is effective March 13.
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