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RBC leads big banks to cut prime rate to 5.95% following Bank of Canada
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Canada’s big banks cut their prime rates following the lead of the Bank of Canada Wednesday.
Royal Bank of Canada announced Wednesday afternoon that it was decreasing its prime rate by 50 basis points (bps) to 5.95 per cent from 6.45 per cent, effective Oct. 24.
RBC was followed by Fédération des caisses Desjardins du Québec and Toronto-Dominion Bank, which also cut by 50 bps.
The Bank of Canada cut its benchmark lending rate by 50 basis points to 3.75 per cent.
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