Banks raise prime rate after Bank of Canada interest rate increase

The Royal Bank of Canada, Toronto-Dominion Bank, the Bank of Montreal, the Canadian Imperial Bank of Commerce and the National Bank of Canada have hiked their prime rates by 25 basis points to 4.70 per cent in response to the Bank of Canada’s latest policy rate increase.

RBC , TD , BMO , CIBC and National Bank announced the change the afternoon of Oct. 28. The central bank boosted its policy rate 25 basis point to 2.5 per cent earlier in the day.

Canada’s big banks have been quick to hike their prime rates following the Bank of Canada’s moves....