TORONTO — Canadian banks are lowering their prime rates after the Bank of Canada cut its benchmark rate for the first time in four years. Banks including RBC, TD, BMO, CIBC and Scotiabank have lowered their rates to 6.95 per cent from 7.
TORONTO — Canadian banks are lowering their prime rates after the Bank of Canada cut its benchmark rate for the first time in four years.
The rate drop matches the quarter-percentage-point cut made by the Bank of Canada to bring its benchmark rate down to 4.75 per cent.
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