Invest in Canada » interest rate http://www.invest-in-canada.com The real facts about the Canadian Economy Wed, 19 Aug 2009 17:03:53 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Retail banks pass on rate cut http://www.invest-in-canada.com/retail/retail-banks-pass-on-rate-cut.htm http://www.invest-in-canada.com/retail/retail-banks-pass-on-rate-cut.htm#comments Tue, 20 Jan 2009 21:07:42 +0000 investor http://www.invest-in-canada.com/?p=157 Canada’s big retail banks swiftly moved to match the 50-basis-point cut the Bank of Canada made to its benchmark interest rate.

Within minutes of the Bank of Canada decision on Tuesday, the Bank of Montreal appeared to be the first chartered bank to follow suit, announcing that it would be cutting its prime lending rate to 3% from 3.5%, effective Wednesday.

BMO was quickly followed by TD Canada Trust, CIBC, Royal Bank, Laurentian, and Scotiabank, which all reset their prime rates to 3% from 3.5%.

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