Canada Prime Rates

Today's Prime Rate:

2.45%

Updated May 25th, 2020

Prime Rates by Bank

TDRBCScotiabankBMOCIBCNational Bank
TD2.45%*
RBC2.45%
Scotiabank2.45%
BMO2.45%
CIBC2.45%
National Bank2.45%
BankPrime Rate
TDTD
2.45%*
RBCRBC
2.45%
ScotiabankScotiabank
2.45%
BMOBMO
2.45%
CIBCCIBC
2.45%
National BankNational Bank
2.45%
* Toronto-Dominion (TD) Bank uses a different Prime rate for its mortgage products. As of May 2020, that rate was 2.60%.

Introduction To Prime Rates

A Prime rate is used by a bank or lender to determine the interest rate of their floating-rate lending products. These include Variable-Rate Mortgages, HELOCs, and other lines of credit. In contrast, interest rates for Fixed-Rate Mortgages and term loans are based on bond yields, usually the Government of Canada 5-Year bond.

Who Sets the Prime Rate?

Each bank or lender determines their own Prime rate. Banks in Canada usually look to the target overnight rate, or the Policy Interest Rate set by the Bank of Canada (BoC). Changes in the target overnight rate are usually followed by similar changes in Prime rates. As a result, most banks and lenders in Canada have similar Prime rates.

While we try our best to get your the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.