Canada’s Big Six banks say they are increasing their prime interest rates following a quarter-point rate hike by the Bank of Canada earlier in the day.
The Big Six lenders each raised their prime rates to 4.70 per cent from 4.45 per cent effective Oct. 29.
Laurentian Bank and Desjardins Group also say they will follow through with the same change.
The rise in prime rates will increase the cost of loans such as variable-rate mortgages and lines of credit that are linked to the benchmark rate.
On Wednesday, the central bank raised its key policy rate — now standing at 2.5 per cent — for the first time in more than three years as it tries to keep a lid on inflation.
That key rate, which influences the cost of borrowing for banks, businesses and consumers alike, had held steady for nearly a year following a series of cuts.
This report by The Canadian Press was first published Oct. 28, 2026.
Companies in this story: (TSX: BNS, TSX:NA, TSX:BMO, TSX:RY, TSX:TD, TSX:CM)
