5 big banks increase Prime Rates of interest.
The five biggest banks have increased their prime interest rates following Bank of Canada's move of increasing its key interest rate.
Effective from July 13, the prime rate at 5 banks-Royal Bank of Canada, TD Canada Trust, Bank of Montreal, Scotiabank and CIBC will rise to 2.95% from 2.7 % matching the .25 percentage of Bank of Canada.
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