Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Big banks raise rates Prime lending rates are rising 25 basis points after BoC hike By Staff | October 24, 2018 | Last updated on October 24, 2018 1 min read © z_wei / iStockphoto In step with a rate hike by the Bank of Canada, Canada’s big banks are raising their prime rates, which affect major loans like variable-rate mortgages. Effective Oct. 25, BMO, CIBC, National Bank, RBC, Scotiabank, TD, Desjardins and HSBC have increased their prime rates by 25 basis points to 3.95% from 3.70%. The BoC on Wednesday raised its key lending rate by 25 basis points to 1.75%, citing a strong economy. Editorial note: This story was updated to include HSBC. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo