Royal Bank of Canada

,

Toronto-Dominion Bank

,

Canadian Imperial Bank of Commerce

,

Bank of Montreal

,

Desjardins Group

,

National Bank of Canada

,

Laurentian Bank of Canada

,

Equitable Bank

and

Bank of Nova Scotia

announced Wednesday they would cut their prime rate, following the lead of the

Bank of Canada

.

The banks said they would decrease their prime rate by 25 basis points from 4.95 per cent to 4.70 per cent just hours after Canada’s central bank

cut its interest rate

by a quarter point to 2.5 per cent.

The lower rate is effective Sept. 18.

  • Bank of Canada cuts interest rate to 2.5% in first trim since March
  • What economists are saying about the Bank of Canada decision and the chance of further rate cuts