Banks cut prime rates following Bank of Canada’s lead

Royal Bank of Canada

,

TD Canada Trust,
Bank of Montreal

,

Canadian Imperial Bank of Commerce

,

National Bank of Canada

, 

Desjardins Group

,

Laurentian Bank of Canada

,

Bank of Nova Scotia

and

Equitable Bank

followed the lead of the Bank of Canada Wednesday and cut their prime rates by 25 basis points.

Effective Oct. 30, the prime rates will drop from 4.70 per cent to 4.45 per cent.

The

Bank of Canada

reduced its benchmark policy rate by a quarter point to 2.25 per cent Wednesday.

• Bank of Canada cuts interest rate to 2.25%, but signals this may be the end of easing
• Bank of Canada raises the bar for any future rate cuts, economists say