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The U.S. prime rate is in principle the interest rate at which a supermajority (3/4ths) of American banking institutions grant loans to their most creditworthy corporate clients. [1] As such, it serves as the de facto floor for private-sector lending, and is the baseline from which common "consumer" interest rates are set (e.g. credit card rates).
The current prime rate is 7.75%, up from 7.50% in December. It went into effect Feb. 2, 2023. This is the eighth time that the Federal Reserve has increased the prime rate since it began its most ...
The prime rate varies little among banks and adjustments are generally made by banks at the same time, although this does not happen frequently. As of 26 December 2023 the prime rate was 8.50% in the United States [2] and 7.20% in Canada. [3]
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The prime rate impacts the cost of credit on consumer loans, including credit card accounts, with the rates on consumer loans moving up or down with the prime rate.
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For instance, the prime rate rose to 8.50% in July 2023 just as the target federal funds rate increased to a range of 5.25% to 5.50%. ... Savings interest rates today: Simplify your savings with ...