The Canadian Press</span>
Published Wednesday, July 12, 2017 1:04PM EDT
Last Updated Wednesday, July 12, 2017 2:39PM EDT
TORONTO -- Three of Canada's biggest banks are boosting their prime lending rates by 25 basis points, following an interest rate hike from the central bank.
Royal Bank of Canada (TSX:RY), the Bank of Montreal (TSX:BMO) and TD Bank (TSX:TD) all announced Wednesday they are increasing their prime rates to 2.95 per cent from 2.7 per cent, effective Thursday.
The prime lending rate is the rate that banks use to set interest rates for variable-rate mortgages and other loans.
The moves comes after the Bank of Canada raised its key interest rate for the first time in seven years on Wednesday to 0.75 per cent from 0.5 per cent.
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