Typically published on Wednesdays by 14:30 ET.
Interest rates posted for selected products by the major chartered banks
|Weekly Wednesday, rates in percentage||CANSIM||2023‑05‑03||2023‑05‑10||2023‑05‑17||2023‑05‑24||2023‑05‑31|
|Guaranteed investment certificates|
|5-year personal fixed term||V80691336||2.75||2.75||2.75||2.75||2.75|
|Daily Interest Savings (balances over $100,000)||V80691337||0.01||0.01||0.01||0.01||0.01|
|Non-Chequable Savings Deposits||V80691338||0.01||0.01||0.01||0.01||0.01|
Source: Bank of Canada
The data shown is to provide information on the weekly posted interest rates offered by the six major chartered banks in Canada. The posted rates cover prime rate, conventional mortgages, guaranteed investment certificates, personal, daily interest savings, and non-chequable savings deposits.
All rates presented in this table are the most typical of those offered by the six major chartered banks.
The methodology for calculating the typical rate is based on the statistical mode of the rates posted by the six largest banks, with the following rules:
- In the case of no mode, select the rate closest to the simple 6-bank average.
- In the case of multiple modes, select the mode closest to the simple 6-bank average.
- In the case of two modes at equal distance from the simple 6-bank average, select the mode whose banks have the largest value of assets booked in CAD. (Data source: latest M4 return data released on OSFI’s website.)
The prime rate, or prime lending rate, is the interest rate a financial institution uses as a base to determine interest rates for loan products. Each financial institution sets its own prime rate, as a function of its cost of funding, which, in turn, is influenced by the target for the overnight rate set by the Bank of Canada.
The monthly rates were calculated by using the rate for the last Wednesday of the month.