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Current National Rates
Bank of Canada Overnight Rate
The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or “overnight”) funds among themselves to settle accounts. The Bank of Canada sets a target level for that rate, on a scheduled basis.
Prime Rate of Interest
The prime interest rate, or prime lending rate, is largely determined by the Central Bank rate, which is the overnight rate that banks use to settle accounts between them. The Prime rate is the rate that banks lend to their very best business / commercial customers.