A bank’s prime rate is based on the Bank of Canada’s overnight rate, also referred to as the policy interest rate. The overnight policy changes impact the prime rate, further affecting the interest rates of financial products, regardless of the type of interest tied to them. The prime...
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When you open a CD, you'll lock in today's rates for the entire term. Here's how much you can earn.
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There is a type of annuity called a "flexible premium" policy which accepts additional deposits into the same account. However, even with that type, the money you deposit today will be credited with today's interest rate, not the higher (or lower) rate that was in effect on the day you...
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If a bank expects to have end-of-the-day balances greater than what's required, it can lend the excess to an institution that anticipates a shortfall in its balances. The interest rate the lending bank can charge is the federal funds rate, or fed funds rate.47 ...
The bank discount rate is the interest rate for short-termmoney marketinstruments like commercial paper and Treasury bills. The bank discount rate is based on the instrument's par value and the amount of the discount. The par value is the face value or original value of the investment when ...