The Sept. 7 rate hike has pushed the prime rate up yet again in an effort to stall inflation. Will there be more rate
In late August, RBC’s chief financial officer Nadine Ahn“Those who invested in variable rate GICs will surely benefit from interest rate increases,” says Gradojevic.“The investment return on a variable rate GIC is linked to the so-called prime rate that commercial banks use to calculate interest rates for variable loans, lines of credit, and variable-rate mortgages,” added Gradojevic.Article contentThere is also another caveat for savers.
David Gray, professor of economics at the University of Ottawa, says “More generally, unanticipated inflation hurts savers and helps borrowers.”
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