prime rate Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “prime rate” in the English Dictionary

"prime rate" in Business English

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prime ratenoun [C]

uk   us   US ( US also prime lending rate, US also prime interest rate)
FINANCE, BANKING, ECONOMICS the ​lowestrate of ​interest that ​bankscharge their best ​customers for ​loans over a ​shortperiod and that is used for ​calculating the ​interestrates on other ​types of ​loan: The ​adjustment is ​based on the ​highestprimeratelisted in the Wall Street Journal during the previous 90 days. The ​primerate is used as a ​base for a wide ​range of ​loans to ​businesses and ​individuals.
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(Definition of prime rate from the Cambridge Business English Dictionary © Cambridge University Press)
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