Prime Rate Information (2024)

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circ*mstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.

Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsem*nt. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, MemberSIPC(Securities Investor Protection Corporation)and a wholly owned subsidiary of BofA Corp.

Trust and fiduciary services are provided by Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”).Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA.

Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose Value
Are Not DepositsAre Not Insured by Any Governmental AgencyAre Not a Condition to Any Banking Service or Activity

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).

"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., MemberFDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States,BofASecurities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members ofSIPC, and, in other jurisdictions, by locally registered entities.BofASecurities, Inc. is registered as a futures commission merchant with theCFTCand is a member of theNFA.

Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.

Fees apply to wires and certain transfers. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.

Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.

Prime Rate Information (2024)

FAQs

Prime Rate Information? ›

The prime rate in the U.S. is 8.5%, as it has been since July 27, 2023.1 At that time, the fed funds rate was set at a target of between 5.25% and 5.5%.5 The rate remained the same even as the FOMC announced it was dropping its target range to 4.75% to 5% in September 2024.

What is the Fed Prime interest rate today? ›

The first is the prime rate, which is pegged to the federal-funds rate and is currently around 8.5%, Wise said. If the Fed cuts rates by a quarter-percentage point, the prime rate would go down to 8.25%.

What is the prime interest rate? ›

The Prime Rate is the interest rate that banks use as a basis to set rates for different types of loans, credit cards and lines of credit.

What is the current prime rate forecast? ›

US Prime Rate Forecast is at 5.75%, compared to 5.75% last quarter and 5.75% last year. This is lower than the long term average of 5.82%.

Who benefits from prime rate? ›

The prime rate is the current interest rate that financial institutions in the U.S. charge their best customers. These customers have excellent credit, and are eligible for this optimal rate because their loans carry the lowest risk for their financial institutions.

What is the highest prime rate in history? ›

What was the highest prime rate? The highest prime rate was 21.5%, reached on December 19, 1980.

What is the prime rate prediction for 2024? ›

Percent Per Year, Average of Month.
MonthDateForecast Value
2Oct 20248.25
3Nov 20247.87
4Dec 20247.54
5Jan 20257.25
5 more rows
Sep 10, 2024

What is JP Morgan's prime rate? ›

Historical Prime Rate
Effective DateRate
2/2/20237.75%
12/15/20227.50%
11/3/20227.00%
9/22/20226.25%
21 more rows

Why is prime rate higher than mortgage rate? ›

The prime rate is the bare minimum rate banks charge for loans. However, lenders charge more than the prime rate for consumer credit because of the increased risk. Therefore, you'll pay a marked-up version of the prime rate for new debt.

What is the current Fed interest rate? ›

What is the current Fed interest rate? The Fed's decision lowers its benchmark short-term rate to a range of 4.75% to 5% from a 23-year high of 5.25% to 5.5%.

Will the prime rate go down? ›

Most bank prime rates will fall to 6.45% (not including lender variable-rate discounts off prime). This BoC rate cut rolls out a spongy rug of fresh budget relief under the feet of variable-rate mortgage and HELOC holders in time for fall — and keeps the pressure off fixed rates.

Is the prime rate up or down? ›

Understanding the prime rate

Today's prime rate is 8.50% (effective since September 16, 2024) and has not changed since August 31, 2023. This is a 0.76% increase from the same time last year.

What is replacing prime rate? ›

Another key difference: Prime rate isn't going anywhere, but LIBOR is now being phased out and will eventually be replaced by SOFR (Secured Overnight Financing Rate) in the U.S.

What is the difference between prime rate and interest rate? ›

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.

What is the current fed prime rate? ›

Prime rate, federal funds rate, COFI
This WeekYear Ago
Federal Discount Rate5.55.5
Fed Funds Rate (Current target rate 5.25-5.50)5.55.5
WSJ Prime Rate8.58.5

How does prime rate affect people? ›

Key takeaways

Every six weeks, the Federal Reserve evaluates the economy and determines if the rate should go up, down, or remain the same. A change in the prime rate can affect credit cards, home equity lines of credit, student loans, and savings accounts.

What is the 6 month Treasury bill rate? ›

Basic Info

6 Month Treasury Bill Rate is at 4.41%, compared to 4.48% the previous market day and 5.29% last year.

What is the current interest rate for Bank of America? ›

Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance. To open a Bank of America Advantage Savings account, you'll need a minimum deposit of $100.

What is the interest rate on the T bills today? ›

3 Month Treasury Bill Rate is at 4.85%, compared to 4.89% the previous market day and 5.31% last year. This is higher than the long term average of 4.19%.

Top Articles
Digital Projects for Fondren Library
Mobile App Developer: Stats, Trends, and Forecasts for 2024-2025
Canya 7 Drawer Dresser
Walgreens Pharmqcy
Winston Salem Nc Craigslist
Tj Nails Victoria Tx
Explore Tarot: Your Ultimate Tarot Cheat Sheet for Beginners
10000 Divided By 5
A.e.a.o.n.m.s
Ukraine-Russia war: Latest updates
Aktuelle Fahrzeuge von Autohaus Schlögl GmbH & Co. KG in Traunreut
Mephisto Summoners War
Breakroom Bw
Craigslist Apartments In Philly
Bahsid Mclean Uncensored Photo
Vistatech Quadcopter Drone With Camera Reviews
Urban Airship Expands its Mobile Platform to Transform Customer Communications
Florida History: Jacksonville's role in the silent film industry
Google Doodle Baseball 76
Craigslist Pet Phoenix
Walgreens Alma School And Dynamite
Fsga Golf
Brbl Barber Shop
Dewalt vs Milwaukee: Comparing Top Power Tool Brands - EXTOL
Weve Got You Surrounded Meme
NV Energy issues outage watch for South Carson City, Genoa and Glenbrook
Yu-Gi-Oh Card Database
Homewatch Caregivers Salary
Craigslist Gigs Norfolk
Craigslist Central Il
Kagtwt
Agematch Com Member Login
Etowah County Sheriff Dept
Finland’s Satanic Warmaster’s Werwolf Discusses His Projects
Craigslist List Albuquerque: Your Ultimate Guide to Buying, Selling, and Finding Everything - First Republic Craigslist
5 Tips To Throw A Fun Halloween Party For Adults
Craigslist Ludington Michigan
Linda Sublette Actress
Gary Lezak Annual Salary
Colorado Parks And Wildlife Reissue List
Tfn Powerschool
Mychart University Of Iowa Hospital
VerTRIO Comfort MHR 1800 - 3 Standen Elektrische Kachel - Hoog Capaciteit Carbon... | bol
Nearest Wintrust Bank
The Blackening Showtimes Near Ncg Cinema - Grand Blanc Trillium
Bismarck Mandan Mugshots
El Patron Menu Bardstown Ky
Craigslist Anc Ak
Razor Edge Gotti Pitbull Price
The Significance Of The Haitian Revolution Was That It Weegy
Jovan Pulitzer Telegram
Philasd Zimbra
Latest Posts
Article information

Author: Rev. Porsche Oberbrunner

Last Updated:

Views: 5634

Rating: 4.2 / 5 (73 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Rev. Porsche Oberbrunner

Birthday: 1994-06-25

Address: Suite 153 582 Lubowitz Walks, Port Alfredoborough, IN 72879-2838

Phone: +128413562823324

Job: IT Strategist

Hobby: Video gaming, Basketball, Web surfing, Book restoration, Jogging, Shooting, Fishing

Introduction: My name is Rev. Porsche Oberbrunner, I am a zany, graceful, talented, witty, determined, shiny, enchanting person who loves writing and wants to share my knowledge and understanding with you.