• synonyms

prime rate

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noun Banking.
  1. the minimum interest rate charged by a commercial bank on short-term business loans to large, best-rated customers or corporations.
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Origin of prime rate

First recorded in 1955–60
Also called prime, prime interest rate, prime lending rate.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

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British Dictionary definitions for prime rate

prime rate

  1. the lowest commercial interest rate charged by a bank at a particular time
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

prime rate in Culture

prime rate

The interest rate that banks charge to corporations that are considered excellent risks.

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The prime rate is usually the lowest prevailing interest rate; if it rises, rates available to consumers will soon rise.
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.