prime rate


noun Banking.

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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Also called prime, prime interest rate, prime lending rate.

Origin of prime rate

First recorded in 1955–60
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

British Dictionary definitions for prime rate

prime rate

noun

the lowest commercial interest rate charged by a bank at a particular time
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

Cultural definitions for prime rate

prime rate

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

notes for prime rate

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.