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
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for prime rate
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
Culture definitions 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.