On the heels of today’s .25% rate increase in the Fed Funds Rate, banks are moving their Prime Rates with a corresponding increase to 3.50%. These changes will most likely be effective tomorrow, December 17, 2015.
Wells Fargo was the first to move. We are monitoring the actions of many other banks. Based upon historical precedence we expect all other banks to follow suit.
(Update as of 4:30pm Eastern)
Banks announcing increase to 3.50% Prime Rate effective December 17, 2015:
Wells Fargo
PNC Bank
Chase
Citibank (base rate)
Bank of America