Federal Reserve to increase the federal funds

Scotiabank wishes to advise that due to the announcement by the Federal Reserve to increase the federal funds rate by 0.75%, the following changes will occur:

• Effective August 2, 2022, the Bank's U.S. Dollar Base Rate in New York will be increased by 0.75% from 4.75 to 5.50%. 
• Effective August 2, 2022, the Bank's U.S. Dollar Base Rate in Canada will be increased by 0.75% from 5.25 to 6.00%. 

All products linked to USD Prime Rates will be adjusted on the effective dates indicated.