Hawai'i banks lower prime lending rates
| • | Fed cuts interest rates half a point |
Advertiser Staff
Hawai'i's largest financial institutions announced yesterday they are lowering their prime lending rates from 7.5 percent to 7 percent, effective today. The action by Bank of Hawaii, First Hawaiian Bank and American Savings Bank followed yesterday's reduction by the Federal Reserve's benchmark interest rates by half a percent, to 4 percent.
The prime rate is the key benchmark for millions of loans, from credit card balances to short-term loans for small businesses.
