The prime interest rate, which serves as the reference interest rate for loans and deposits, will rise from 3.20 percent to 3.50 percent. At Nordea, the interest rate will rise to 3.5 percent on Tuesday.
OP group increases the OP prime rate from 3.20% to 3.50%. The change will take effect on October 16, 2023. The interest rate increase is based on the increase in market interest rates.
OP-prime is a reference rate that regulates a part of OP Financial Group’s borrowing and lending interest rate.
It is the reference interest rate for certain private customers’ mortgages and other long-term loans, as well as the reference interest rate for long-term deposits. The last time OP-prime changed was in June 2023.
Many other banks have also recently raised their prime rates. For example, Aktia raised its interest rate to 2.5 percent as of Monday.
OP’s biggest competitor, Nordea, has a prime interest rate of 3.2 percent. On Tuesday, Nordea’s interest rate will also rise to 3.5 percent.
OP’s and Nordea’s prime rates have risen very close to the Euribors already used as reference rates. For example, the one-year euribor was recorded at 4.198 percent on Monday.
Editing 2.10. at 3:06 p.m.: Added information that Nordea’s prime rate will rise to 3.5 percent on Tuesday.
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