Prime Rate
Interest rate that banks charge to their most creditworthy customers. Banks set this rate according to their cost of funds and market forces.
"Prime Rate" In Context
"Eaton Vance Floating Rate Income Trust (EFT) has a lot going for it. EFT is a “prime rate” closed-ended fixed income fund managed by Eaton Vance Management in Boston. The fund invests primarily in senior, secured floating rate corporate loans." This Insurance Word is available for Sponsorship Sponsor this Definition Today.