Wells Fargo wastes no time hiking its prime lending rate in stride with the Fed

<i>Breakfast with Benjamin</i> It took the bank just 12 minutes after the Fed's rate hike announcement to bump its prime rate to 3.5% from 3.25%.

DEC 16, 2015

By Jeff Benjamin

Wells Fargo wins the prize for being the first major bank to increase its prime lending rate after the Fed's rate hike. It took the bank just 12 minutes after the Fed announcement to bump its prime rate to 3.5% from 3.25%. No word yet on whether Wells Fargo will make any changes to the 0.06% it is paying on its savings accounts.
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