BNY Mellon Raises Prime Lending Rate to 7.00%

Why it matters locally: The increase in the prime lending rate by BNY Mellon is likely to affect borrowing costs for Alaskan businesses and consumers, including those seeking loans for housing, vehicles, or business expansion. This adjustment can influence local financial institutions, such as Alaska USA Federal Credit Union and Northrim Bank, potentially leading to higher interest rates on various credit products.

NEW YORK – The Bank of New York Mellon Corporation (BNY) increased its prime lending rate by 0.25%, raising it from 6.75% to 7.00%. This adjustment becomes effective Thursday, September 17, 2026. BNY Mellon, a global financial services company, made the announcement today, September 16, 2026. The institution trades on the New York Stock Exchange under the ticker BNY.