Which of these interest rates is set by individual banks?

The prime rate is the interest rate that individual banks charge their most creditworthy customers, typically large corporations. This rate is influenced by the federal funds rate, which is set by the Federal Reserve, but each bank has the discretion to set its own prime rate based on its operating costs and the risk profile of its borrowers. This means that while the prime rate is relatively uniform across institutions, it can vary from one bank to another depending on their policies and financial situations.

In contrast, the reserve rate refers to the minimum amount of reserves a bank must hold, established by the central bank, while the discount rate is the interest rate charged to commercial banks and other depository institutions for loans received from the central bank’s discount window. Lastly, the term 'monetary rate' is not a standard term associated with interest rates set by individual banks but typically refers more broadly to rates that influence the money supply, which are set by central banks.