Clarien Bank will be raising lending and savings rates next year after the US Federal Reserve raised its key interest rate by a quarter of a percentage point.

The bank said today it had anticipated the US central bank’s action and it planned to increase deposit and savings rates, as well as its Bermuda dollar base lending rate.

“Further details and an effective date will be declared in January 2018,” Clarien stated.

“In addition to increasing published board rates, the bank will also be introducing a series of attractive promotional deposit products to provide its client base and the overall community with a variety of savings and investment vehicles to grow and save for the future.”

Clarien borrowers will be advised via written notice of adjustments to their repayment requirements.

Clients are encouraged to contact their relationship manager or lender for additional information.