Banks raise some borrowing rates

Make text smaller Make text larger

  • Rate increase: Clarien Bank

    Rate increase: Clarien Bank


Clarien Bank said today it would raise its Bermuda dollar mortgage rates by quarter of a percentage point, while Butterfield will increase Bermuda dollar corporate loans and US dollar loans by the same amount.

The announcements came after the US Federal Reserve said it would raise its influential fed funds rate by quarter of a point.

Clarien said the Bermuda dollar base rate for personal mortgages would increase from 4.25 per cent to 4.5 per cent and from 4.5 per cent to 4.75 per cent for commercial mortgages, effective tomorrow.

Butterfield said its base rate for Bermuda dollar corporate loans and US dollar loans will increase from 5.25 per cent to 5.5 per cent, effective Friday.

However Butterfield said it would not increase Bermuda dollar residential mortgages or consumer loans.

Clarien added: “The bank is issuing notices to all lending clients regarding their repayment details.

“We continue to work with all of our clients on a regular basis to understand their current financial position, and encourage clients to contact their lending officer to discuss the changes to their repayment terms.”

Butterfield urged customers seeking more information to contact the bank’s Consumer Credit department on 298-4799 or their relationship managers.

Both Clarien and Butterfield will also make some rate increases to deposit products.

You must be registered or signed-in to post comment or to vote.

Published Jun 13, 2018 at 5:22 pm (Updated Jun 13, 2018 at 9:03 pm)

Banks raise some borrowing rates

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Cup Match 2018 is in the record books. Who is your favourite for MVP?"
    • Onias Bascome (StG)
    • 46%
    • Chris Douglas (SCC)
    • 7%
    • Terryn Fray (SCC)
    • 15%
    • Stephen Outerbridge (SCC)
    • 9%
    • Dion Stovell (SCC
    • 23%
    • Total Votes: 1869
    • Poll Archive

    Today's Obituaries

    eMoo Posts