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HSBC says Fed rate one of many factors

HSBC Bermuda: rates decision based on may factors

HSBC Bermuda says US interest rates are only one of many factors it considers when setting its own lending and savings rate.

The bank was responding to a request for comment from The Royal Gazette on Wednesday after the US Federal Reserve raised its influential Fed Funds rate by a quarter-point.

An HSBC Bermuda spokesperson stated yesterday: “HSBC Bermuda considers multiple factors (including but not limited to, the Fed rates), in our ongoing reviews of the bank’s lending and savings rates.

“Any impact on the rates will be communicated through our usual channels, such as the recent changes to our deposit interest rates for business banking clients.

“For retail banking customers, our fixed-term deposit rates are updated daily to reflect the market rate.

“Deposit interest rates on our Quarterly Bonus Saver will increase effective October 1. Full details of the increase will be communicated in the coming days.”

On Wednesday, Butterfield said it would be adjusting its rates in line with the Fed hike, while Clarien Bank said it would not be raising lending rates.