Bank Of Butterfield Adjusts Loan Rates

June 14, 2017

The Bank of N.T. Butterfield & Son Limited announced that, in step with today’s 25 basis point increase in the US Federal Funds Rate, the Bank has adjusted its Bermuda Dollar Base Rates on Bermuda Dollar loans.

The Bermuda Dollar Base Rate for residential mortgages and consumer loans will increase from 4.25% to 4.50%. The Bermuda Dollar Base Rate for corporate loans will increase from 4.50% to 4.75%.

The rate increase on consumer and corporate loans takes effect immediately. The rate increase on residential mortgages will take effect on 12 September 2017.

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Comments (8)

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  1. sage says:

    And interest on savings going up too?

    • Navin Johnson says:

      Surely you jest

      • sage says:

        It is very nice of us to pay them to invest our money for their own benefit or loan it back to us at 225 times the savings rate.

  2. Yahoo says:

    Quick to adjust upwards, slow as snails to adjust downwards.

  3. Hell No says:

    These banks…pure greed. After paying 6% more than my friend in the USA/Canada for the last five years, we get hosed again!

  4. Kathy says:

    Bank needs to start giving customers SOME interest on USD accounts. There is no excuse any more. They are just riding the wave as long as they can and as long as the customer says nothing, they will keep giving 0%. UNACCEPTABLE!

  5. Mortgage rip off says:

    Now a full 1% more expensive than HSBC? Time to switch

  6. San George says:

    This is the bank that was saved by Bermuda taxpayer dollars; thankless work.