Clarien Bank Increase Deposit & Savings Rates

January 15, 2018 | 1 Comment

Effective January 15, 2018, Clarien Bank Limited will be increasing its term deposit rates and adjusting its BMD$ base lending rate following the US Federal Reserve rate increase announced on December 13, 2017.

Promotional Deposit Products

“Clarien is 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,” the company said.

“As the new year begins, Clarien is offering a 3-Year Double Your Interest CD. With a new minimum balance of just $2,500, this CD opens the door to safe, secure, low-risk and high-reward savings. Accounts opened before January 31, 2018 will earn 0.50% bonus interest on the first year. The rate will double each year for up to 3 years, with an option to withdraw some or all funds at each 1 year anniversary.

“A 4-Year CD will also be offered in February at 2.60%. Additional information regarding deposit products and interest rates is available on clarienbank.com.

Board Rates

“Please reference the following BMD and USD Clarien Board Rate increases per the effective date:

Clarien Board Rates Bermdua Jan 2018

Base Lending Rates

“Clarien will be increasing its BMD$ base lending rate by 25 basis points [0.25%].

“The Bermuda Dollar Base rate for personal mortgages will increase from 4.00% to 4.25% and 4.25% to 4.50% for commercial mortgages.

“The Bank will be 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.”

Additional information regarding Clarien Board rates and Promotional Deposit Products is available at www.clarienbank.com.

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