Bank Of Butterfield Adjusts Interest Rates
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 is adjusting its interest rates on fixed-term deposits and loans.
Deposit Rates
“To provide customers with the opportunity to earn higher returns on Bermuda dollar and US dollar deposits, rates paid on fixed-term deposits with terms of 90 days or more will increase between 0.10% and 0.25%,” the bank said.
“Changes will be effective 27 December 2018, and detailed deposit rate information will be available online and at Butterfield Banking Centres shortly.
Loans and Mortgages
“The base rate for Bermuda dollar residential mortgages and consumer loans will increase by 0.25% to 5.50%. The base rate for Bermuda dollar corporate loans and USD loans will increase by 0.25% to 6.00%.
“The rate increase on loans takes effect 27 December 2018. The rate increase on Bermuda residential mortgages will take effect on 19 March 2019.
“Butterfield offers both fixed rate mortgages, under which rates can be locked in for specified terms, and floating rate mortgages on which payment amounts may change in step with base rate adjustments.
“With respect to the rate adjustments announced today, qualifying floating rate mortgage holders may opt to maintain current payment amounts by extending mortgage terms up to seven years beyond the current maturity date.
“For information regarding rates and payment terms, customers should contact the Bank’s Consumer Credit department on [441] 298 4799 or their relationship managers.”
And as retail sales fall, this will just take more money out of people’s salaries. Thanks
How about posting those deposit rates BNTB pays us for our money which they then lend out for 5.50%- 6%. Yawning gap much?