No Bermuda Dollar Base Lending Rate Increase

December 17, 2015

Clarien Bank Limited stated today [Dec 17] that it will not raise its Bermuda Dollar Base lending rate at this time in accordance with the increase in US interest rates as announced on December 16 by the US Federal Reserve.

The Bank said they “will continue to monitor changes in the global interest rate environment, Bermuda’s macroeconomic conditions and their impact on clients. In the event that changes are required to the base rate, clients will be notified in accordance with the terms and conditions of their loan or mortgage documents.”

Mr. Ian Truran, CEO of Clarien Bank Limited, said: “While Clarien’s base rate has remained 25bps lower than some competitor base rates, we are conscious of the potential negative impact of a base rate increase on our borrowers during these continued challenging economic conditions.

“We will consider the need to change Bermuda Dollar Base rates in the future dependent on further decisions by the US Federal Reserve, however we have chosen not to do so at this time.”

Clarien’s Fed Funds savings rates will increase 25bps from 0.25% to 0.50% with immediate effect. A full list of the Bank’s product interest rates are available under Rates and Fees at

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Comments (4)

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  1. mike says:

    Banks in bermuda already increased their rates a few years ago.

  2. Jolly says:

    OK, HSBC, your turn!

  3. Frank says:

    Yet! Bermuda is 6 months behind any changes at least.

  4. San George says:

    Higher taxes, higher mortgage payments. Shake down! We can’t afford what we are paying now.

    Quo Fata Ferunt