Bank Of Butterfield Adjusts Loan 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 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.
And interest on savings going up too?
Surely you jest
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.
Quick to adjust upwards, slow as snails to adjust downwards.
These banks…pure greed. After paying 6% more than my friend in the USA/Canada for the last five years, we get hosed again!
NE
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!
Now a full 1% more expensive than HSBC? Time to switch
This is the bank that was saved by Bermuda taxpayer dollars; thankless work.