Butterfield Increases Term Deposit Rates
The Bank of Butterfield announced that it will not increase interest rates on residential mortgages or Bermuda dollar consumer loans in response to the 25 basis point increase in the US Federal Funds Rate, and will increase interest rates on fixed-term deposits.
Deposit Rates
The Bank said, “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 be increased by between 0.15% and 0.25%, depending on the product. Changes will be effective 19 June 2018 and detailed deposit rate information will be available online and at Butterfield Banking Centres shortly.
Loans
“The base rate for Bermuda dollar residential mortgages and consumer loans will remain unchanged at 5.00%. The base rate for Bermuda dollar corporate loans and USD loans will increase from 5.25% to 5.50% effective 15 June 2018.
“For more information regarding loan rates and terms, customers should contact the Bank’s Consumer Credit department on [441] 298 4799 or their relationship managers.”
