HSBC Increases Its Retail Base Lending Rate
HSBC Bank Bermuda Limited announced today [May 1] that it will increase its base lending rate by 0.25%, effective 1 July 2019.
“This will be the bank’s first base lending increase since 2010,” the bank said.
“The base rate for Bermuda dollar residential mortgages and consumer loans will increase by 0.25% to 3.75%. The base rate for Bermuda dollar corporate loans and USD loans will not increase at this time.
“The bank considers a number of factors when reviewing whether it should increase its base lending rate and has sought over the years to insulate customers as much as possible, from changes of this nature.
“Given the length of time since the last base lending rate increase, the bank wants to ensure that customers are given adequate notice to prepare for the change. In addition to this announcement, impacted customers will receive a letter outlining their respective new payment amount and the revised rate will be published as per the usual process on the bank’s website.
“HSBC Bank Bermuda Limited thanks its customers for their continued business.”
And yet more squeeze on the local economy…
And the cost of living continues to increase…
Wheres to hell is the Peoples Campaign when you need them?!?!
To be fair, we never needed or wanted them
This will increase the cost of living. Butterfield in turn will fallow suit. $47.00 in bank fees and taxes to run a checking account each month. $ 564.00 from each checking account customer per annum.
Does BNTB charge to have a savings account like HSBC does while they’re making 300% off of your saved money ?
Wheres the Peoples Campaign?!?!
Laverne must have a whole lot of time on her hands!