Bank Of Butterfield Decreases Loan Rates
The Bank of Butterfield announced that, in step with the recent 25 basis point decrease in the US Federal Funds Rate, the Bank is decreasing its interest rates on personal loans and mortgages.
“The base rate for Bermuda dollar residential mortgages and consumer loans will decrease by 0.25% to 5.25%,” a spokesperson said.
“The rate decrease on personal loans is effective today, 23 September 2019. The rate decrease on Bermuda residential mortgages will be effective 6 December 2019.
“Butterfield is currently reviewing rates paid on fixed-term deposits and may make adjustments to some products as a result of the Fed Funds Rate change. Details of any changes will be made available online and at Butterfield Banking Centres.”
Michael Neff, Butterfield’s Managing Director – Bermuda, said “Last week, the US Federal Reserve lowered its overnight rate by 25 basis points. We are pleased to pass on the benefits of that decision by lowering interest rates for our personal banking customers who borrow from us at rates linked to the Bank’s Bermuda Dollar Base Rate.”
For information regarding loan rates and payment terms, customers should contact the Bank’s Consumer Credit department on [441] 298 4799 or their relationship managers.
