HSBC Lowers Lending Rates Amid Covid-19
HSBC Bermuda today announced that it is “seeking to proactively support customers facing challenges due to the global COVID-19 pandemic.”
“Effective 01 May 2020, HSBC Bermuda will reduce its Base Lending Rate for retail customers by 0.25% [from 3.75% to 3.5%] and, given the challenges faced by small businesses in particular, will reduce its Base Lending Rate for Business clients by 0.5% [from 4.75% to 4.25%],” a spokesperson said.
“Additionally, the bank would like to remind its customers to proactively contact their banking Relationship Manager or make an appointment with the retail team if they are experiencing financial difficulties due to the pandemic. The bank will review each case on an individual basis to determine the most appropriate way to support customers that are facing particular challenges.”
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better than nothing but ….
0.25%? Sorry but that’s pathetic. The Fed has cut rates by 1.5% in the past two weeks. All of that should have been passed on to customers. Keeping 1.25% of the discount for yourselves and passing on a measly 0.25% is bad enough as it is – but to then proclaim that you are doing it to proactively support customers during the virus outbreak is just taking the proverbial. In the absence of a central bank, our banks are the engine of our credit economy and you are absolutely failing us.
I couldn’t agree with you more. The fact that it goes into effect 1 May makes it even more pathetic. People need help now!!!
Butterfield Bank and Clarien both announced 0.5% rate cuts today as well…
HSBC Bermuda, you are pathetic
@Anthony. You do realize that all of the banks lowered their base consumer / personal rates?
If you compare the new rates, it stands at Butterfield 4.75%, Clarien 4.0% and HSBC 3.5%. Butterfield raised their rates just about everytime the US increased rates. Clarien and HSBC did not, thus thire rates are at a lower level, 75 and 125 bp lower, respectively.
Yes, I do realise that. The article is not about other banks though, it’s about HSBC. And it is basically just PR from them, acting like they’re helping the little guy. I’m not absolving others from blame but others weren’t mentioned in this article.
so what does this mean in simple terms for ones mortgage ?
I haven’t heard any mention of mortgage relief. Butterfield have given their customers 3 months mortgage relief. Thats the type of help needed at a time like this