Bank Of Butterfield Adjusts Interest Rates

May 5, 2022 | 0 Comments

The Bank of Butterfield announced that, in response to yesterday’s 50 basis point increase in the US Federal Funds Rate, it is adjusting its interest rates on loans and selected deposits.

A spokesperson said, “The base rate for Bermuda dollar residential mortgages, consumer loans, corporate loans and USD loans will increase by 0.50%. The rate increase on loans takes effect 5 May 2022. The rate increase on Bermuda residential mortgages will take effect on 5 August 2022.

“Selected deposit rates with terms of 90 days or more will be increased in line with market rates. Detailed information will be available on Butterfield’s website and at Butterfield Banking Centres.

“For more information regarding loan rates and payment terms, clients can call the Consumer Credit department on [441] 298 4799 or their relationship managers.”

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