Following US Change, Butterfield Adjusts Rates

June 15, 2022 | 0 Comments

The Bank of Butterfield announced that “in response to today’s 75 basis point increase in the US Federal Funds Rate, it is adjusting its interest rates on loans and selected deposits by half a percentage point, absorbing a third of the rise.”

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 June 20, 2022. The rate increase for existing Bermuda residential mortgage holders will take effect on September 14, 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 contact the Consumer Credit department on [441] 298 4799 or their relationship managers.”

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