Bank Of Butterfield Adjusts Rates
The Bank of Butterfield announced that “in response to today’s 75 basis point increase in the target range of the US Federal Funds Rate, it is adjusting its base interest rates on loans by half a percentage point [0.5%], absorbing a third of the rise.”
A spokesperson said, “The change in the US Federal Funds Rate has a significant impact on market interest rates and the cost of funding for the banking industry.
“The change base rate applies to Bermuda dollar residential mortgages, consumer loans, corporate loans and USD loans. The rate increase on loans takes effect August 1, 2022. The rate increase for existing Bermuda residential mortgages is effective 90 days later.
“Fixed-term deposit rates have also been increased this year as market rates have increased. For the most up to date indicative rates, clients can visit www.butterfieldgroup.com/en-bm/banking/treasury/interest-rates.
“For more information regarding lending rates and payment terms, clients can contact the Consumer Credit department on [441] 298 4799 or their relationship managers. Detailed information will also be available on Butterfield’s website and at Butterfield Banking Centres.”
