Clarien Bank Increase In Base Lending Rates

Effective September 1, 2022, Clarien will be adjusting its Bermuda Dollar base lending rate by 50 basis points [0.50%] following the US Federal Reserve rate increase on July 27, 2022.

A spokesperson said, “Clarien base lending rates will increase as follows:

“Clients will receive letter notices specifically detailing the change applicable to their loan. In certain cases the regular scheduled loan payment will increase to ensure that the loan is repaid by the scheduled maturity date.

“Our team is available to answer your questions, provide additional information or discuss the terms of your loan. Please contact Clarien’s Service Centre on 441-296-6969 or servicecenter@clarienbank.com.

“Communication regarding the change will also be made available to internet banking clients via iBank.

“Additionally, Clarien will also be adjusting other lending rates as a result of the various US Federal Reserve interest rate increases that have taken place during 2022 to date. These changes are as follows:

Overdraft Rates

“Clarien will adjust the interest rate applicable to its Overdraft facilities by 100 basis points [1.00%] as follows:

USD Prime Rate

“Clarien will also be adjusting its USD Prime base lending rate by 150 basis points [1.50%]. This being the result of various US Federal Reserve interest rate increases that have taken place during 2022.

Term Deposit Rates

“Clarien frequently reviews both loan and deposit products to ensure customers receive competitive interest rates on deposits. On August 5, Clarien increased its USD Premium Demand interest rate as follows:

“For additional information regarding Clarien Bank rates and fees, please visit clarienbank.com.”

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Category: All, Business