Clarien Bank Increases Base Lending Rates
Commencing March 1, 2023, Clarien will be adjusting its Bermuda Dollar base lending rate by 50 basis points [0.50%] and the USD Prime base lending rate by 75 basis points [0.75%] following the US Federal Reserve rate increase on February 1, 2023.
A spokesperson said, “Clarien base lending rates will increase as follows:
| BMD Personal | Increase from | Increase to |
| Loans and Mortgages | 5.50% | 6.00% |
| Overdraft | 5.50% | 6.00% |
| BMD Personal | Increase from | Increase to |
| Loans and Mortgages | 5.75% | 6.25% |
| Overdraft | 5.75% | 6.25% |
| USD Prime | Increase from | Increase to |
| Personal and Commercial: Loans and Mortgages |
6.25% | 7.00% |
| Cash Secured Lending [USD/BMD] |
Increase from | Increase to |
| Personal | 6.00% | 6.50% |
“Clients will receive letter notices specifically detailing the change applicable to their loan, including when those changes will be applied to their loan in line with their individual loan agreement. In certain cases the regularly scheduled loan payment will increase to ensure that the loan is repaid by the scheduled maturity date.
“Our team is available to answer customer questions, provide additional information or discuss the terms of the 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.
“For additional information regarding Clarien Bank rates and fees, please visit clarienbank.com.”
Okay this is getting too much in 2022 Clarien increased their base rate three times. Soon no one but the rich people will be able to pay back their mortgage and the bank will be taking peoples property all over again. Is there really nothing that can be done as it is NOT FAIR!!!
This interest rate increase is “following the US Federal Reserve rate increase on February 1, 2023″.
Clarien Bank, like other banks around the world, borrows money to lend to others. Are you suggesting that Clarien Bank should subsidise Bermudian borrowers?