Butterfield Adjusts Rates Following Fed Increase
The Bank of Butterfield announced that, in response to today’s 25 basis point increase in the target range of the US Federal Funds Rate, it is adjusting its base interest rates on consumer loans and mortgages by a quarter of a percentage point [0.25%].
A spokesperson said, “The change in base rates applies to Bermuda dollar residential mortgages and consumer loans and USD consumer loans effective July 31, 2023. For existing residential mortgage holders this change will take effect in 90 days.
“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.”
