Clarien Bank Increasing Base Lending Rates
Beginning on September 1, Clarien will be adjusting its Bermuda dollar base lending rate and the bank’s USD Prime base lending rate.
A spokesperson said, “Commencing September 1, 2023, Clarien will be adjusting its Bermuda Dollar base lending rate and the bank’s USD Prime base lending rate by a quarter of a percentage point [0.25%]. This change follows the US Federal Reserve rate increase of 25 basis points announced on July 26, 2023.
“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 email servicecenter@clarienbank.com.
“Communication regarding the change will also be made available to internet banking clients via iBank.
“Clarien base lending rates will increase as follows:
| BMD Personal | Increase from | Increase to |
|---|---|---|
| Loans and Mortgages | 6.00% | 6.25% |
| Overdraft | 6.00% | 6.25% |
| BMD Commercial | Increase from | Increase to |
|---|---|---|
| Loans and Mortgages | 6.25% | 6.50% |
| Overdraft | 6.25% | 6.50% |
| USD Prime | Increase from | Increase to |
|---|---|---|
| Personal and Commercial: Loans and Mortgages |
7.00% | 7.25% |
| Cash Secured Lending [USD/BMD] | Increase from | Increase to |
|---|---|---|
| Personal and Commercial | 6.50% | 6.75% |
“For additional information regarding Clarien Bank rates and fees, please visit clarienbank.com.”
