Butterfield Bank said, “In response to today’s 75 basis point rise in the US federal funds rate, we have adjusted interest rates on loans and selected deposits by 0.5 percentage points to absorb one-third of the rise. I announced.
A spokeswoman said: “The base interest rate on Bermudian dollar mortgages, consumer loans, corporate loans and US dollar loans will rise by 0.50%. The loan rate hike will take effect on June 20, 2022. The rate hike for existing Bermuda mortgage holders. Will come into effect on September 14, 2022.
“Selected deposit rates for periods of 90 days or longer will be increased to match market rates. More information is available on the Butterfield website and the Butterfield Banking Center.
“Clients can contact the Consumer Credit Department for more information on loan interest rates and payment terms. [441] 2984799 or its relationship manager. “
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