The Bank of N.T. Butterfield & Son Limited announced that, in alignment with yesterday’s 25 basis point increase in the US Federal Funds Rate, the Bank has adjusted its Bermuda Dollar Base Rates on Bermuda Dollar loans.
The Bermuda Dollar Base Rate for residential mortgages and consumer loans will increase from 4.00% to 4.25%. The Bermuda Dollar Base Rate for corporate loans will increase from 4.25% to 4.50%.
The rate increase on consumer and corporate loans takes effect immediately. The rate increase on residential mortgages will take effect on 14 June 2017.
Butterfield is not adjusting deposit rates at this time.