Clarien Bank raises base lending rates

Effective June 1, 2022, Clarien will adjust its Bermuda dollar base rate by 50 basis points [0.50%] following the US Federal Reserve’s rate hike earlier this month.

A spokesperson said: “The Bermuda dollar base rate will increase as follows:

BMD$ Increase Increase up to
Personal mortgages 4.00% 4.50%
Commercial mortgages 4.25% 4.75%

“Customers with Bermuda dollar loans will receive notification letters specifically detailing the change applicable to their loan. In some cases, the regular scheduled loan payment will increase to ensure that the loan is repaid on the scheduled due date.

“Our team is available to answer your questions, provide additional information or discuss the terms of your loan. Please contact the Clarien Service Center at 441-296-6969 or [email protected] Communication regarding the change will also be made available to internet banking customers via iBank.

“Clarien has recently updated and increased term deposit rates and reviews rates frequently to ensure our customers receive competitive rates on loan and deposit products. For more information on Clarien Bank’s rates and fees, visit clarienbank.com.

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