Butterfield Adjusts Rates In Response To Us Fed Funds Rate Increase
Hamilton, Bermuda —May 3, 2023: The Bank of N.T. Butterfield & Son Limited (“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 loans and mortgages by a quarter of a percentage point (0.25%).
The change in base rates applies to Bermuda dollar residential mortgages, consumer loans, corporate loans and USD loans. The rate increase on loans takes effect May 9, 2023. The rate increase for existing Bermuda residential mortgages is effective 90 days later.
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.
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About Butterfield:
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.
Media Relations Contact:
Nicky Stevens
Group Strategic Marketing and Communications
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
E-mail: [email protected]