BUTTERFIELD ADJUSTS RATES IN RESPONSE TO FED FUNDS INCREASE
Hamilton, Bermuda—14 December 2017: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (NYSE: NTB | BSX: NTB.BH) announced that, in step with yesterday’s 25 basis point increase in the US Federal Funds Rate, the Bank is adjusting its interest rates on loans and fixed-term deposits.
To provide customers with the opportunity to earn higher returns on Bermuda dollar and US dollar deposits, rates paid on six-month fixed-term deposits will increase by 0.35%, and rates paid on one, two, three, four and five-year fixed-term deposits will increase by 0.50%. Changes will be effective 14 December and detailed deposit rate information will be available online and at Butterfield Banking Centres from Monday, 18 December 2017.
Loans and Mortgages
The base rate for Bermuda dollar residential mortgages and consumer loans will increase from 4.50% to 4.75%. The base rate for Bermuda dollar corporate loans and USD loans will increase from 4.75% to 5.00%. The rate increase on loans takes effect immediately. The rate increase on residential mortgages will take effect on 18 March 2018.
Butterfield offers both fixed rate mortgages, under which rates can be locked in for specified terms, and floating rate mortgages on which payment amounts may change in step with base rate adjustments. With respect to the rate adjustments announced today, qualifying floating rate mortgage holders may opt to maintain current payment amounts by extending mortgage terms. For information regarding rates and payment terms, customers should contact the Bank’s Consumer Credit department on (441) 298 4799 or their relationship managers.
Notes to Editors:
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from six jurisdictions: Bermuda, the Cayman Islands and Guernsey, where our principal banking operations are located; and The Bahamas, Switzerland and the United Kingdom, where we offer specialised financial services. Banking services comprise retail and corporate banking. Wealth management services are composed of trust, private banking, and asset management. In Bermuda and the Cayman Islands, we offer both banking and wealth management. In Guernsey, The Bahamas and Switzerland, we offer wealth management. In the UK, we offer residential property lending. 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