BUTTERFIELD HOLDS MORTGAGE RATES STEADY, INCREASES TERM DEPOSIT RATES AFTER FED FUNDS INCREASE
Hamilton, Bermuda—13 June 2018: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (NYSE: NTB | BSX: NTB.BH) announced that it will not increase interest rates on residential mortgages or Bermuda dollar consumer loans in response to today’s 25 basis point increase in the US Federal Funds Rate, and will increase interest rates on fixed-term deposits.
To provide customers with the opportunity to earn higher returns on Bermuda dollar and US dollar deposits, rates paid on fixed-term deposits with terms of 90 days or more will be increased by between 0.15% and 0.25%, depending on the product. Changes will be effective 19 June 2018 and detailed deposit rate information will be available online and at Butterfield Banking Centres shortly.
The base rate for Bermuda dollar residential mortgages and consumer loans will remain unchanged at 5.00%.
The base rate for Bermuda dollar corporate loans and USD loans will increase from 5.25% to 5.50% effective 15 June 2018.
For more information regarding loan rates and 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 Bermuda, the Cayman Islands and Guernsey, 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, and asset management. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer wealth management. In the UK, we offer residential property lending. Butterfield is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange.