HSBC Bank Bermuda today announced “that it will increase its base rate by 0.50%, effective October 4, 2022”.
A spokesperson said: “The Bank wishes to advise customers that the base rate for residential mortgages and consumer loans in Bermuda dollars will increase by 0.50%, from 3.50% to 4.00 %. This will be the Bank’s first residential mortgage and consumer loan base rate increase since 2019 and follows a 0.25% reduction in 2020.
“The Bermuda dollar commercial loan base rate will increase by 0.50% to 4.75%, which represents the first increase in commercial rates since 2011 and comes two years after a 0.50% reduction in 2020.
“Year to date, US interest rates have risen 2.25%, including the most recent increase of 0.75% in July. The Bank takes a number of factors into account when considering whether to increase its base lending rate and has sought to protect customers as much as possible against changes of this nature.
“In addition to this announcement, affected customers will receive a letter outlining their respective new payment amount and the revised rate will be published on the Bank’s website at https://www.hsbc.bm/loans/rates/.
“HSBC Bermuda thanks its customers for their loyalty and invites them to contact their relationship manager if they need help. Residential and consumer mortgage holders can also email email@example.com, if they have any questions regarding the change.
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