Effective January 15, 2018, Clarien Bank Limited will be increasing its term deposit rates and adjusting its BMD$ base lending rate following the US Federal Reserve rate increase announced on December 13, 2017.
Promotional Deposit Products
Clarien is introducing a series of attractive promotional deposit products to provide its client base and the overall community with a variety of savings and investment vehicles to grow and save for the future.
As the new year begins, Clarien is offering a 3-Year Double Your Interest CD. With a new minimum balance of just $2,500, this CD opens the door to safe, secure, low-risk and high-reward savings. Accounts opened before January 31, 2018 will earn 0.50% bonus interest on the first year. The rate will double each year for up to 3 years, with an option to withdraw some or all funds at each 1 year anniversary.
A 4-Year CD will also be offered in February at 2.60%. Additional information regarding deposit products and interest rates is available on here.
Please reference the following BMD and USD Clarien Board Rate increases per the effective date:
Base Lending Rates
Clarien will be increasing its BMD$ base lending rate by 25 basis points (0.25%). The Bermuda Dollar Base rate for personal mortgages will increase from 4.00% to 4.25% and 4.25% to 4.50% for commercial mortgages.
The Bank will be issuing notices to all lending clients regarding their repayment details. We continue to work with all of our clients on a regular basis to understand their current financial position, and encourage clients to contact their lending officer to discuss the changes to their repayment terms.