Commencing March 1, 2023, Clarien will be adjusting its Bermuda Dollar base lending rate by 50 basis points (0.50%) and the USD Prime base lending rate by 75 basis points (0.75%) following the US Federal Reserve rate increase on February 1, 2023.
Clarien base lending rates will increase as follows:
| BMD PERSONAL | Increase from | Increase to |
| LOANS AND MORTGAGES | 5.50% | 6.00% |
| OVERDRAFT | 5.50% | 6.00% |
| BMD COMMERCIAL | Increase from | Increase to |
| LOANS AND MORTGAGES | 5.75% | 6.25% |
| OVERDRAFT | 5.75% | 6.25% |
| USD PRIME | Increase from | Increase to |
| PERSONAL AND COMMERCIAL:
LOANS AND MORTGAGES |
6.25% | 7.00% |
| CASH SECURED LENDING (USD/BMD) | Increase from | Increase to |
| PERSONAL | 6.00% | 6.50% |
Increases in rates are as outlined in the client lending agreement. The Bank will be issuing notices via postal mail to all lending clients regarding repayment details. Notices will also be available to view in your Clarien iBank account.
We continue to work with all of our clients on a regular basis to understand their current financial position. You are encouraged to contact your Lending Officer to discuss the changes to your repayment terms.
Thank you for entrusting Clarien with your lending needs.