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Bank of Butterfield Adjusts Deposit and Savings Rates
The following rates will change:
· BMD Fixed Deposit rates for a five year term for amounts between $5,000 and $499,999 will increase by 0.125% annually. The new rates will be 5.875% for amounts between $5,000 and $99,999 and 6.125% for amounts between $100,000 and $499,999. The rate paid on five year Fixed BMD Deposits of $500,000 and over will also be 6.125%, a reduction of 0.125%.
· BMD Fixed Deposit rate for a one year term deposit of $5,000 to $99,999 will decrease by 0.125%, to 4.375%. For amounts of $100,000 and over the rate will remain unchanged at 4.75%.
· BMD Fixed Deposit rates for three and four year terms will reduce by 0.25%.
· USD Strata Savings Account rates will be reduced by 1%, to 2.75% for balances up to $25,000 and 3.25% for balances over $25,000.
The following rates remain unchanged:
· BMD Strata Savings Account rates: 3.75% for balances up to $25,000 and 4.25% for balances over $25,000
· BMD, USD and CAD Passbook Savings Account rates: 2%
· BMD two year Fixed Deposit rates
· BMD Base Rate, at 5.25%, and personal loan, mortgage and overdraft rates
"The Bank has increased by 0.125% the five year term deposit rate for amounts up to $500,000, recognising the importance of long term savings to many of our customers," commented Richard Ferrett, Chief Financial Officer. "Whilst we are reducing our US Dollar Strata rates in light of the interest rate cuts this year in the US, it has been decided to maintain the attractive rates paid in respect of our Bermuda Dollar Strata Savings Accounts and all Passbook Savings Accounts," he added.
Details of the Bank's savings and term deposit rates can be obtained from our web site at www.bankofbutterfield.com or at any branch.
Note to Editors:
The above interest rates are quoted on a simple interest basis. Annual effective rates will be higher, dependent upon the frequency on which interest is credited to a customer's account,
typically quarterly. For instance, an interest rate of 6.125% simple equates to 6.267% annual where interest is paid credited quarterly to the customer's account.
Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges.